Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.29B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
30.93%.
Starting with 1.29B and growing at 30.93%
for 5 years, we estimate Free Cash Flow will be
4.96B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 230.77M.
We will project this out 5 year(s) with a growth rate
of -1.93%.
Estimated Diluted Shares Outstanding: 209.34M.
Step 3: Project Future Stock Price
Using a price ratio of 41.75, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.96B ÷ 209.34M) × 41.75 =
$988
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.22.
Projected over 5 years with a growth rate of
4.93%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.879850755074512.
Step 5: Discount the Projected Stock Price
Projected stock price: $988.
Including dividends, total future value: $994.88.
Discounted at 10% per
year over 5 years → Fair Value:
$617.
