Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.02B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.25%.
Starting with 1.02B and growing at 21.25%
for 5 years, we estimate Free Cash Flow will be
2.66B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 185.6M.
We will project this out 5 year(s) with a growth rate
of 11.04%.
Estimated Diluted Shares Outstanding: 313.31M.
Step 3: Project Future Stock Price
Using a price ratio of 34.86, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.66B ÷ 313.31M) × 34.86 =
$296
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.76.
Projected over 5 years with a growth rate of
7.03%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.429091690769067.
Step 5: Discount the Projected Stock Price
Projected stock price: $296.
Including dividends, total future value: $306.43.
Discounted at 10% per
year over 5 years → Fair Value:
$190.
