Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.66B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
19%.
Starting with 1.66B and growing at 19%
for 5 years, we estimate Free Cash Flow will be
3.96B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 146.41M.
We will project this out 5 year(s) with a growth rate
of 0.23%.
Estimated Diluted Shares Outstanding: 148.11M.
Step 3: Project Future Stock Price
Using a price ratio of 60.46, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.96B ÷ 148.11M) × 60.46 =
$1615
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.72.
Projected over 5 years with a growth rate of
1.25%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.028992662859666.
Step 5: Discount the Projected Stock Price
Projected stock price: $1615.
Including dividends, total future value: $1629.03.
Discounted at 10% per
year over 5 years → Fair Value:
$1011.
