Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.46B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.03%.
Starting with 3.46B and growing at 23.03%
for 5 years, we estimate Free Cash Flow will be
9.76B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 805.6M.
We will project this out 5 year(s) with a growth rate
of 0.33%.
Estimated Diluted Shares Outstanding: 818.98M.
Step 3: Project Future Stock Price
Using a price ratio of 22.95, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.76B ÷ 818.98M) × 22.95 =
$273
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.86.
Projected over 5 years with a growth rate of
8.13%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.38607484745398.
Step 5: Discount the Projected Stock Price
Projected stock price: $273.
Including dividends, total future value: $290.39.
Discounted at 10% per
year over 5 years → Fair Value:
$180.
