Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.62B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.05%.
Starting with 2.62B and growing at 14.05%
for 5 years, we estimate Free Cash Flow will be
5.06B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.49B.
We will project this out 5 year(s) with a growth rate
of 2.35%.
Estimated Diluted Shares Outstanding: 5.04B.
Step 3: Project Future Stock Price
Using a price ratio of 87.28, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.06B ÷ 5.04B) × 87.28 =
$87
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.06.
Projected over 5 years with a growth rate of
2.12%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.585382049406101.
Step 5: Discount the Projected Stock Price
Projected stock price: $87.
Including dividends, total future value: $92.59.
Discounted at 10% per
year over 5 years → Fair Value:
$57.
