Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.75%.
Starting with 2.81B and growing at 10.75%
for 5 years, we estimate Free Cash Flow will be
4.68B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 222.52M.
We will project this out 5 year(s) with a growth rate
of -1.35%.
Estimated Diluted Shares Outstanding: 207.9M.
Step 3: Project Future Stock Price
Using a price ratio of 30.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.68B ÷ 207.9M) × 30.62 =
$689
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.5.
Projected over 5 years with a growth rate of
5.87%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.948651945918037.
Step 5: Discount the Projected Stock Price
Projected stock price: $689.
Including dividends, total future value: $714.95.
Discounted at 10% per
year over 5 years → Fair Value:
$443.
