Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.68B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
16.45%.
Starting with 1.68B and growing at 16.45%
for 5 years, we estimate Free Cash Flow will be
3.61B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.83B.
We will project this out 5 year(s) with a growth rate
of -7.48%.
Estimated Diluted Shares Outstanding: 1.24B.
Step 3: Project Future Stock Price
Using a price ratio of 33.11, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.61B ÷ 1.24B) × 33.11 =
$96
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.59.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.9499999999999997.
Step 5: Discount the Projected Stock Price
Projected stock price: $96.
Including dividends, total future value: $98.95.
Discounted at 10% per
year over 5 years → Fair Value:
$61.
