Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.54B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
22.43%.
Starting with 3.54B and growing at 22.43%
for 5 years, we estimate Free Cash Flow will be
9.73B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 847.63M.
We will project this out 5 year(s) with a growth rate
of -0.3%.
Estimated Diluted Shares Outstanding: 834.99M.
Step 3: Project Future Stock Price
Using a price ratio of 20.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.73B ÷ 834.99M) × 20.78 =
$242
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.18.
Projected over 5 years with a growth rate of
4.02%, dividends add to total shareholder return.
Expected dividends in 5 years:
$45.135206276029756.
Step 5: Discount the Projected Stock Price
Projected stock price: $242.
Including dividends, total future value: $287.14.
Discounted at 10% per
year over 5 years → Fair Value:
$178.
