Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.45B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.4%.
Starting with 1.45B and growing at 14.4%
for 5 years, we estimate Free Cash Flow will be
2.85B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 170.95M.
We will project this out 5 year(s) with a growth rate
of -0.28%.
Estimated Diluted Shares Outstanding: 168.57M.
Step 3: Project Future Stock Price
Using a price ratio of 21.4, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.85B ÷ 168.57M) × 21.4 =
$361
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.15.
Projected over 5 years with a growth rate of
9.34%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.188123308213556.
Step 5: Discount the Projected Stock Price
Projected stock price: $361.
Including dividends, total future value: $368.19.
Discounted at 10% per
year over 5 years → Fair Value:
$228.
