Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.26B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
37.53%.
Starting with 1.26B and growing at 37.53%
for 5 years, we estimate Free Cash Flow will be
6.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 166.19M.
We will project this out 5 year(s) with a growth rate
of 13.12%.
Estimated Diluted Shares Outstanding: 307.82M.
Step 3: Project Future Stock Price
Using a price ratio of 8.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.19B ÷ 307.82M) × 8.69 =
$174
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.6.
Projected over 5 years with a growth rate of
-5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.928432354017742.
Step 5: Discount the Projected Stock Price
Projected stock price: $174.
Including dividends, total future value: $180.93.
Discounted at 10% per
year over 5 years → Fair Value:
$112.
