Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.22B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.47%.
Starting with 2.22B and growing at 11.47%
for 5 years, we estimate Free Cash Flow will be
3.82B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 443.18M.
We will project this out 5 year(s) with a growth rate
of -1.14%.
Estimated Diluted Shares Outstanding: 418.49M.
Step 3: Project Future Stock Price
Using a price ratio of 48.52, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.82B ÷ 418.49M) × 48.52 =
$442
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.36.
Projected over 5 years with a growth rate of
13.40%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.159006055512197.
Step 5: Discount the Projected Stock Price
Projected stock price: $442.
Including dividends, total future value: $458.16.
Discounted at 10% per
year over 5 years → Fair Value:
$284.
