Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.78B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.14%.
Starting with 6.78B and growing at 7.14%
for 5 years, we estimate Free Cash Flow will be
9.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.74B.
We will project this out 5 year(s) with a growth rate
of -0.37%.
Estimated Diluted Shares Outstanding: 1.71B.
Step 3: Project Future Stock Price
Using a price ratio of 30.74, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.56B ÷ 1.71B) × 30.74 =
$172
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.91.
Projected over 5 years with a growth rate of
10.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.624686346653025.
Step 5: Discount the Projected Stock Price
Projected stock price: $172.
Including dividends, total future value: $190.62.
Discounted at 10% per
year over 5 years → Fair Value:
$118.
