Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.49B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.57%.
Starting with 5.49B and growing at 8.57%
for 5 years, we estimate Free Cash Flow will be
8.28B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.88B.
We will project this out 5 year(s) with a growth rate
of 2.04%.
Estimated Diluted Shares Outstanding: 3.19B.
Step 3: Project Future Stock Price
Using a price ratio of 35.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.28B ÷ 3.19B) × 35.38 =
$91
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.36.
Projected over 5 years with a growth rate of
8.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.338410241397128.
Step 5: Discount the Projected Stock Price
Projected stock price: $91.
Including dividends, total future value: $99.34.
Discounted at 10% per
year over 5 years → Fair Value:
$61.
