Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.37B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.85%.
Starting with 3.37B and growing at 4.85%
for 5 years, we estimate Free Cash Flow will be
4.27B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 808.22M.
We will project this out 5 year(s) with a growth rate
of -0.91%.
Estimated Diluted Shares Outstanding: 772.11M.
Step 3: Project Future Stock Price
Using a price ratio of 24.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.27B ÷ 772.11M) × 24.47 =
$135
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.56.
Projected over 5 years with a growth rate of
3.32%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.888999535973523.
Step 5: Discount the Projected Stock Price
Projected stock price: $135.
Including dividends, total future value: $148.89.
Discounted at 10% per
year over 5 years → Fair Value:
$92.
