Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.11B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.18%.
Starting with 4.11B and growing at 8.18%
for 5 years, we estimate Free Cash Flow will be
6.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 360.38M.
We will project this out 5 year(s) with a growth rate
of 0.1%.
Estimated Diluted Shares Outstanding: 362.18M.
Step 3: Project Future Stock Price
Using a price ratio of 26.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.09B ÷ 362.18M) × 26.38 =
$443
Step 4: Project Future Dividends Paid
Forward dividend per share: $11.85.
Projected over 5 years with a growth rate of
-8.67%, dividends add to total shareholder return.
Expected dividends in 5 years:
$47.230440794732914.
Step 5: Discount the Projected Stock Price
Projected stock price: $443.
Including dividends, total future value: $490.23.
Discounted at 10% per
year over 5 years → Fair Value:
$304.
