Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.23B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.89%.
Starting with 3.23B and growing at 8.89%
for 5 years, we estimate Free Cash Flow will be
4.95B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 624.2M.
We will project this out 5 year(s) with a growth rate
of -2.57%.
Estimated Diluted Shares Outstanding: 548.01M.
Step 3: Project Future Stock Price
Using a price ratio of 21.42, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.95B ÷ 548.01M) × 21.42 =
$193
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.5.
Projected over 5 years with a growth rate of
1.84%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.082959278338397.
Step 5: Discount the Projected Stock Price
Projected stock price: $193.
Including dividends, total future value: $206.08.
Discounted at 10% per
year over 5 years → Fair Value:
$127.
