Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.59B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 2.59B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
2.59B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 679.1M.
We will project this out 5 year(s) with a growth rate
of -1.47%.
Estimated Diluted Shares Outstanding: 630.63M.
Step 3: Project Future Stock Price
Using a price ratio of 6.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.59B ÷ 630.63M) × 6.81 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.86.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.3.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $32.3.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
