Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.96B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
6.36%.
Starting with 7.96B and growing at 6.36%
for 5 years, we estimate Free Cash Flow will be
10.83B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.84B.
We will project this out 5 year(s) with a growth rate
of 2.15%.
Estimated Diluted Shares Outstanding: 3.16B.
Step 3: Project Future Stock Price
Using a price ratio of 10.12, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.83B ÷ 3.16B) × 10.12 =
$34
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.86.
Projected over 5 years with a growth rate of
9.53%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.676580230307856.
Step 5: Discount the Projected Stock Price
Projected stock price: $34.
Including dividends, total future value: $45.68.
Discounted at 10% per
year over 5 years → Fair Value:
$28.
