Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.85B
as of Aug 1, 2025.
We will project this out 5 years with a yearly growth
rate of
3.02%.
Starting with 1.85B and growing at 3.02%
for 5 years, we estimate Free Cash Flow will be
2.15B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 220.11M.
We will project this out 5 year(s) with a growth rate
of -3.14%.
Estimated Diluted Shares Outstanding: 187.65M.
Step 3: Project Future Stock Price
Using a price ratio of 71.48, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.15B ÷ 187.65M) × 71.48 =
$817
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.95.
Projected over 5 years with a growth rate of
11.01%, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.15125667477031.
Step 5: Discount the Projected Stock Price
Projected stock price: $817.
Including dividends, total future value: $836.15.
Discounted at 10% per
year over 5 years → Fair Value:
$519.
