Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.86B
as of Jun 27, 2025.
We will project this out 5 years with a yearly growth
rate of
9.82%.
Starting with 4.86B and growing at 9.82%
for 5 years, we estimate Free Cash Flow will be
7.77B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 716.05M.
We will project this out 5 year(s) with a growth rate
of 0.32%.
Estimated Diluted Shares Outstanding: 727.58M.
Step 3: Project Future Stock Price
Using a price ratio of 27.72, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.77B ÷ 727.58M) × 27.72 =
$295
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.5.
Projected over 5 years with a growth rate of
8.51%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.1988952208343.
Step 5: Discount the Projected Stock Price
Projected stock price: $295.
Including dividends, total future value: $304.2.
Discounted at 10% per
year over 5 years → Fair Value:
$188.
