Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.34B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.8%.
Starting with 5.34B and growing at -1.8%
for 5 years, we estimate Free Cash Flow will be
4.87B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 225.18M.
We will project this out 5 year(s) with a growth rate
of -2.2%.
Estimated Diluted Shares Outstanding: 201.47M.
Step 3: Project Future Stock Price
Using a price ratio of 27.64, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.87B ÷ 201.47M) × 27.64 =
$668
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.39.
Projected over 5 years with a growth rate of
6.19%, dividends add to total shareholder return.
Expected dividends in 5 years:
$48.74622818967356.
Step 5: Discount the Projected Stock Price
Projected stock price: $668.
Including dividends, total future value: $716.75.
Discounted at 10% per
year over 5 years → Fair Value:
$445.
