Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.85%.
Starting with 2.74B and growing at 3.85%
for 5 years, we estimate Free Cash Flow will be
3.31B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 562.8M.
We will project this out 5 year(s) with a growth rate
of -1.55%.
Estimated Diluted Shares Outstanding: 520.51M.
Step 3: Project Future Stock Price
Using a price ratio of 44.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.31B ÷ 520.51M) × 44.2 =
$281
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.63.
Projected over 5 years with a growth rate of
-4.62%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.68339468286761.
Step 5: Discount the Projected Stock Price
Projected stock price: $281.
Including dividends, total future value: $292.68.
Discounted at 10% per
year over 5 years → Fair Value:
$181.
