Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.21B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.42%.
Starting with 4.21B and growing at 12.42%
for 5 years, we estimate Free Cash Flow will be
7.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.17B.
We will project this out 5 year(s) with a growth rate
of -0.09%.
Estimated Diluted Shares Outstanding: 2.16B.
Step 3: Project Future Stock Price
Using a price ratio of 13.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.56B ÷ 2.16B) × 13.63 =
$47
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.67.
Projected over 5 years with a growth rate of
-1.93%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.715156325687657.
Step 5: Discount the Projected Stock Price
Projected stock price: $47.
Including dividends, total future value: $59.72.
Discounted at 10% per
year over 5 years → Fair Value:
$37.
