Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.37B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
11.98%.
Starting with 3.37B and growing at 11.98%
for 5 years, we estimate Free Cash Flow will be
5.94B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 913.98M.
We will project this out 5 year(s) with a growth rate
of 0.26%.
Estimated Diluted Shares Outstanding: 925.93M.
Step 3: Project Future Stock Price
Using a price ratio of 29.55, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.94B ÷ 925.93M) × 29.55 =
$189
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.02.
Projected over 5 years with a growth rate of
5.44%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.822153739637181.
Step 5: Discount the Projected Stock Price
Projected stock price: $189.
Including dividends, total future value: $194.82.
Discounted at 10% per
year over 5 years → Fair Value:
$120.
