Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.66%.
Starting with 3.72B and growing at 9.66%
for 5 years, we estimate Free Cash Flow will be
5.9B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 655.62M.
We will project this out 5 year(s) with a growth rate
of -0.93%.
Estimated Diluted Shares Outstanding: 625.69M.
Step 3: Project Future Stock Price
Using a price ratio of 75.74, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.9B ÷ 625.69M) × 75.74 =
$713
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.71.
Projected over 5 years with a growth rate of
-1.07%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.190441067310674.
Step 5: Discount the Projected Stock Price
Projected stock price: $713.
Including dividends, total future value: $726.19.
Discounted at 10% per
year over 5 years → Fair Value:
$450.
