Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.99B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.33%.
Starting with 2.99B and growing at 8.33%
for 5 years, we estimate Free Cash Flow will be
4.47B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 445.55M.
We will project this out 5 year(s) with a growth rate
of -5.63%.
Estimated Diluted Shares Outstanding: 333.47M.
Step 3: Project Future Stock Price
Using a price ratio of 11.15, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.47B ÷ 333.47M) × 11.15 =
$149
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.82.
Projected over 5 years with a growth rate of
3.64%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.483347144689163.
Step 5: Discount the Projected Stock Price
Projected stock price: $149.
Including dividends, total future value: $153.48.
Discounted at 10% per
year over 5 years → Fair Value:
$95.
