Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.13B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
9.89%.
Starting with 4.13B and growing at 9.89%
for 5 years, we estimate Free Cash Flow will be
6.62B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 268.99M.
We will project this out 5 year(s) with a growth rate
of -0.94%.
Estimated Diluted Shares Outstanding: 256.59M.
Step 3: Project Future Stock Price
Using a price ratio of 20.24, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.62B ÷ 256.59M) × 20.24 =
$522
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.34.
Projected over 5 years with a growth rate of
6.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$42.95760731334872.
Step 5: Discount the Projected Stock Price
Projected stock price: $522.
Including dividends, total future value: $564.96.
Discounted at 10% per
year over 5 years → Fair Value:
$350.
