Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.54B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.13%.
Starting with 5.54B and growing at 3.13%
for 5 years, we estimate Free Cash Flow will be
6.46B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 643.96M.
We will project this out 5 year(s) with a growth rate
of -0.18%.
Estimated Diluted Shares Outstanding: 638.19M.
Step 3: Project Future Stock Price
Using a price ratio of 17.57, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.46B ÷ 638.19M) × 17.57 =
$177
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.69.
Projected over 5 years with a growth rate of
0.42%, dividends add to total shareholder return.
Expected dividends in 5 years:
$23.69700115139145.
Step 5: Discount the Projected Stock Price
Projected stock price: $177.
Including dividends, total future value: $200.7.
Discounted at 10% per
year over 5 years → Fair Value:
$124.
