Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.15B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
14.36%.
Starting with 4.15B and growing at 14.36%
for 5 years, we estimate Free Cash Flow will be
8.12B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.15B.
We will project this out 5 year(s) with a growth rate
of -0.54%.
Estimated Diluted Shares Outstanding: 4.03B.
Step 3: Project Future Stock Price
Using a price ratio of 26.36, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.12B ÷ 4.03B) × 26.36 =
$53
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.84.
Projected over 5 years with a growth rate of
-2.36%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.956568756907177.
Step 5: Discount the Projected Stock Price
Projected stock price: $53.
Including dividends, total future value: $56.96.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
