Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.28%.
Starting with 2.72B and growing at 1.28%
for 5 years, we estimate Free Cash Flow will be
2.9B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 291.5M.
We will project this out 5 year(s) with a growth rate
of -1.77%.
Estimated Diluted Shares Outstanding: 266.6M.
Step 3: Project Future Stock Price
Using a price ratio of 28.68, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.9B ÷ 266.6M) × 28.68 =
$312
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.61.
Projected over 5 years with a growth rate of
0.85%, dividends add to total shareholder return.
Expected dividends in 5 years:
$38.86372438052857.
Step 5: Discount the Projected Stock Price
Projected stock price: $312.
Including dividends, total future value: $350.86.
Discounted at 10% per
year over 5 years → Fair Value:
$217.
