Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.68B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.87%.
Starting with 6.68B and growing at 1.87%
for 5 years, we estimate Free Cash Flow will be
7.33B.
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 -5.01%.
Estimated Diluted Shares Outstanding: 225.44M.
Step 3: Project Future Stock Price
Using a price ratio of 3.87, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.33B ÷ 225.44M) × 3.87 =
$125
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.8.
Projected over 5 years with a growth rate of
5.52%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.012715664925096.
Step 5: Discount the Projected Stock Price
Projected stock price: $125.
Including dividends, total future value: $141.01.
Discounted at 10% per
year over 5 years → Fair Value:
$87.
