Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
16.4B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.08%.
Starting with 16.4B and growing at -0.08%
for 5 years, we estimate Free Cash Flow will be
16.33B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.41B.
We will project this out 5 year(s) with a growth rate
of -1.98%.
Estimated Diluted Shares Outstanding: 2.18B.
Step 3: Project Future Stock Price
Using a price ratio of 22.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.33B ÷ 2.18B) × 22.14 =
$165
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.32.
Projected over 5 years with a growth rate of
-0.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$31.042083254985425.
Step 5: Discount the Projected Stock Price
Projected stock price: $165.
Including dividends, total future value: $196.04.
Discounted at 10% per
year over 5 years → Fair Value:
$121.
