Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.66B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.81%.
Starting with 5.66B and growing at 5.81%
for 5 years, we estimate Free Cash Flow will be
7.5B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 69.65M.
We will project this out 5 year(s) with a growth rate
of -4.66%.
Estimated Diluted Shares Outstanding: 54.87M.
Step 3: Project Future Stock Price
Using a price ratio of 0.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.5B ÷ 54.87M) × 0.78 =
$106
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.1.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.5.
Step 5: Discount the Projected Stock Price
Projected stock price: $106.
Including dividends, total future value: $121.5.
Discounted at 10% per
year over 5 years → Fair Value:
$75.
