Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.21B
as of Aug 16, 2025.
We will project this out 5 years with a yearly growth
rate of
2.96%.
Starting with 2.21B and growing at 2.96%
for 5 years, we estimate Free Cash Flow will be
2.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 662.68M.
We will project this out 5 year(s) with a growth rate
of -2.21%.
Estimated Diluted Shares Outstanding: 592.62M.
Step 3: Project Future Stock Price
Using a price ratio of 15.61, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.56B ÷ 592.62M) × 15.61 =
$67
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.66.
Projected over 5 years with a growth rate of
14.53%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.651349886165132.
Step 5: Discount the Projected Stock Price
Projected stock price: $67.
Including dividends, total future value: $78.65.
Discounted at 10% per
year over 5 years → Fair Value:
$48.
