Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.89B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.42%.
Starting with 3.89B and growing at 5.42%
for 5 years, we estimate Free Cash Flow will be
5.06B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 296.79M.
We will project this out 5 year(s) with a growth rate
of -3.49%.
Estimated Diluted Shares Outstanding: 248.49M.
Step 3: Project Future Stock Price
Using a price ratio of 2.18, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.06B ÷ 248.49M) × 2.18 =
$44
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.61.
Projected over 5 years with a growth rate of
-1.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.66328319965762.
Step 5: Discount the Projected Stock Price
Projected stock price: $44.
Including dividends, total future value: $51.66.
Discounted at 10% per
year over 5 years → Fair Value:
$32.
