Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.33B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.93%.
Starting with 3.33B and growing at -1.93%
for 5 years, we estimate Free Cash Flow will be
3.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 233.47M.
We will project this out 5 year(s) with a growth rate
of -3.36%.
Estimated Diluted Shares Outstanding: 196.79M.
Step 3: Project Future Stock Price
Using a price ratio of 18.45, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.02B ÷ 196.79M) × 18.45 =
$283
Step 4: Project Future Dividends Paid
Forward dividend per share: $16.35.
Projected over 5 years with a growth rate of
0.20%, dividends add to total shareholder return.
Expected dividends in 5 years:
$82.15936332932394.
Step 5: Discount the Projected Stock Price
Projected stock price: $283.
Including dividends, total future value: $365.16.
Discounted at 10% per
year over 5 years → Fair Value:
$226.
