Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.36B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 2.36B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
2.36B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 219.77M.
We will project this out 5 year(s) with a growth rate
of -2.36%.
Estimated Diluted Shares Outstanding: 195.03M.
Step 3: Project Future Stock Price
Using a price ratio of 13.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.36B ÷ 195.03M) × 13.1 =
$158
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.44.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.2.
Step 5: Discount the Projected Stock Price
Projected stock price: $158.
Including dividends, total future value: $170.2.
Discounted at 10% per
year over 5 years → Fair Value:
$105.
