Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.2%.
Starting with 5.74B and growing at 6.2%
for 5 years, we estimate Free Cash Flow will be
7.76B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 124.38M.
We will project this out 5 year(s) with a growth rate
of -6.78%.
Estimated Diluted Shares Outstanding: 87.56M.
Step 3: Project Future Stock Price
Using a price ratio of 14.5, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.76B ÷ 87.56M) × 14.5 =
$1284
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.66.
Projected over 5 years with a growth rate of
6.18%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.25973722488087.
Step 5: Discount the Projected Stock Price
Projected stock price: $1284.
Including dividends, total future value: $1305.26.
Discounted at 10% per
year over 5 years → Fair Value:
$810.
