Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
10.73B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.55%.
Starting with 10.73B and growing at 2.55%
for 5 years, we estimate Free Cash Flow will be
12.17B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.68B.
We will project this out 5 year(s) with a growth rate
of -1.67%.
Estimated Diluted Shares Outstanding: 1.54B.
Step 3: Project Future Stock Price
Using a price ratio of 10.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.17B ÷ 1.54B) × 10.25 =
$80
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.14.
Projected over 5 years with a growth rate of
-1.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.540313179251505.
Step 5: Discount the Projected Stock Price
Projected stock price: $80.
Including dividends, total future value: $104.54.
Discounted at 10% per
year over 5 years → Fair Value:
$64.
