Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.65B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.78%.
Starting with 3.65B and growing at 5.78%
for 5 years, we estimate Free Cash Flow will be
4.83B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 304.02M.
We will project this out 5 year(s) with a growth rate
of -12.48%.
Estimated Diluted Shares Outstanding: 156.11M.
Step 3: Project Future Stock Price
Using a price ratio of 3.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.83B ÷ 156.11M) × 3.54 =
$109
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.46.
Projected over 5 years with a growth rate of
3.31%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.191386877305405.
Step 5: Discount the Projected Stock Price
Projected stock price: $109.
Including dividends, total future value: $133.19.
Discounted at 10% per
year over 5 years → Fair Value:
$82.
