Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.1B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.93%.
Starting with 5.1B and growing at 9.93%
for 5 years, we estimate Free Cash Flow will be
8.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 48.27M.
We will project this out 5 year(s) with a growth rate
of -0.34%.
Estimated Diluted Shares Outstanding: 47.45M.
Step 3: Project Future Stock Price
Using a price ratio of 0.07, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.19B ÷ 47.45M) × 0.07 =
$12
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.54.
Projected over 5 years with a growth rate of
5.69%, dividends add to total shareholder return.
Expected dividends in 5 years:
$26.068173446625327.
Step 5: Discount the Projected Stock Price
Projected stock price: $12.
Including dividends, total future value: $38.07.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
