Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.18%.
Starting with 2.13B and growing at 7.18%
for 5 years, we estimate Free Cash Flow will be
3.01B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 703.3M.
We will project this out 5 year(s) with a growth rate
of -2.58%.
Estimated Diluted Shares Outstanding: 617.14M.
Step 3: Project Future Stock Price
Using a price ratio of 5.9, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.01B ÷ 617.14M) × 5.9 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.77.
Projected over 5 years with a growth rate of
4.84%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.960033551224035.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $37.96.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
