Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.06B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.37%.
Starting with 6.06B and growing at 1.37%
for 5 years, we estimate Free Cash Flow will be
6.48B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 393.81M.
We will project this out 5 year(s) with a growth rate
of -2.24%.
Estimated Diluted Shares Outstanding: 351.63M.
Step 3: Project Future Stock Price
Using a price ratio of 9.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.48B ÷ 351.63M) × 9.77 =
$180
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.1.
Projected over 5 years with a growth rate of
1.27%, dividends add to total shareholder return.
Expected dividends in 5 years:
$41.79814884322262.
Step 5: Discount the Projected Stock Price
Projected stock price: $180.
Including dividends, total future value: $221.8.
Discounted at 10% per
year over 5 years → Fair Value:
$137.
