Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.03B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.65%.
Starting with 5.03B and growing at 8.65%
for 5 years, we estimate Free Cash Flow will be
7.61B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.84B.
We will project this out 5 year(s) with a growth rate
of -0.83%.
Estimated Diluted Shares Outstanding: 1.76B.
Step 3: Project Future Stock Price
Using a price ratio of 23.66, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.61B ÷ 1.76B) × 23.66 =
$102
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.82.
Projected over 5 years with a growth rate of
6.85%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.838605034398384.
Step 5: Discount the Projected Stock Price
Projected stock price: $102.
Including dividends, total future value: $106.84.
Discounted at 10% per
year over 5 years → Fair Value:
$66.
