Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.96B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
12.14%.
Starting with 6.96B and growing at 12.14%
for 5 years, we estimate Free Cash Flow will be
12.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 683.51M.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 683.51M.
Step 3: Project Future Stock Price
Using a price ratio of 1.98, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.35B ÷ 683.51M) × 1.98 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.64.
Projected over 5 years with a growth rate of
20.35%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.084698600172996.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $40.08.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
