Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.25B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
0.48%.
Starting with 2.25B and growing at 0.48%
for 5 years, we estimate Free Cash Flow will be
2.31B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.14B.
We will project this out 5 year(s) with a growth rate
of -1.61%.
Estimated Diluted Shares Outstanding: 1.05B.
Step 3: Project Future Stock Price
Using a price ratio of 113.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.31B ÷ 1.05B) × 113.03 =
$248
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.01.
Projected over 5 years with a growth rate of
1.73%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.70938238874911.
Step 5: Discount the Projected Stock Price
Projected stock price: $248.
Including dividends, total future value: $263.71.
Discounted at 10% per
year over 5 years → Fair Value:
$163.
