Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.15B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.9%.
Starting with 2.15B and growing at 0.9%
for 5 years, we estimate Free Cash Flow will be
2.25B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 249.33M.
We will project this out 5 year(s) with a growth rate
of -1.95%.
Estimated Diluted Shares Outstanding: 225.95M.
Step 3: Project Future Stock Price
Using a price ratio of 37.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.25B ÷ 225.95M) × 37.1 =
$369
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.8.
Projected over 5 years with a growth rate of
5.81%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.881162273114533.
Step 5: Discount the Projected Stock Price
Projected stock price: $369.
Including dividends, total future value: $390.88.
Discounted at 10% per
year over 5 years → Fair Value:
$242.
