Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.81B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
1.82%.
Starting with 4.81B and growing at 1.82%
for 5 years, we estimate Free Cash Flow will be
5.26B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 454.4M.
We will project this out 5 year(s) with a growth rate
of -2.18%.
Estimated Diluted Shares Outstanding: 406.98M.
Step 3: Project Future Stock Price
Using a price ratio of 24.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.26B ÷ 406.98M) × 24.81 =
$320
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.64.
Projected over 5 years with a growth rate of
11.02%, dividends add to total shareholder return.
Expected dividends in 5 years:
$36.62285232871568.
Step 5: Discount the Projected Stock Price
Projected stock price: $320.
Including dividends, total future value: $356.62.
Discounted at 10% per
year over 5 years → Fair Value:
$221.
