Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.26B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.71%.
Starting with 6.26B and growing at 2.71%
for 5 years, we estimate Free Cash Flow will be
7.16B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 593.04M.
We will project this out 5 year(s) with a growth rate
of -2.93%.
Estimated Diluted Shares Outstanding: 511.1M.
Step 3: Project Future Stock Price
Using a price ratio of 25.05, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.16B ÷ 511.1M) × 25.05 =
$350
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.74.
Projected over 5 years with a growth rate of
0.91%, dividends add to total shareholder return.
Expected dividends in 5 years:
$34.4719154839169.
Step 5: Discount the Projected Stock Price
Projected stock price: $350.
Including dividends, total future value: $384.47.
Discounted at 10% per
year over 5 years → Fair Value:
$238.
