Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.58B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.65%.
Starting with 2.58B and growing at 7.65%
for 5 years, we estimate Free Cash Flow will be
3.73B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 668.83M.
We will project this out 5 year(s) with a growth rate
of 8.56%.
Estimated Diluted Shares Outstanding: 1.01B.
Step 3: Project Future Stock Price
Using a price ratio of 32.21, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.73B ÷ 1.01B) × 32.21 =
$119
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.42.
Projected over 5 years with a growth rate of
-5.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.010336705273396.
Step 5: Discount the Projected Stock Price
Projected stock price: $119.
Including dividends, total future value: $134.01.
Discounted at 10% per
year over 5 years → Fair Value:
$83.
