Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.16B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.98%.
Starting with 2.16B and growing at 0.98%
for 5 years, we estimate Free Cash Flow will be
2.27B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 402.83M.
We will project this out 5 year(s) with a growth rate
of -1.15%.
Estimated Diluted Shares Outstanding: 380.19M.
Step 3: Project Future Stock Price
Using a price ratio of 34.95, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.27B ÷ 380.19M) × 34.95 =
$208
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.97.
Projected over 5 years with a growth rate of
2.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.150050072028264.
Step 5: Discount the Projected Stock Price
Projected stock price: $208.
Including dividends, total future value: $229.15.
Discounted at 10% per
year over 5 years → Fair Value:
$142.
