Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.97%.
Starting with 4.74B and growing at 3.97%
for 5 years, we estimate Free Cash Flow will be
5.76B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 915.5M.
We will project this out 5 year(s) with a growth rate
of -3.39%.
Estimated Diluted Shares Outstanding: 770.49M.
Step 3: Project Future Stock Price
Using a price ratio of 8.85, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.76B ÷ 770.49M) × 8.85 =
$66
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.9.
Projected over 5 years with a growth rate of
4.28%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.5493611786237.
Step 5: Discount the Projected Stock Price
Projected stock price: $66.
Including dividends, total future value: $76.55.
Discounted at 10% per
year over 5 years → Fair Value:
$47.
