Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
10.61B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.03%.
Starting with 10.61B and growing at 4.03%
for 5 years, we estimate Free Cash Flow will be
12.92B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 538.36M.
We will project this out 5 year(s) with a growth rate
of -2.34%.
Estimated Diluted Shares Outstanding: 478.25M.
Step 3: Project Future Stock Price
Using a price ratio of 16.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.92B ÷ 478.25M) × 16.96 =
$458
Step 4: Project Future Dividends Paid
Forward dividend per share: $9.39.
Projected over 5 years with a growth rate of
2.21%, dividends add to total shareholder return.
Expected dividends in 5 years:
$49.58714077437941.
Step 5: Discount the Projected Stock Price
Projected stock price: $458.
Including dividends, total future value: $507.59.
Discounted at 10% per
year over 5 years → Fair Value:
$315.
