Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.98B
as of Mar 1, 2025.
We will project this out 5 years with a yearly growth
rate of
16.96%.
Starting with 2.98B and growing at 16.96%
for 5 years, we estimate Free Cash Flow will be
6.51B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 738.01M.
We will project this out 5 year(s) with a growth rate
of -1.01%.
Estimated Diluted Shares Outstanding: 701.48M.
Step 3: Project Future Stock Price
Using a price ratio of 12.45, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.51B ÷ 701.48M) × 12.45 =
$115
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.44.
Projected over 5 years with a growth rate of
-12.02%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.227480127866749.
Step 5: Discount the Projected Stock Price
Projected stock price: $115.
Including dividends, total future value: $120.23.
Discounted at 10% per
year over 5 years → Fair Value:
$74.
