Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
11.1B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.25%.
Starting with 11.1B and growing at 0.25%
for 5 years, we estimate Free Cash Flow will be
11.23B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 695.88M.
We will project this out 5 year(s) with a growth rate
of -2.99%.
Estimated Diluted Shares Outstanding: 597.89M.
Step 3: Project Future Stock Price
Using a price ratio of 12.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.23B ÷ 597.89M) × 12.2 =
$229
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.16.
Projected over 5 years with a growth rate of
12.94%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.41788318002986.
Step 5: Discount the Projected Stock Price
Projected stock price: $229.
Including dividends, total future value: $250.42.
Discounted at 10% per
year over 5 years → Fair Value:
$155.
