Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.47%.
Starting with 3.81B and growing at -8.47%
for 5 years, we estimate Free Cash Flow will be
2.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 918.94M.
We will project this out 5 year(s) with a growth rate
of 0.24%.
Estimated Diluted Shares Outstanding: 930.02M.
Step 3: Project Future Stock Price
Using a price ratio of 18.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.45B ÷ 930.02M) × 18.13 =
$47
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.76.
Projected over 5 years with a growth rate of
-11.77%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.090664911663822.
Step 5: Discount the Projected Stock Price
Projected stock price: $47.
Including dividends, total future value: $57.09.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
