Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.55B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.3%.
Starting with 2.55B and growing at 5.3%
for 5 years, we estimate Free Cash Flow will be
3.3B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 286.63M.
We will project this out 5 year(s) with a growth rate
of 1.15%.
Estimated Diluted Shares Outstanding: 303.49M.
Step 3: Project Future Stock Price
Using a price ratio of 30.04, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.3B ÷ 303.49M) × 30.04 =
$326
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.11.
Projected over 5 years with a growth rate of
-0.01%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.543612979054515.
Step 5: Discount the Projected Stock Price
Projected stock price: $326.
Including dividends, total future value: $351.54.
Discounted at 10% per
year over 5 years → Fair Value:
$218.
