Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
11.31B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.36%.
Starting with 11.31B and growing at 6.36%
for 5 years, we estimate Free Cash Flow will be
15.39B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2B.
We will project this out 5 year(s) with a growth rate
of 0.18%.
Estimated Diluted Shares Outstanding: 2.01B.
Step 3: Project Future Stock Price
Using a price ratio of 15.45, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.39B ÷ 2.01B) × 15.45 =
$118
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.13.
Projected over 5 years with a growth rate of
14.91%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.997293031540355.
Step 5: Discount the Projected Stock Price
Projected stock price: $118.
Including dividends, total future value: $126.
Discounted at 10% per
year over 5 years → Fair Value:
$78.
