Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.5B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.37%.
Starting with 2.5B and growing at 12.37%
for 5 years, we estimate Free Cash Flow will be
4.48B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 917.98M.
We will project this out 5 year(s) with a growth rate
of 6.06%.
Estimated Diluted Shares Outstanding: 1.23B.
Step 3: Project Future Stock Price
Using a price ratio of 35.55, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.48B ÷ 1.23B) × 35.55 =
$129
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.74.
Projected over 5 years with a growth rate of
-2.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.466837458959115.
Step 5: Discount the Projected Stock Price
Projected stock price: $129.
Including dividends, total future value: $132.47.
Discounted at 10% per
year over 5 years → Fair Value:
$82.
