Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.45B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
6.65%.
Starting with 8.45B and growing at 6.65%
for 5 years, we estimate Free Cash Flow will be
11.66B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 251.65M.
We will project this out 5 year(s) with a growth rate
of -4.74%.
Estimated Diluted Shares Outstanding: 197.4M.
Step 3: Project Future Stock Price
Using a price ratio of 4.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.66B ÷ 197.4M) × 4.47 =
$264
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.5.
Projected over 5 years with a growth rate of
-4.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.6094461223304.
Step 5: Discount the Projected Stock Price
Projected stock price: $264.
Including dividends, total future value: $279.61.
Discounted at 10% per
year over 5 years → Fair Value:
$173.
