Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.88B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.88%.
Starting with 4.88B and growing at 8.88%
for 5 years, we estimate Free Cash Flow will be
7.46B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.18B.
We will project this out 5 year(s) with a growth rate
of 1.33%.
Estimated Diluted Shares Outstanding: 2.33B.
Step 3: Project Future Stock Price
Using a price ratio of 21.08, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.46B ÷ 2.33B) × 21.08 =
$67
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.34.
Projected over 5 years with a growth rate of
-3.48%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.284799783123235.
Step 5: Discount the Projected Stock Price
Projected stock price: $67.
Including dividends, total future value: $82.28.
Discounted at 10% per
year over 5 years → Fair Value:
$51.
