Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.95%.
Starting with 6.7B and growing at 6.95%
for 5 years, we estimate Free Cash Flow will be
9.38B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 912.02M.
We will project this out 5 year(s) with a growth rate
of 0.84%.
Estimated Diluted Shares Outstanding: 950.97M.
Step 3: Project Future Stock Price
Using a price ratio of 28.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.38B ÷ 950.97M) × 28.8 =
$284
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.25.
Projected over 5 years with a growth rate of
26.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.13997735865917.
Step 5: Discount the Projected Stock Price
Projected stock price: $284.
Including dividends, total future value: $304.14.
Discounted at 10% per
year over 5 years → Fair Value:
$188.
