Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.62B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.21%.
Starting with 3.62B and growing at 4.21%
for 5 years, we estimate Free Cash Flow will be
4.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 389.3M.
We will project this out 5 year(s) with a growth rate
of -1.04%.
Estimated Diluted Shares Outstanding: 369.47M.
Step 3: Project Future Stock Price
Using a price ratio of 35.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.45B ÷ 369.47M) × 35.03 =
$422
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.06.
Projected over 5 years with a growth rate of
1.33%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.981722775452376.
Step 5: Discount the Projected Stock Price
Projected stock price: $422.
Including dividends, total future value: $442.98.
Discounted at 10% per
year over 5 years → Fair Value:
$275.
