Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.37B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.37%.
Starting with 9.37B and growing at 4.37%
for 5 years, we estimate Free Cash Flow will be
11.6B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.24B.
We will project this out 5 year(s) with a growth rate
of -0.35%.
Estimated Diluted Shares Outstanding: 1.22B.
Step 3: Project Future Stock Price
Using a price ratio of 11.07, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.6B ÷ 1.22B) × 11.07 =
$105
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.14.
Projected over 5 years with a growth rate of
-2.72%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.654079969893713.
Step 5: Discount the Projected Stock Price
Projected stock price: $105.
Including dividends, total future value: $119.65.
Discounted at 10% per
year over 5 years → Fair Value:
$74.
