Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 4.81B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
4.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.68B.
We will project this out 5 year(s) with a growth rate
of -0.67%.
Estimated Diluted Shares Outstanding: 1.62B.
Step 3: Project Future Stock Price
Using a price ratio of 20.22, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.81B ÷ 1.62B) × 20.22 =
$59
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.57.
Projected over 5 years with a growth rate of
0.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.885758705008648.
Step 5: Discount the Projected Stock Price
Projected stock price: $59.
Including dividends, total future value: $61.89.
Discounted at 10% per
year over 5 years → Fair Value:
$38.
