Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.97B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.03%.
Starting with 4.97B and growing at -4.03%
for 5 years, we estimate Free Cash Flow will be
4.04B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 634.9M.
We will project this out 5 year(s) with a growth rate
of -2.14%.
Estimated Diluted Shares Outstanding: 569.81M.
Step 3: Project Future Stock Price
Using a price ratio of 28.87, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.04B ÷ 569.81M) × 28.87 =
$204
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.71.
Projected over 5 years with a growth rate of
4.76%, dividends add to total shareholder return.
Expected dividends in 5 years:
$32.069695545718126.
Step 5: Discount the Projected Stock Price
Projected stock price: $204.
Including dividends, total future value: $236.07.
Discounted at 10% per
year over 5 years → Fair Value:
$146.
