Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.48B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.99%.
Starting with 2.48B and growing at 8.99%
for 5 years, we estimate Free Cash Flow will be
3.82B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 6.45B.
We will project this out 5 year(s) with a growth rate
of -0.71%.
Estimated Diluted Shares Outstanding: 6.22B.
Step 3: Project Future Stock Price
Using a price ratio of 51.17, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.82B ÷ 6.22B) × 51.17 =
$31
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.73.
Projected over 5 years with a growth rate of
12.68%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.919375345487835.
Step 5: Discount the Projected Stock Price
Projected stock price: $31.
Including dividends, total future value: $35.92.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
