Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.77B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
0.28%.
Starting with 5.77B and growing at 0.28%
for 5 years, we estimate Free Cash Flow will be
5.85B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 835.43M.
We will project this out 5 year(s) with a growth rate
of -1.76%.
Estimated Diluted Shares Outstanding: 764.45M.
Step 3: Project Future Stock Price
Using a price ratio of 9.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.85B ÷ 764.45M) × 9.25 =
$70
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.74.
Projected over 5 years with a growth rate of
-1.86%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.071809233860593.
Step 5: Discount the Projected Stock Price
Projected stock price: $70.
Including dividends, total future value: $83.07.
Discounted at 10% per
year over 5 years → Fair Value:
$51.
