Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.49B
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
2.57%.
Starting with 3.49B and growing at 2.57%
for 5 years, we estimate Free Cash Flow will be
3.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.18B.
We will project this out 5 year(s) with a growth rate
of -0.15%.
Estimated Diluted Shares Outstanding: 1.17B.
Step 3: Project Future Stock Price
Using a price ratio of 14.51, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.97B ÷ 1.17B) × 14.51 =
$48
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.
Projected over 5 years with a growth rate of
-5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.660540442522178.
Step 5: Discount the Projected Stock Price
Projected stock price: $48.
Including dividends, total future value: $56.66.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
