Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.3B
as of Jul 25, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.95%.
Starting with 5.3B and growing at -2.95%
for 5 years, we estimate Free Cash Flow will be
4.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.28B.
We will project this out 5 year(s) with a growth rate
of -0.92%.
Estimated Diluted Shares Outstanding: 1.22B.
Step 3: Project Future Stock Price
Using a price ratio of 24.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.57B ÷ 1.22B) × 24.94 =
$92
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.52.
Projected over 5 years with a growth rate of
-1.44%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.973226427398284.
Step 5: Discount the Projected Stock Price
Projected stock price: $92.
Including dividends, total future value: $108.97.
Discounted at 10% per
year over 5 years → Fair Value:
$67.
