Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.38B
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
6.26%.
Starting with 2.38B and growing at 6.26%
for 5 years, we estimate Free Cash Flow will be
3.23B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 166.6M.
We will project this out 5 year(s) with a growth rate
of -0.55%.
Estimated Diluted Shares Outstanding: 162.07M.
Step 3: Project Future Stock Price
Using a price ratio of 29.5, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.23B ÷ 162.07M) × 29.5 =
$587
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.36.
Projected over 5 years with a growth rate of
4.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.30678974837647.
Step 5: Discount the Projected Stock Price
Projected stock price: $587.
Including dividends, total future value: $611.31.
Discounted at 10% per
year over 5 years → Fair Value:
$379.
