Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.02B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.26%.
Starting with 2.02B and growing at -2.26%
for 5 years, we estimate Free Cash Flow will be
1.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 224.35M.
We will project this out 5 year(s) with a growth rate
of -3.14%.
Estimated Diluted Shares Outstanding: 191.27M.
Step 3: Project Future Stock Price
Using a price ratio of 105.24, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.81B ÷ 191.27M) × 105.24 =
$993
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.75.
Projected over 5 years with a growth rate of
1.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$35.02989881050965.
Step 5: Discount the Projected Stock Price
Projected stock price: $993.
Including dividends, total future value: $1028.03.
Discounted at 10% per
year over 5 years → Fair Value:
$638.
