Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.12B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
3.32%.
Starting with 2.12B and growing at 3.32%
for 5 years, we estimate Free Cash Flow will be
2.5B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 252.11M.
We will project this out 5 year(s) with a growth rate
of -2.05%.
Estimated Diluted Shares Outstanding: 227.31M.
Step 3: Project Future Stock Price
Using a price ratio of 21.59, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.5B ÷ 227.31M) × 21.59 =
$237
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.06.
Projected over 5 years with a growth rate of
15.19%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.908994307840914.
Step 5: Discount the Projected Stock Price
Projected stock price: $237.
Including dividends, total future value: $265.91.
Discounted at 10% per
year over 5 years → Fair Value:
$165.
