Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.06B
as of Jun 14, 2025.
We will project this out 5 years with a yearly growth
rate of
5.82%.
Starting with 7.06B and growing at 5.82%
for 5 years, we estimate Free Cash Flow will be
9.37B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.37B.
We will project this out 5 year(s) with a growth rate
of -0.42%.
Estimated Diluted Shares Outstanding: 1.34B.
Step 3: Project Future Stock Price
Using a price ratio of 33.85, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.37B ÷ 1.34B) × 33.85 =
$236
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.91.
Projected over 5 years with a growth rate of
0.87%, dividends add to total shareholder return.
Expected dividends in 5 years:
$35.306372894875295.
Step 5: Discount the Projected Stock Price
Projected stock price: $236.
Including dividends, total future value: $271.31.
Discounted at 10% per
year over 5 years → Fair Value:
$168.
