Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.99B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.12%.
Starting with 8.99B and growing at 3.12%
for 5 years, we estimate Free Cash Flow will be
10.48B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.56B.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 1.56B.
Step 3: Project Future Stock Price
Using a price ratio of 17.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.48B ÷ 1.56B) × 17.53 =
$118
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.52.
Projected over 5 years with a growth rate of
-2.53%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.88728453674818.
Step 5: Discount the Projected Stock Price
Projected stock price: $118.
Including dividends, total future value: $143.89.
Discounted at 10% per
year over 5 years → Fair Value:
$89.
