Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.05B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-6.3%.
Starting with 3.05B and growing at -6.3%
for 5 years, we estimate Free Cash Flow will be
2.21B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.34B.
We will project this out 5 year(s) with a growth rate
of 9.23%.
Estimated Diluted Shares Outstanding: 2.08B.
Step 3: Project Future Stock Price
Using a price ratio of 39.72, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.21B ÷ 2.08B) × 39.72 =
$42
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.25.
Projected over 5 years with a growth rate of
1.06%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.684054508889727.
Step 5: Discount the Projected Stock Price
Projected stock price: $42.
Including dividends, total future value: $58.68.
Discounted at 10% per
year over 5 years → Fair Value:
$36.
