Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.88B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.84%.
Starting with 9.88B and growing at 1.84%
for 5 years, we estimate Free Cash Flow will be
10.82B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 372.06M.
We will project this out 5 year(s) with a growth rate
of -9.87%.
Estimated Diluted Shares Outstanding: 221.29M.
Step 3: Project Future Stock Price
Using a price ratio of 2.49, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.82B ÷ 221.29M) × 2.49 =
$121
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.35.
Projected over 5 years with a growth rate of
-0.69%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.634164370514919.
Step 5: Discount the Projected Stock Price
Projected stock price: $121.
Including dividends, total future value: $127.63.
Discounted at 10% per
year over 5 years → Fair Value:
$79.
