Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.29B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.23%.
Starting with 6.29B and growing at -4.23%
for 5 years, we estimate Free Cash Flow will be
5.06B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 278.85M.
We will project this out 5 year(s) with a growth rate
of -0.11%.
Estimated Diluted Shares Outstanding: 277.32M.
Step 3: Project Future Stock Price
Using a price ratio of 3.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.06B ÷ 277.32M) × 3.53 =
$64
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.72.
Projected over 5 years with a growth rate of
6.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.08758596652998.
Step 5: Discount the Projected Stock Price
Projected stock price: $64.
Including dividends, total future value: $80.09.
Discounted at 10% per
year over 5 years → Fair Value:
$49.
