Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
13.34B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.52%.
Starting with 13.34B and growing at -0.52%
for 5 years, we estimate Free Cash Flow will be
12.99B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 825.47M.
We will project this out 5 year(s) with a growth rate
of 0.07%.
Estimated Diluted Shares Outstanding: 828.36M.
Step 3: Project Future Stock Price
Using a price ratio of 1.9, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.99B ÷ 828.36M) × 1.9 =
$29
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.44.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.2.
Step 5: Discount the Projected Stock Price
Projected stock price: $29.
Including dividends, total future value: $31.2.
Discounted at 10% per
year over 5 years → Fair Value:
$19.
