Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.58B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.59%.
Starting with 14.58B and growing at 13.59%
for 5 years, we estimate Free Cash Flow will be
27.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.04B.
We will project this out 5 year(s) with a growth rate
of 3.44%.
Estimated Diluted Shares Outstanding: 2.41B.
Step 3: Project Future Stock Price
Using a price ratio of 9.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(27.57B ÷ 2.41B) × 9.8 =
$112
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.08.
Projected over 5 years with a growth rate of
1.61%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.02735473243986.
Step 5: Discount the Projected Stock Price
Projected stock price: $112.
Including dividends, total future value: $128.03.
Discounted at 10% per
year over 5 years → Fair Value:
$79.
