Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
17.83B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.07%.
Starting with 17.83B and growing at 3.07%
for 5 years, we estimate Free Cash Flow will be
20.74B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.18B.
We will project this out 5 year(s) with a growth rate
of -0.58%.
Estimated Diluted Shares Outstanding: 2.12B.
Step 3: Project Future Stock Price
Using a price ratio of 9.71, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(20.74B ÷ 2.12B) × 9.71 =
$95
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.14.
Projected over 5 years with a growth rate of
3.28%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.019242466611654.
Step 5: Discount the Projected Stock Price
Projected stock price: $95.
Including dividends, total future value: $112.02.
Discounted at 10% per
year over 5 years → Fair Value:
$69.
