Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.97B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.17%.
Starting with 7.97B and growing at 9.17%
for 5 years, we estimate Free Cash Flow will be
12.36B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.08B.
We will project this out 5 year(s) with a growth rate
of -2.12%.
Estimated Diluted Shares Outstanding: 1.87B.
Step 3: Project Future Stock Price
Using a price ratio of 7.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.36B ÷ 1.87B) × 7.78 =
$51
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.66.
Projected over 5 years with a growth rate of
15.40%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.873878875948565.
Step 5: Discount the Projected Stock Price
Projected stock price: $51.
Including dividends, total future value: $62.87.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
