Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.05B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-10.39%.
Starting with 14.05B and growing at -10.39%
for 5 years, we estimate Free Cash Flow will be
8.12B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 114.42M.
We will project this out 5 year(s) with a growth rate
of -2.95%.
Estimated Diluted Shares Outstanding: 98.51M.
Step 3: Project Future Stock Price
Using a price ratio of 13.29, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.12B ÷ 98.51M) × 13.29 =
$1095
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $1095.
Including dividends, total future value: $1095.
Discounted at 10% per
year over 5 years → Fair Value:
$679.
