Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.33%.
Starting with 5.7B and growing at 27.33%
for 5 years, we estimate Free Cash Flow will be
19.08B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.43B.
We will project this out 5 year(s) with a growth rate
of 5.34%.
Estimated Diluted Shares Outstanding: 4.45B.
Step 3: Project Future Stock Price
Using a price ratio of 6.88, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(19.08B ÷ 4.45B) × 6.88 =
$29
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.62.
Projected over 5 years with a growth rate of
-1.65%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.769998402614652.
Step 5: Discount the Projected Stock Price
Projected stock price: $29.
Including dividends, total future value: $36.77.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
