Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.52B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.76%.
Starting with 6.52B and growing at 12.76%
for 5 years, we estimate Free Cash Flow will be
11.88B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.66B.
We will project this out 5 year(s) with a growth rate
of -0.21%.
Estimated Diluted Shares Outstanding: 2.63B.
Step 3: Project Future Stock Price
Using a price ratio of 10.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.88B ÷ 2.63B) × 10.14 =
$45
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.18.
Projected over 5 years with a growth rate of
3.97%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.503125294697442.
Step 5: Discount the Projected Stock Price
Projected stock price: $45.
Including dividends, total future value: $51.5.
Discounted at 10% per
year over 5 years → Fair Value:
$31.
