Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
21.15B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
36.95%.
Starting with 21.15B and growing at 36.95%
for 5 years, we estimate Free Cash Flow will be
101.89B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.84B.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 4.84B.
Step 3: Project Future Stock Price
Using a price ratio of 1.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(101.89B ÷ 4.84B) × 1.13 =
$23
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.3.
Projected over 5 years with a growth rate of
-0.06%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.4977510123987423.
Step 5: Discount the Projected Stock Price
Projected stock price: $23.
Including dividends, total future value: $24.5.
Discounted at 10% per
year over 5 years → Fair Value:
$15.
