Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
11.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.17%.
Starting with 11.81B and growing at -0.17%
for 5 years, we estimate Free Cash Flow will be
11.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 931.52M.
We will project this out 5 year(s) with a growth rate
of 0.98%.
Estimated Diluted Shares Outstanding: 978.07M.
Step 3: Project Future Stock Price
Using a price ratio of 13.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.71B ÷ 978.07M) × 13.53 =
$161
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.37.
Projected over 5 years with a growth rate of
-4.17%, dividends add to total shareholder return.
Expected dividends in 5 years:
$37.62263270140166.
Step 5: Discount the Projected Stock Price
Projected stock price: $161.
Including dividends, total future value: $198.62.
Discounted at 10% per
year over 5 years → Fair Value:
$123.
