Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.94B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.36%.
Starting with 3.94B and growing at 14.36%
for 5 years, we estimate Free Cash Flow will be
7.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.15B.
We will project this out 5 year(s) with a growth rate
of -0.54%.
Estimated Diluted Shares Outstanding: 4.03B.
Step 3: Project Future Stock Price
Using a price ratio of 26.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.71B ÷ 4.03B) × 26.38 =
$50
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.84.
Projected over 5 years with a growth rate of
-2.36%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.956568756907177.
Step 5: Discount the Projected Stock Price
Projected stock price: $50.
Including dividends, total future value: $53.96.
Discounted at 10% per
year over 5 years → Fair Value:
$33.
