Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.16B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.8%.
Starting with 8.16B and growing at 15.8%
for 5 years, we estimate Free Cash Flow will be
16.98B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.42B.
We will project this out 5 year(s) with a growth rate
of 0.72%.
Estimated Diluted Shares Outstanding: 1.47B.
Step 3: Project Future Stock Price
Using a price ratio of 2.85, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.98B ÷ 1.47B) × 2.85 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.98.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.9.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $36.9.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
