Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
15.75B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.65%.
Starting with 15.75B and growing at 1.65%
for 5 years, we estimate Free Cash Flow will be
17.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 665.03M.
We will project this out 5 year(s) with a growth rate
of -5.52%.
Estimated Diluted Shares Outstanding: 500.65M.
Step 3: Project Future Stock Price
Using a price ratio of 4.02, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(17.09B ÷ 500.65M) × 4.02 =
$137
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.77.
Projected over 5 years with a growth rate of
-1.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.306010227270413.
Step 5: Discount the Projected Stock Price
Projected stock price: $137.
Including dividends, total future value: $150.31.
Discounted at 10% per
year over 5 years → Fair Value:
$93.
