Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
16.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.96%.
Starting with 16.81B and growing at 3.96%
for 5 years, we estimate Free Cash Flow will be
20.41B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.94B.
We will project this out 5 year(s) with a growth rate
of -2.58%.
Estimated Diluted Shares Outstanding: 1.7B.
Step 3: Project Future Stock Price
Using a price ratio of 16.33, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(20.41B ÷ 1.7B) × 16.33 =
$196
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.99.
Projected over 5 years with a growth rate of
5.60%, dividends add to total shareholder return.
Expected dividends in 5 years:
$22.861393317840342.
Step 5: Discount the Projected Stock Price
Projected stock price: $196.
Including dividends, total future value: $218.86.
Discounted at 10% per
year over 5 years → Fair Value:
$135.
