Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.8B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
34.4%.
Starting with 4.8B and growing at 34.4%
for 5 years, we estimate Free Cash Flow will be
21.05B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 984.44M.
We will project this out 5 year(s) with a growth rate
of 3.62%.
Estimated Diluted Shares Outstanding: 1.18B.
Step 3: Project Future Stock Price
Using a price ratio of 1.41, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.05B ÷ 1.18B) × 1.41 =
$25
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.16.
Projected over 5 years with a growth rate of
-2.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.434501962692667.
Step 5: Discount the Projected Stock Price
Projected stock price: $25.
Including dividends, total future value: $30.43.
Discounted at 10% per
year over 5 years → Fair Value:
$18.
