Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
12.44B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.32%.
Starting with 12.44B and growing at -0.32%
for 5 years, we estimate Free Cash Flow will be
12.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 5.69B.
We will project this out 5 year(s) with a growth rate
of 0.09%.
Estimated Diluted Shares Outstanding: 5.71B.
Step 3: Project Future Stock Price
Using a price ratio of 16.46, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.24B ÷ 5.71B) × 16.46 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.13.
Projected over 5 years with a growth rate of
-3.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.810733087880967.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $44.81.
Discounted at 10% per
year over 5 years → Fair Value:
$27.
