Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.04B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.4%.
Starting with 14.04B and growing at -0.4%
for 5 years, we estimate Free Cash Flow will be
13.77B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.34B.
We will project this out 5 year(s) with a growth rate
of -1.34%.
Estimated Diluted Shares Outstanding: 2.19B.
Step 3: Project Future Stock Price
Using a price ratio of 24.57, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(13.77B ÷ 2.19B) × 24.57 =
$154
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.13.
Projected over 5 years with a growth rate of
0.01%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.656412980945515.
Step 5: Discount the Projected Stock Price
Projected stock price: $154.
Including dividends, total future value: $179.66.
Discounted at 10% per
year over 5 years → Fair Value:
$111.
