Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
46.41B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 46.41B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
46.41B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 32.13M.
We will project this out 5 year(s) with a growth rate
of 0.03%.
Estimated Diluted Shares Outstanding: 32.17M.
Step 3: Project Future Stock Price
Using a price ratio of 10.61, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(46.41B ÷ 32.17M) × 10.61 =
$15304
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.18.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.9.
Step 5: Discount the Projected Stock Price
Projected stock price: $15304.
Including dividends, total future value: $15314.9.
Discounted at 10% per
year over 5 years → Fair Value:
$9509.
