Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
12.69B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.7%.
Starting with 12.69B and growing at -8.7%
for 5 years, we estimate Free Cash Flow will be
8.05B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.62B.
We will project this out 5 year(s) with a growth rate
of -0.11%.
Estimated Diluted Shares Outstanding: 1.61B.
Step 3: Project Future Stock Price
Using a price ratio of 11.71, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.05B ÷ 1.61B) × 11.71 =
$58
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.49.
Projected over 5 years with a growth rate of
-0.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$26.96535396675158.
Step 5: Discount the Projected Stock Price
Projected stock price: $58.
Including dividends, total future value: $84.97.
Discounted at 10% per
year over 5 years → Fair Value:
$52.
