Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
19.62B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.74%.
Starting with 19.62B and growing at -8.74%
for 5 years, we estimate Free Cash Flow will be
12.42B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 7.15B.
We will project this out 5 year(s) with a growth rate
of -0.4%.
Estimated Diluted Shares Outstanding: 7.01B.
Step 3: Project Future Stock Price
Using a price ratio of 7.33, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.42B ÷ 7.01B) × 7.33 =
$12
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.39.
Projected over 5 years with a growth rate of
-11.80%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.077574069414026.
Step 5: Discount the Projected Stock Price
Projected stock price: $12.
Including dividends, total future value: $17.08.
Discounted at 10% per
year over 5 years → Fair Value:
$10.
