Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
17.24B
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 17.24B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
17.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.74B.
We will project this out 5 year(s) with a growth rate
of -0.75%.
Estimated Diluted Shares Outstanding: 1.67B.
Step 3: Project Future Stock Price
Using a price ratio of 1.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(17.24B ÷ 1.67B) × 1.32 =
$13
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.73.
Projected over 5 years with a growth rate of
5.22%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.1799328955756.
Step 5: Discount the Projected Stock Price
Projected stock price: $13.
Including dividends, total future value: $34.18.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
