Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.97B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
19.36%.
Starting with 8.97B and growing at 19.36%
for 5 years, we estimate Free Cash Flow will be
21.74B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 483.94M.
We will project this out 5 year(s) with a growth rate
of -0.01%.
Estimated Diluted Shares Outstanding: 483.7M.
Step 3: Project Future Stock Price
Using a price ratio of 1.19, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.74B ÷ 483.7M) × 1.19 =
$53
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.45.
Projected over 5 years with a growth rate of
24.22%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.468574910479653.
Step 5: Discount the Projected Stock Price
Projected stock price: $53.
Including dividends, total future value: $65.47.
Discounted at 10% per
year over 5 years → Fair Value:
$40.
