Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
11.47B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.37%.
Starting with 11.47B and growing at 4.37%
for 5 years, we estimate Free Cash Flow will be
14.21B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.2B.
We will project this out 5 year(s) with a growth rate
of -2.43%.
Estimated Diluted Shares Outstanding: 1.95B.
Step 3: Project Future Stock Price
Using a price ratio of 9.92, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(14.21B ÷ 1.95B) × 9.92 =
$72
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.48.
Projected over 5 years with a growth rate of
-21.89%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.078544754972272.
Step 5: Discount the Projected Stock Price
Projected stock price: $72.
Including dividends, total future value: $84.08.
Discounted at 10% per
year over 5 years → Fair Value:
$52.
