Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.47B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.75%.
Starting with 14.47B and growing at 2.75%
for 5 years, we estimate Free Cash Flow will be
16.58B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.47B.
We will project this out 5 year(s) with a growth rate
of -0.93%.
Estimated Diluted Shares Outstanding: 2.36B.
Step 3: Project Future Stock Price
Using a price ratio of 19.12, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.58B ÷ 2.36B) × 19.12 =
$134
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.99.
Projected over 5 years with a growth rate of
-3.98%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.989330229259615.
Step 5: Discount the Projected Stock Price
Projected stock price: $134.
Including dividends, total future value: $142.99.
Discounted at 10% per
year over 5 years → Fair Value:
$88.
