Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.48B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.19%.
Starting with 7.48B and growing at 18.19%
for 5 years, we estimate Free Cash Flow will be
17.26B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.56B.
We will project this out 5 year(s) with a growth rate
of -0.28%.
Estimated Diluted Shares Outstanding: 1.53B.
Step 3: Project Future Stock Price
Using a price ratio of 9.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(17.26B ÷ 1.53B) × 9.25 =
$104
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.52.
Projected over 5 years with a growth rate of
-1.98%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.985531304481475.
Step 5: Discount the Projected Stock Price
Projected stock price: $104.
Including dividends, total future value: $115.99.
Discounted at 10% per
year over 5 years → Fair Value:
$72.
