Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
32.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.99%.
Starting with 32.81B and growing at 0.99%
for 5 years, we estimate Free Cash Flow will be
34.47B.
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 -0.05%.
Estimated Diluted Shares Outstanding: 1.74B.
Step 3: Project Future Stock Price
Using a price ratio of 1.35, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(34.47B ÷ 1.74B) × 1.35 =
$26
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.53.
Projected over 5 years with a growth rate of
-15.66%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.731130729415553.
Step 5: Discount the Projected Stock Price
Projected stock price: $26.
Including dividends, total future value: $27.73.
Discounted at 10% per
year over 5 years → Fair Value:
$17.
