Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
15.35B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.91%.
Starting with 15.35B and growing at -0.91%
for 5 years, we estimate Free Cash Flow will be
14.66B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 10.47B.
We will project this out 5 year(s) with a growth rate
of -1.71%.
Estimated Diluted Shares Outstanding: 9.6B.
Step 3: Project Future Stock Price
Using a price ratio of 26.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(14.66B ÷ 9.6B) × 26.32 =
$40
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.29.
Projected over 5 years with a growth rate of
6.80%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.7092127899739482.
Step 5: Discount the Projected Stock Price
Projected stock price: $40.
Including dividends, total future value: $41.71.
Discounted at 10% per
year over 5 years → Fair Value:
$25.
