Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
26.92%.
Starting with 6.13B and growing at 26.92%
for 5 years, we estimate Free Cash Flow will be
20.18B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 372.9M.
We will project this out 5 year(s) with a growth rate
of -1.49%.
Estimated Diluted Shares Outstanding: 345.94M.
Step 3: Project Future Stock Price
Using a price ratio of 1.76, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(20.18B ÷ 345.94M) × 1.76 =
$102
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.42.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.1.
Step 5: Discount the Projected Stock Price
Projected stock price: $102.
Including dividends, total future value: $109.1.
Discounted at 10% per
year over 5 years → Fair Value:
$67.
