Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.22B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.82%.
Starting with 8.22B and growing at 17.82%
for 5 years, we estimate Free Cash Flow will be
18.66B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 413.33M.
We will project this out 5 year(s) with a growth rate
of -0.29%.
Estimated Diluted Shares Outstanding: 407.37M.
Step 3: Project Future Stock Price
Using a price ratio of 3.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(18.66B ÷ 407.37M) × 3.6 =
$164
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.88.
Projected over 5 years with a growth rate of
9.49%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.519361195654114.
Step 5: Discount the Projected Stock Price
Projected stock price: $164.
Including dividends, total future value: $169.52.
Discounted at 10% per
year over 5 years → Fair Value:
$105.
