Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
13.29B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-5.36%.
Starting with 13.29B and growing at -5.36%
for 5 years, we estimate Free Cash Flow will be
10.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.07B.
We will project this out 5 year(s) with a growth rate
of -0.9%.
Estimated Diluted Shares Outstanding: 2.93B.
Step 3: Project Future Stock Price
Using a price ratio of 6.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.09B ÷ 2.93B) × 6.63 =
$22
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.55.
Projected over 5 years with a growth rate of
21.98%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.735713334508869.
Step 5: Discount the Projected Stock Price
Projected stock price: $22.
Including dividends, total future value: $34.74.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
