Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
18.23B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.3%.
Starting with 18.23B and growing at 12.3%
for 5 years, we estimate Free Cash Flow will be
32.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.22B.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 2.22B.
Step 3: Project Future Stock Price
Using a price ratio of 2.21, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(32.57B ÷ 2.22B) × 2.21 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.41.
Projected over 5 years with a growth rate of
-2.39%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.9296993163597047.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $33.93.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
