Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
65.44B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
-10.53%.
Starting with 65.44B and growing at -10.53%
for 5 years, we estimate Free Cash Flow will be
37.52B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.32B.
We will project this out 5 year(s) with a growth rate
of -1.98%.
Estimated Diluted Shares Outstanding: 2.1B.
Step 3: Project Future Stock Price
Using a price ratio of 2.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(37.52B ÷ 2.1B) × 2.54 =
$45
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.64.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.2.
Step 5: Discount the Projected Stock Price
Projected stock price: $45.
Including dividends, total future value: $63.2.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
