Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.07B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
35.51%.
Starting with 4.07B and growing at 35.51%
for 5 years, we estimate Free Cash Flow will be
18.61B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.94B.
We will project this out 5 year(s) with a growth rate
of -0.44%.
Estimated Diluted Shares Outstanding: 1.9B.
Step 3: Project Future Stock Price
Using a price ratio of 3.33, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(18.61B ÷ 1.9B) × 3.33 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.98.
Projected over 5 years with a growth rate of
-2.66%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.580621791097625.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $36.58.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
