Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
18.75B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.15%.
Starting with 18.75B and growing at 3.15%
for 5 years, we estimate Free Cash Flow will be
21.9B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 947.23M.
We will project this out 5 year(s) with a growth rate
of -3.25%.
Estimated Diluted Shares Outstanding: 802.99M.
Step 3: Project Future Stock Price
Using a price ratio of 18.29, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.9B ÷ 802.99M) × 18.29 =
$498
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.8.
Projected over 5 years with a growth rate of
-9.36%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.039507104583222.
Step 5: Discount the Projected Stock Price
Projected stock price: $498.
Including dividends, total future value: $505.04.
Discounted at 10% per
year over 5 years → Fair Value:
$313.
