Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
47.92B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.16%.
Starting with 47.92B and growing at 1.16%
for 5 years, we estimate Free Cash Flow will be
50.77B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 775.74M.
We will project this out 5 year(s) with a growth rate
of 0.02%.
Estimated Diluted Shares Outstanding: 776.52M.
Step 3: Project Future Stock Price
Using a price ratio of 3.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(50.77B ÷ 776.52M) × 3.96 =
$258
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.13.
Projected over 5 years with a growth rate of
3.30%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.973255380234036.
Step 5: Discount the Projected Stock Price
Projected stock price: $258.
Including dividends, total future value: $274.97.
Discounted at 10% per
year over 5 years → Fair Value:
$170.
