Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
18.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-6.98%.
Starting with 18.7B and growing at -6.98%
for 5 years, we estimate Free Cash Flow will be
13.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.53B.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 2.53B.
Step 3: Project Future Stock Price
Using a price ratio of 2.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(13.02B ÷ 2.53B) × 2.03 =
$10
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.45.
Projected over 5 years with a growth rate of
-5.62%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.947073969106452.
Step 5: Discount the Projected Stock Price
Projected stock price: $10.
Including dividends, total future value: $11.95.
Discounted at 10% per
year over 5 years → Fair Value:
$7.
