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 3.68B.
We will project this out 5 year(s) with a growth rate
of -3.25%.
Estimated Diluted Shares Outstanding: 3.12B.
Step 3: Project Future Stock Price
Using a price ratio of 13.23, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.9B ÷ 3.12B) × 13.23 =
$92
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.61.
Projected over 5 years with a growth rate of
7.63%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.674515640359962.
Step 5: Discount the Projected Stock Price
Projected stock price: $92.
Including dividends, total future value: $101.67.
Discounted at 10% per
year over 5 years → Fair Value:
$63.
