Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
16.1B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.65%.
Starting with 16.1B and growing at 2.65%
for 5 years, we estimate Free Cash Flow will be
18.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.01B.
We will project this out 5 year(s) with a growth rate
of -0.84%.
Estimated Diluted Shares Outstanding: 1.93B.
Step 3: Project Future Stock Price
Using a price ratio of 23.83, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(18.35B ÷ 1.93B) × 23.83 =
$226
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.39.
Projected over 5 years with a growth rate of
-0.12%, dividends add to total shareholder return.
Expected dividends in 5 years:
$41.824263242343605.
Step 5: Discount the Projected Stock Price
Projected stock price: $226.
Including dividends, total future value: $267.82.
Discounted at 10% per
year over 5 years → Fair Value:
$166.
