Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.14B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.88%.
Starting with 6.14B and growing at 18.88%
for 5 years, we estimate Free Cash Flow will be
14.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.15B.
We will project this out 5 year(s) with a growth rate
of -1.12%.
Estimated Diluted Shares Outstanding: 1.09B.
Step 3: Project Future Stock Price
Using a price ratio of 9.58, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(14.57B ÷ 1.09B) × 9.58 =
$128
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.27.
Projected over 5 years with a growth rate of
5.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.448329114451003.
Step 5: Discount the Projected Stock Price
Projected stock price: $128.
Including dividends, total future value: $152.45.
Discounted at 10% per
year over 5 years → Fair Value:
$94.
