Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.93B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.56%.
Starting with 4.93B and growing at 15.56%
for 5 years, we estimate Free Cash Flow will be
10.17B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.18B.
We will project this out 5 year(s) with a growth rate
of 1.33%.
Estimated Diluted Shares Outstanding: 2.33B.
Step 3: Project Future Stock Price
Using a price ratio of 13.82, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.17B ÷ 2.33B) × 13.82 =
$60
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.09.
Projected over 5 years with a growth rate of
-3.31%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.60661068663088.
Step 5: Discount the Projected Stock Price
Projected stock price: $60.
Including dividends, total future value: $69.61.
Discounted at 10% per
year over 5 years → Fair Value:
$43.
