Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.71%.
Starting with 4.7B and growing at 9.71%
for 5 years, we estimate Free Cash Flow will be
7.46B.
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 1.54%.
Estimated Diluted Shares Outstanding: 2.35B.
Step 3: Project Future Stock Price
Using a price ratio of 11.31, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.46B ÷ 2.35B) × 11.31 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.09.
Projected over 5 years with a growth rate of
-1.39%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.090639422910773.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $45.09.
Discounted at 10% per
year over 5 years → Fair Value:
$27.
