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
-2.9%.
Starting with 6.14B and growing at -2.9%
for 5 years, we estimate Free Cash Flow will be
5.3B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 11.88B.
We will project this out 5 year(s) with a growth rate
of -2.34%.
Estimated Diluted Shares Outstanding: 10.55B.
Step 3: Project Future Stock Price
Using a price ratio of 36.73, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.3B ÷ 10.55B) × 36.73 =
$18
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.16.
Projected over 5 years with a growth rate of
-12.96%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.5654408658789789.
Step 5: Discount the Projected Stock Price
Projected stock price: $18.
Including dividends, total future value: $18.57.
Discounted at 10% per
year over 5 years → Fair Value:
$11.
