Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.85B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
22.57%.
Starting with 5.85B and growing at 22.57%
for 5 years, we estimate Free Cash Flow will be
16.2B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 7.79B.
We will project this out 5 year(s) with a growth rate
of 0.4%.
Estimated Diluted Shares Outstanding: 7.94B.
Step 3: Project Future Stock Price
Using a price ratio of 9.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.2B ÷ 7.94B) × 9.03 =
$18
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.25.
Projected over 5 years with a growth rate of
6.40%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.4597015961221667.
Step 5: Discount the Projected Stock Price
Projected stock price: $18.
Including dividends, total future value: $19.46.
Discounted at 10% per
year over 5 years → Fair Value:
$12.
