Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
19.92B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.13%.
Starting with 19.92B and growing at 13.13%
for 5 years, we estimate Free Cash Flow will be
36.91B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.32B.
We will project this out 5 year(s) with a growth rate
of 6.5%.
Estimated Diluted Shares Outstanding: 3.19B.
Step 3: Project Future Stock Price
Using a price ratio of 2.64, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(36.91B ÷ 3.19B) × 2.64 =
$30
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.98.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.9.
Step 5: Discount the Projected Stock Price
Projected stock price: $30.
Including dividends, total future value: $34.9.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
