Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
845.33B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.55%.
Starting with 845.33B and growing at 2.55%
for 5 years, we estimate Free Cash Flow will be
958.75B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.41B.
We will project this out 5 year(s) with a growth rate
of -0.87%.
Estimated Diluted Shares Outstanding: 1.35B.
Step 3: Project Future Stock Price
Using a price ratio of 0.07, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(958.75B ÷ 1.35B) × 0.07 =
$49
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.04.
Projected over 5 years with a growth rate of
10.79%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.178062946973476.
Step 5: Discount the Projected Stock Price
Projected stock price: $49.
Including dividends, total future value: $62.18.
Discounted at 10% per
year over 5 years → Fair Value:
$38.
