Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
60.68B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.9%.
Starting with 60.68B and growing at -2.9%
for 5 years, we estimate Free Cash Flow will be
52.38B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 670.4M.
We will project this out 5 year(s) with a growth rate
of 2.03%.
Estimated Diluted Shares Outstanding: 741.27M.
Step 3: Project Future Stock Price
Using a price ratio of 0.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(52.38B ÷ 741.27M) × 0.78 =
$55
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.38.
Projected over 5 years with a growth rate of
-26.63%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.8760923712406736.
Step 5: Discount the Projected Stock Price
Projected stock price: $55.
Including dividends, total future value: $55.88.
Discounted at 10% per
year over 5 years → Fair Value:
$34.
