Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
12.19B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 12.19B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
12.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.85B.
We will project this out 5 year(s) with a growth rate
of -25.2%.
Estimated Diluted Shares Outstanding: 901.88M.
Step 3: Project Future Stock Price
Using a price ratio of 13.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.19B ÷ 901.88M) × 13.8 =
$186
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.64.
Projected over 5 years with a growth rate of
36.26%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.60848716963119.
Step 5: Discount the Projected Stock Price
Projected stock price: $186.
Including dividends, total future value: $214.61.
Discounted at 10% per
year over 5 years → Fair Value:
$133.
