Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
28.62B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.81%.
Starting with 28.62B and growing at 12.81%
for 5 years, we estimate Free Cash Flow will be
52.28B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 5.79B.
We will project this out 5 year(s) with a growth rate
of -4.74%.
Estimated Diluted Shares Outstanding: 4.54B.
Step 3: Project Future Stock Price
Using a price ratio of 6.73, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(52.28B ÷ 4.54B) × 6.73 =
$77
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.74.
Projected over 5 years with a growth rate of
2.28%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.204412022367054.
Step 5: Discount the Projected Stock Price
Projected stock price: $77.
Including dividends, total future value: $86.2.
Discounted at 10% per
year over 5 years → Fair Value:
$53.
