Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.92B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
32.75%.
Starting with 4.92B and growing at 32.75%
for 5 years, we estimate Free Cash Flow will be
20.27B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 504.45M.
We will project this out 5 year(s) with a growth rate
of 0.96%.
Estimated Diluted Shares Outstanding: 529.14M.
Step 3: Project Future Stock Price
Using a price ratio of 0.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(20.27B ÷ 529.14M) × 0.54 =
$20
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.8.
Projected over 5 years with a growth rate of
-5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.79448639826996.
Step 5: Discount the Projected Stock Price
Projected stock price: $20.
Including dividends, total future value: $27.79.
Discounted at 10% per
year over 5 years → Fair Value:
$17.
