Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
17.18B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-24.96%.
Starting with 17.18B and growing at -24.96%
for 5 years, we estimate Free Cash Flow will be
4.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.82B.
We will project this out 5 year(s) with a growth rate
of 6.8%.
Estimated Diluted Shares Outstanding: 2.52B.
Step 3: Project Future Stock Price
Using a price ratio of 25.86, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.09B ÷ 2.52B) × 25.86 =
$41
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.31.
Projected over 5 years with a growth rate of
2.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.946709104215457.
Step 5: Discount the Projected Stock Price
Projected stock price: $41.
Including dividends, total future value: $47.95.
Discounted at 10% per
year over 5 years → Fair Value:
$29.
