Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
33.56B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-10.01%.
Starting with 33.56B and growing at -10.01%
for 5 years, we estimate Free Cash Flow will be
19.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 622.34M.
We will project this out 5 year(s) with a growth rate
of 0.98%.
Estimated Diluted Shares Outstanding: 653.44M.
Step 3: Project Future Stock Price
Using a price ratio of 1.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(19.81B ÷ 653.44M) × 1.96 =
$59
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.07.
Projected over 5 years with a growth rate of
2.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.653269429343618.
Step 5: Discount the Projected Stock Price
Projected stock price: $59.
Including dividends, total future value: $64.65.
Discounted at 10% per
year over 5 years → Fair Value:
$40.
