Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14.89B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
22.11%.
Starting with 14.89B and growing at 22.11%
for 5 years, we estimate Free Cash Flow will be
40.43B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 411.58M.
We will project this out 5 year(s) with a growth rate
of 0.08%.
Estimated Diluted Shares Outstanding: 413.23M.
Step 3: Project Future Stock Price
Using a price ratio of 0.82, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(40.43B ÷ 413.23M) × 0.82 =
$80
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.83.
Projected over 5 years with a growth rate of
17.74%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.242494600869549.
Step 5: Discount the Projected Stock Price
Projected stock price: $80.
Including dividends, total future value: $86.24.
Discounted at 10% per
year over 5 years → Fair Value:
$53.
