Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
67.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.62%.
Starting with 67.74B and growing at -8.62%
for 5 years, we estimate Free Cash Flow will be
43.16B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 28M.
We will project this out 5 year(s) with a growth rate
of 3.44%.
Estimated Diluted Shares Outstanding: 33.16M.
Step 3: Project Future Stock Price
Using a price ratio of 14.31, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(43.16B ÷ 33.16M) × 14.31 =
$18626
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.52.
Projected over 5 years with a growth rate of
4.91%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.204068651859801.
Step 5: Discount the Projected Stock Price
Projected stock price: $18626.
Including dividends, total future value: $18640.2.
Discounted at 10% per
year over 5 years → Fair Value:
$11574.
