Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
17.11B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.14%.
Starting with 17.11B and growing at 8.14%
for 5 years, we estimate Free Cash Flow will be
25.3B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.37B.
We will project this out 5 year(s) with a growth rate
of -0.9%.
Estimated Diluted Shares Outstanding: 1.31B.
Step 3: Project Future Stock Price
Using a price ratio of 0.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(25.3B ÷ 1.31B) × 0.96 =
$18
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.28.
Projected over 5 years with a growth rate of
-1.93%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.09565546699633.
Step 5: Discount the Projected Stock Price
Projected stock price: $18.
Including dividends, total future value: $24.1.
Discounted at 10% per
year over 5 years → Fair Value:
$14.
