Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
10.3B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
3.51%.
Starting with 10.3B and growing at 3.51%
for 5 years, we estimate Free Cash Flow will be
12.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.63B.
We will project this out 5 year(s) with a growth rate
of -0.57%.
Estimated Diluted Shares Outstanding: 1.58B.
Step 3: Project Future Stock Price
Using a price ratio of 1.5, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.24B ÷ 1.58B) × 1.5 =
$11
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.74.
Projected over 5 years with a growth rate of
-10.75%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.7843401249533657.
Step 5: Discount the Projected Stock Price
Projected stock price: $11.
Including dividends, total future value: $13.78.
Discounted at 10% per
year over 5 years → Fair Value:
$8.
