Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
19.68B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.49%.
Starting with 19.68B and growing at 10.49%
for 5 years, we estimate Free Cash Flow will be
32.42B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.03B.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 2.03B.
Step 3: Project Future Stock Price
Using a price ratio of 1.76, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(32.42B ÷ 2.03B) × 1.76 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.89.
Projected over 5 years with a growth rate of
9.78%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.932731665076382.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $39.93.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
