Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
19.61B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.28%.
Starting with 19.61B and growing at 2.28%
for 5 years, we estimate Free Cash Flow will be
21.95B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.22B.
We will project this out 5 year(s) with a growth rate
of 0.37%.
Estimated Diluted Shares Outstanding: 4.29B.
Step 3: Project Future Stock Price
Using a price ratio of 7.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(21.95B ÷ 4.29B) × 7.63 =
$38
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.4.
Projected over 5 years with a growth rate of
1.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.840909764813784.
Step 5: Discount the Projected Stock Price
Projected stock price: $38.
Including dividends, total future value: $55.84.
Discounted at 10% per
year over 5 years → Fair Value:
$34.
