Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
48.13B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
9.42%.
Starting with 48.13B and growing at 9.42%
for 5 years, we estimate Free Cash Flow will be
75.49B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 5.17B.
We will project this out 5 year(s) with a growth rate
of 0.8%.
Estimated Diluted Shares Outstanding: 5.38B.
Step 3: Project Future Stock Price
Using a price ratio of 1.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(75.49B ÷ 5.38B) × 1.81 =
$25
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $25.
Including dividends, total future value: $25.
Discounted at 10% per
year over 5 years → Fair Value:
$15.
