Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.77B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.64%.
Starting with 4.77B and growing at 14.64%
for 5 years, we estimate Free Cash Flow will be
9.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 405.04M.
We will project this out 5 year(s) with a growth rate
of -1.13%.
Estimated Diluted Shares Outstanding: 382.67M.
Step 3: Project Future Stock Price
Using a price ratio of 31.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.45B ÷ 382.67M) × 31.2 =
$770
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.56.
Projected over 5 years with a growth rate of
4.77%, dividends add to total shareholder return.
Expected dividends in 5 years:
$42.470185668302086.
Step 5: Discount the Projected Stock Price
Projected stock price: $770.
Including dividends, total future value: $812.47.
Discounted at 10% per
year over 5 years → Fair Value:
$504.
