Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.54B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.18%.
Starting with 8.54B and growing at 13.18%
for 5 years, we estimate Free Cash Flow will be
15.86B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 263.51M.
We will project this out 5 year(s) with a growth rate
of -4.29%.
Estimated Diluted Shares Outstanding: 211.63M.
Step 3: Project Future Stock Price
Using a price ratio of 7.29, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.86B ÷ 211.63M) × 7.29 =
$546
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.84.
Projected over 5 years with a growth rate of
6.79%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.519495075122933.
Step 5: Discount the Projected Stock Price
Projected stock price: $546.
Including dividends, total future value: $574.52.
Discounted at 10% per
year over 5 years → Fair Value:
$356.
