Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.9%.
Starting with 6.7B and growing at 23.9%
for 5 years, we estimate Free Cash Flow will be
19.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 94.27M.
We will project this out 5 year(s) with a growth rate
of -5.43%.
Estimated Diluted Shares Outstanding: 71.31M.
Step 3: Project Future Stock Price
Using a price ratio of 10.31, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(19.56B ÷ 71.31M) × 10.31 =
$2828
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.64.
Projected over 5 years with a growth rate of
2.73%, dividends add to total shareholder return.
Expected dividends in 5 years:
$40.86077345946875.
Step 5: Discount the Projected Stock Price
Projected stock price: $2828.
Including dividends, total future value: $2868.86.
Discounted at 10% per
year over 5 years → Fair Value:
$1781.
