Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.61B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
70.76%.
Starting with 9.61B and growing at 70.76%
for 5 years, we estimate Free Cash Flow will be
139.52B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.6B.
We will project this out 5 year(s) with a growth rate
of 14.77%.
Estimated Diluted Shares Outstanding: 3.19B.
Step 3: Project Future Stock Price
Using a price ratio of 2.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(139.52B ÷ 3.19B) × 2.53 =
$110
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.48.
Projected over 5 years with a growth rate of
1.74%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.5057663624690716.
Step 5: Discount the Projected Stock Price
Projected stock price: $110.
Including dividends, total future value: $112.51.
Discounted at 10% per
year over 5 years → Fair Value:
$69.
