Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.18B
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
14.85%.
Starting with 7.18B and growing at 14.85%
for 5 years, we estimate Free Cash Flow will be
14.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 586.71M.
We will project this out 5 year(s) with a growth rate
of 0.77%.
Estimated Diluted Shares Outstanding: 609.65M.
Step 3: Project Future Stock Price
Using a price ratio of 24.41, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(14.35B ÷ 609.65M) × 24.41 =
$574
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.04.
Projected over 5 years with a growth rate of
28.00%, dividends add to total shareholder return.
Expected dividends in 5 years:
$65.24805761667295.
Step 5: Discount the Projected Stock Price
Projected stock price: $574.
Including dividends, total future value: $639.25.
Discounted at 10% per
year over 5 years → Fair Value:
$396.
