Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.15B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.63%.
Starting with 8.15B and growing at 10.63%
for 5 years, we estimate Free Cash Flow will be
13.51B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 555.59M.
We will project this out 5 year(s) with a growth rate
of -1.09%.
Estimated Diluted Shares Outstanding: 525.97M.
Step 3: Project Future Stock Price
Using a price ratio of 29.05, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(13.51B ÷ 525.97M) × 29.05 =
$746
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.14.
Projected over 5 years with a growth rate of
2.58%, dividends add to total shareholder return.
Expected dividends in 5 years:
$22.061095888130343.
Step 5: Discount the Projected Stock Price
Projected stock price: $746.
Including dividends, total future value: $768.06.
Discounted at 10% per
year over 5 years → Fair Value:
$476.
