Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
31.29%.
Starting with 4.72B and growing at 31.29%
for 5 years, we estimate Free Cash Flow will be
18.43B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 545.99M.
We will project this out 5 year(s) with a growth rate
of -0.41%.
Estimated Diluted Shares Outstanding: 534.89M.
Step 3: Project Future Stock Price
Using a price ratio of 14.83, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(18.43B ÷ 534.89M) × 14.83 =
$511
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.86.
Projected over 5 years with a growth rate of
22.80%, dividends add to total shareholder return.
Expected dividends in 5 years:
$40.60712016114897.
Step 5: Discount the Projected Stock Price
Projected stock price: $511.
Including dividends, total future value: $551.61.
Discounted at 10% per
year over 5 years → Fair Value:
$342.
