Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.73B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
45.43%.
Starting with 6.73B and growing at 45.43%
for 5 years, we estimate Free Cash Flow will be
43.76B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 271.72M.
We will project this out 5 year(s) with a growth rate
of -0.29%.
Estimated Diluted Shares Outstanding: 267.81M.
Step 3: Project Future Stock Price
Using a price ratio of 3.34, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(43.76B ÷ 267.81M) × 3.34 =
$545
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.48.
Projected over 5 years with a growth rate of
2.93%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.328357009421701.
Step 5: Discount the Projected Stock Price
Projected stock price: $545.
Including dividends, total future value: $558.33.
Discounted at 10% per
year over 5 years → Fair Value:
$346.
