Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
253.44B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.02%.
Starting with 253.44B and growing at 23.02%
for 5 years, we estimate Free Cash Flow will be
714.08B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 911.05M.
We will project this out 5 year(s) with a growth rate
of -0.36%.
Estimated Diluted Shares Outstanding: 894.77M.
Step 3: Project Future Stock Price
Using a price ratio of 0.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(714.08B ÷ 894.77M) × 0.69 =
$550
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.07.
Projected over 5 years with a growth rate of
9.43%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.701851185072203.
Step 5: Discount the Projected Stock Price
Projected stock price: $550.
Including dividends, total future value: $556.7.
Discounted at 10% per
year over 5 years → Fair Value:
$345.
