Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.16B
as of Jun 27, 2025.
We will project this out 5 years with a yearly growth
rate of
18.78%.
Starting with 2.16B and growing at 18.78%
for 5 years, we estimate Free Cash Flow will be
5.12B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 187.09M.
We will project this out 5 year(s) with a growth rate
of -2.63%.
Estimated Diluted Shares Outstanding: 163.75M.
Step 3: Project Future Stock Price
Using a price ratio of 21.61, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.12B ÷ 163.75M) × 21.61 =
$675
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.92.
Projected over 5 years with a growth rate of
1.15%, dividends add to total shareholder return.
Expected dividends in 5 years:
$30.458353922940304.
Step 5: Discount the Projected Stock Price
Projected stock price: $675.
Including dividends, total future value: $705.46.
Discounted at 10% per
year over 5 years → Fair Value:
$438.
