Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.07B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.47%.
Starting with 5.07B and growing at 14.47%
for 5 years, we estimate Free Cash Flow will be
9.96B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 468.91M.
We will project this out 5 year(s) with a growth rate
of -2.43%.
Estimated Diluted Shares Outstanding: 414.64M.
Step 3: Project Future Stock Price
Using a price ratio of 34.01, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.96B ÷ 414.64M) × 34.01 =
$817
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.28.
Projected over 5 years with a growth rate of
3.16%, dividends add to total shareholder return.
Expected dividends in 5 years:
$39.344109247875416.
Step 5: Discount the Projected Stock Price
Projected stock price: $817.
Including dividends, total future value: $856.34.
Discounted at 10% per
year over 5 years → Fair Value:
$531.
