Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.65B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.49%.
Starting with 4.65B and growing at 15.49%
for 5 years, we estimate Free Cash Flow will be
9.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 491.62M.
We will project this out 5 year(s) with a growth rate
of -0.59%.
Estimated Diluted Shares Outstanding: 477.29M.
Step 3: Project Future Stock Price
Using a price ratio of 26.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.56B ÷ 477.29M) × 26.2 =
$524
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.25.
Projected over 5 years with a growth rate of
13.26%, dividends add to total shareholder return.
Expected dividends in 5 years:
$29.010173595809142.
Step 5: Discount the Projected Stock Price
Projected stock price: $524.
Including dividends, total future value: $553.01.
Discounted at 10% per
year over 5 years → Fair Value:
$343.
