Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
11.62B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
11.77%.
Starting with 11.62B and growing at 11.77%
for 5 years, we estimate Free Cash Flow will be
20.27B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.08B.
We will project this out 5 year(s) with a growth rate
of -1.52%.
Estimated Diluted Shares Outstanding: 999.45M.
Step 3: Project Future Stock Price
Using a price ratio of 19.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(20.27B ÷ 999.45M) × 19.25 =
$390
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.33.
Projected over 5 years with a growth rate of
0.46%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.89983462191073.
Step 5: Discount the Projected Stock Price
Projected stock price: $390.
Including dividends, total future value: $411.9.
Discounted at 10% per
year over 5 years → Fair Value:
$255.
