Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.92B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
32.75%.
Starting with 4.92B and growing at 32.75%
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 66.09M.
We will project this out 5 year(s) with a growth rate
of 0.93%.
Estimated Diluted Shares Outstanding: 69.22M.
Step 3: Project Future Stock Price
Using a price ratio of 2.95, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(20.27B ÷ 69.22M) × 2.95 =
$863
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.49.
Projected over 5 years with a growth rate of
-0.65%, dividends add to total shareholder return.
Expected dividends in 5 years:
$22.086964032703015.
Step 5: Discount the Projected Stock Price
Projected stock price: $863.
Including dividends, total future value: $885.09.
Discounted at 10% per
year over 5 years → Fair Value:
$549.
