Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
9.63B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.76%.
Starting with 9.63B and growing at 11.76%
for 5 years, we estimate Free Cash Flow will be
16.8B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 225.13M.
We will project this out 5 year(s) with a growth rate
of -2.5%.
Estimated Diluted Shares Outstanding: 198.36M.
Step 3: Project Future Stock Price
Using a price ratio of 5.92, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.8B ÷ 198.36M) × 5.92 =
$501
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.35.
Projected over 5 years with a growth rate of
-0.72%, dividends add to total shareholder return.
Expected dividends in 5 years:
$26.27109697706581.
Step 5: Discount the Projected Stock Price
Projected stock price: $501.
Including dividends, total future value: $527.27.
Discounted at 10% per
year over 5 years → Fair Value:
$327.
