Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
15.44B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.37%.
Starting with 15.44B and growing at -8.37%
for 5 years, we estimate Free Cash Flow will be
9.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 58.84M.
We will project this out 5 year(s) with a growth rate
of 10.94%.
Estimated Diluted Shares Outstanding: 98.88M.
Step 3: Project Future Stock Price
Using a price ratio of 5.44, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.97B ÷ 98.88M) × 5.44 =
$548
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $548.
Including dividends, total future value: $548.
Discounted at 10% per
year over 5 years → Fair Value:
$340.
