Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
11.66B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.36%.
Starting with 11.66B and growing at 6.36%
for 5 years, we estimate Free Cash Flow will be
15.87B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.95B.
We will project this out 5 year(s) with a growth rate
of 0.18%.
Estimated Diluted Shares Outstanding: 1.97B.
Step 3: Project Future Stock Price
Using a price ratio of 254.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.87B ÷ 1.97B) × 254.62 =
$2049
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.05.
Projected over 5 years with a growth rate of
13.75%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.244990439781847.
Step 5: Discount the Projected Stock Price
Projected stock price: $2049.
Including dividends, total future value: $2056.24.
Discounted at 10% per
year over 5 years → Fair Value:
$1276.
