Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
14B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.6%.
Starting with 14B and growing at 20.6%
for 5 years, we estimate Free Cash Flow will be
35.72B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 398.69M.
We will project this out 5 year(s) with a growth rate
of -2.14%.
Estimated Diluted Shares Outstanding: 357.82M.
Step 3: Project Future Stock Price
Using a price ratio of 7.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(35.72B ÷ 357.82M) × 7.47 =
$745
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.67.
Projected over 5 years with a growth rate of
-1.60%, dividends add to total shareholder return.
Expected dividends in 5 years:
$22.427178051935147.
Step 5: Discount the Projected Stock Price
Projected stock price: $745.
Including dividends, total future value: $767.43.
Discounted at 10% per
year over 5 years → Fair Value:
$476.
