Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.57B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
67.1%.
Starting with 2.57B and growing at 67.1%
for 5 years, we estimate Free Cash Flow will be
33.53B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 484.05M.
We will project this out 5 year(s) with a growth rate
of 0%.
Estimated Diluted Shares Outstanding: 484.05M.
Step 3: Project Future Stock Price
Using a price ratio of 12.11, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(33.53B ÷ 484.05M) × 12.11 =
$838
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.27.
Projected over 5 years with a growth rate of
-0.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.012846484549694.
Step 5: Discount the Projected Stock Price
Projected stock price: $838.
Including dividends, total future value: $854.01.
Discounted at 10% per
year over 5 years → Fair Value:
$530.
