Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.07B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.87%.
Starting with 3.07B and growing at 27.87%
for 5 years, we estimate Free Cash Flow will be
10.5B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 207.43M.
We will project this out 5 year(s) with a growth rate
of -6.18%.
Estimated Diluted Shares Outstanding: 150.78M.
Step 3: Project Future Stock Price
Using a price ratio of 7.41, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.5B ÷ 150.78M) × 7.41 =
$515
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.31.
Projected over 5 years with a growth rate of
-5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.3423837685909377.
Step 5: Discount the Projected Stock Price
Projected stock price: $515.
Including dividends, total future value: $516.34.
Discounted at 10% per
year over 5 years → Fair Value:
$320.
