Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.71B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
23%.
Starting with 5.71B and growing at 23%
for 5 years, we estimate Free Cash Flow will be
16.08B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.27B.
We will project this out 5 year(s) with a growth rate
of -2.85%.
Estimated Diluted Shares Outstanding: 1.1B.
Step 3: Project Future Stock Price
Using a price ratio of 24.22, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.08B ÷ 1.1B) × 24.22 =
$355
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.95.
Projected over 5 years with a growth rate of
8.00%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.7577525765527655.
Step 5: Discount the Projected Stock Price
Projected stock price: $355.
Including dividends, total future value: $360.76.
Discounted at 10% per
year over 5 years → Fair Value:
$224.
