Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
16.39B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.92%.
Starting with 16.39B and growing at 13.92%
for 5 years, we estimate Free Cash Flow will be
31.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 897.27M.
We will project this out 5 year(s) with a growth rate
of -1.93%.
Estimated Diluted Shares Outstanding: 813.97M.
Step 3: Project Future Stock Price
Using a price ratio of 39.44, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(31.45B ÷ 813.97M) × 39.44 =
$1523
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.7.
Projected over 5 years with a growth rate of
13.70%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.50192065177066.
Step 5: Discount the Projected Stock Price
Projected stock price: $1523.
Including dividends, total future value: $1548.5.
Discounted at 10% per
year over 5 years → Fair Value:
$961.
