Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
10B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.58%.
Starting with 10B and growing at 9.58%
for 5 years, we estimate Free Cash Flow will be
15.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 50.53M.
We will project this out 5 year(s) with a growth rate
of -0.78%.
Estimated Diluted Shares Outstanding: 48.59M.
Step 3: Project Future Stock Price
Using a price ratio of 2.15, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(15.81B ÷ 48.59M) × 2.15 =
$699
Step 4: Project Future Dividends Paid
Forward dividend per share: $12.15.
Projected over 5 years with a growth rate of
6.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$71.6604206646476.
Step 5: Discount the Projected Stock Price
Projected stock price: $699.
Including dividends, total future value: $770.66.
Discounted at 10% per
year over 5 years → Fair Value:
$478.
