Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.88B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
26.62%.
Starting with 2.88B and growing at 26.62%
for 5 years, we estimate Free Cash Flow will be
9.37B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 525.1M.
We will project this out 5 year(s) with a growth rate
of 0.2%.
Estimated Diluted Shares Outstanding: 530.38M.
Step 3: Project Future Stock Price
Using a price ratio of 30.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.37B ÷ 530.38M) × 30.37 =
$536
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.32.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.6.
Step 5: Discount the Projected Stock Price
Projected stock price: $536.
Including dividends, total future value: $557.6.
Discounted at 10% per
year over 5 years → Fair Value:
$346.
