Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.17B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.4%.
Starting with 5.17B and growing at 20.4%
for 5 years, we estimate Free Cash Flow will be
13.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 928.06M.
We will project this out 5 year(s) with a growth rate
of 7.2%.
Estimated Diluted Shares Outstanding: 1.31B.
Step 3: Project Future Stock Price
Using a price ratio of 28.66, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(13.09B ÷ 1.31B) × 28.66 =
$285
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.95.
Projected over 5 years with a growth rate of
5.49%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.288077560810382.
Step 5: Discount the Projected Stock Price
Projected stock price: $285.
Including dividends, total future value: $313.29.
Discounted at 10% per
year over 5 years → Fair Value:
$194.
