Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.9B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
54.27%.
Starting with 1.9B and growing at 54.27%
for 5 years, we estimate Free Cash Flow will be
16.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 450.69M.
We will project this out 5 year(s) with a growth rate
of -2.13%.
Estimated Diluted Shares Outstanding: 404.69M.
Step 3: Project Future Stock Price
Using a price ratio of 36.76, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.56B ÷ 404.69M) × 36.76 =
$1504
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.33.
Projected over 5 years with a growth rate of
2.49%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.388811874668482.
Step 5: Discount the Projected Stock Price
Projected stock price: $1504.
Including dividends, total future value: $1516.39.
Discounted at 10% per
year over 5 years → Fair Value:
$941.
