The chipmaker’s shares look expensive today, but the real question is whether you believe in the growth that makes them cheaper tomorrow.

At first glance, Broadcom (AVGO) stock looks pricey. Trading at about 32.2 times this year’s expected earnings, it’s the kind of multiple that makes many investors stop looking. But that’s today’s price on this year’s earnings. The picture changes substantially if you’re willing to look a few years down the road.

At today’s price of about $372.10, the multiple you pay on the earnings analysts expect by 2028 falls to just 14.4 times. That’s a 55% lower multiple, a discount that materializes on its own as projected earnings grow into the current stock price. For a patient…