The sticker price on Broadcom shares looks high, but a patient investor is effectively paying a much lower multiple once you account for the growth analysts see coming.

At a glance, Broadcom (AVGO) stock looks expensive. Trading at today’s price of about $411.35, the shares cost roughly 35.5 times the earnings analysts expect for this fiscal year. For many investors, that’s where the analysis stops. But it shouldn’t.

Look three years out, and the picture changes completely. On the earnings analysts expect by 2028, that same $411.35 price tag works out to a multiple of just 15.9 times. That is a 55% lower multiple, a steep discount that materializes on its own as projected earnings grow into today’s price. A patient holder…