Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
825.29M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.9%.
Starting with 825.29M and growing at 0.9%
for 5 years, we estimate Free Cash Flow will be
863.1M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 132.45M.
We will project this out 5 year(s) with a growth rate
of -2.77%.
Estimated Diluted Shares Outstanding: 115.09M.
Step 3: Project Future Stock Price
Using a price ratio of 18.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(863.1M ÷ 115.09M) × 18.7 =
$140
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.26.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.3.
Step 5: Discount the Projected Stock Price
Projected stock price: $140.
Including dividends, total future value: $146.3.
Discounted at 10% per
year over 5 years → Fair Value:
$90.
