Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.59B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-13.08%.
Starting with 2.59B and growing at -13.08%
for 5 years, we estimate Free Cash Flow will be
1.29B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 534.83M.
We will project this out 5 year(s) with a growth rate
of -5.42%.
Estimated Diluted Shares Outstanding: 404.77M.
Step 3: Project Future Stock Price
Using a price ratio of 12.18, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.29B ÷ 404.77M) × 12.18 =
$38
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.74.
Projected over 5 years with a growth rate of
9.21%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.075624067327475.
Step 5: Discount the Projected Stock Price
Projected stock price: $38.
Including dividends, total future value: $55.08.
Discounted at 10% per
year over 5 years → Fair Value:
$34.
