Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
892.96M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.13%.
Starting with 892.96M and growing at 11.13%
for 5 years, we estimate Free Cash Flow will be
1.51B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 478.41M.
We will project this out 5 year(s) with a growth rate
of 1.86%.
Estimated Diluted Shares Outstanding: 524.59M.
Step 3: Project Future Stock Price
Using a price ratio of 12.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.51B ÷ 524.59M) × 12.1 =
$34
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.12.
Projected over 5 years with a growth rate of
-11.31%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.1483430574127915.
Step 5: Discount the Projected Stock Price
Projected stock price: $34.
Including dividends, total future value: $38.15.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
