Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
742.2M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.06%.
Starting with 742.2M and growing at 2.06%
for 5 years, we estimate Free Cash Flow will be
821.86M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 306.31M.
We will project this out 5 year(s) with a growth rate
of 0.95%.
Estimated Diluted Shares Outstanding: 321.13M.
Step 3: Project Future Stock Price
Using a price ratio of 27.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(821.86M ÷ 321.13M) × 27.96 =
$71
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.02.
Projected over 5 years with a growth rate of
7.56%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.116986556766577.
Step 5: Discount the Projected Stock Price
Projected stock price: $71.
Including dividends, total future value: $95.12.
Discounted at 10% per
year over 5 years → Fair Value:
$59.
