Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.39B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.61%.
Starting with 1.39B and growing at 3.61%
for 5 years, we estimate Free Cash Flow will be
1.66B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 142.38M.
We will project this out 5 year(s) with a growth rate
of 0.41%.
Estimated Diluted Shares Outstanding: 145.33M.
Step 3: Project Future Stock Price
Using a price ratio of 22.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.66B ÷ 145.33M) × 22.96 =
$261
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.65.
Projected over 5 years with a growth rate of
-3.76%, dividends add to total shareholder return.
Expected dividends in 5 years:
$39.29842522940293.
Step 5: Discount the Projected Stock Price
Projected stock price: $261.
Including dividends, total future value: $300.3.
Discounted at 10% per
year over 5 years → Fair Value:
$186.
