Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
626.1M
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
8.33%.
Starting with 626.1M and growing at 8.33%
for 5 years, we estimate Free Cash Flow will be
934.09M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 77.98M.
We will project this out 5 year(s) with a growth rate
of -1.03%.
Estimated Diluted Shares Outstanding: 74.05M.
Step 3: Project Future Stock Price
Using a price ratio of 24.27, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(934.09M ÷ 74.05M) × 24.27 =
$306
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.52.
Projected over 5 years with a growth rate of
3.18%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.43977751259393.
Step 5: Discount the Projected Stock Price
Projected stock price: $306.
Including dividends, total future value: $330.44.
Discounted at 10% per
year over 5 years → Fair Value:
$205.
