Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.58B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.19%.
Starting with 1.58B and growing at 1.19%
for 5 years, we estimate Free Cash Flow will be
1.68B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 119.05M.
We will project this out 5 year(s) with a growth rate
of 11.36%.
Estimated Diluted Shares Outstanding: 203.88M.
Step 3: Project Future Stock Price
Using a price ratio of 5.52, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.68B ÷ 203.88M) × 5.52 =
$45
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.1.
Projected over 5 years with a growth rate of
5.87%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.109370908095084.
Step 5: Discount the Projected Stock Price
Projected stock price: $45.
Including dividends, total future value: $57.11.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
