Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.57B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.94%.
Starting with 1.57B and growing at 6.94%
for 5 years, we estimate Free Cash Flow will be
2.2B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 223.98M.
We will project this out 5 year(s) with a growth rate
of 0.43%.
Estimated Diluted Shares Outstanding: 228.83M.
Step 3: Project Future Stock Price
Using a price ratio of 20.11, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.2B ÷ 228.83M) × 20.11 =
$192
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.9.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.5.
Step 5: Discount the Projected Stock Price
Projected stock price: $192.
Including dividends, total future value: $211.5.
Discounted at 10% per
year over 5 years → Fair Value:
$131.
