Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.85B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.14%.
Starting with 1.85B and growing at 3.14%
for 5 years, we estimate Free Cash Flow will be
2.16B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 238.8M.
We will project this out 5 year(s) with a growth rate
of -3.75%.
Estimated Diluted Shares Outstanding: 197.26M.
Step 3: Project Future Stock Price
Using a price ratio of 8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.16B ÷ 197.26M) × 8 =
$87
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.54.
Projected over 5 years with a growth rate of
0.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.003777476802789.
Step 5: Discount the Projected Stock Price
Projected stock price: $87.
Including dividends, total future value: $100.
Discounted at 10% per
year over 5 years → Fair Value:
$62.
