Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.14B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.07%.
Starting with 1.14B and growing at 8.07%
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 193.88M.
We will project this out 5 year(s) with a growth rate
of -1.12%.
Estimated Diluted Shares Outstanding: 183.26M.
Step 3: Project Future Stock Price
Using a price ratio of 11.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.68B ÷ 183.26M) × 11.14 =
$102
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.2.
Projected over 5 years with a growth rate of
-0.60%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.83574175694212.
Step 5: Discount the Projected Stock Price
Projected stock price: $102.
Including dividends, total future value: $112.84.
Discounted at 10% per
year over 5 years → Fair Value:
$70.
