Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.28B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.81%.
Starting with 2.28B and growing at -2.81%
for 5 years, we estimate Free Cash Flow will be
1.98B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 488.4M.
We will project this out 5 year(s) with a growth rate
of -2.36%.
Estimated Diluted Shares Outstanding: 433.42M.
Step 3: Project Future Stock Price
Using a price ratio of 17.43, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.98B ÷ 433.42M) × 17.43 =
$79
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.53.
Projected over 5 years with a growth rate of
1.11%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.864058058408977.
Step 5: Discount the Projected Stock Price
Projected stock price: $79.
Including dividends, total future value: $86.86.
Discounted at 10% per
year over 5 years → Fair Value:
$53.
