Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.22B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.52%.
Starting with 1.22B and growing at 1.52%
for 5 years, we estimate Free Cash Flow will be
1.32B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 111.82M.
We will project this out 5 year(s) with a growth rate
of -3.64%.
Estimated Diluted Shares Outstanding: 92.9M.
Step 3: Project Future Stock Price
Using a price ratio of 14.16, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.32B ÷ 92.9M) × 14.16 =
$201
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.9.
Projected over 5 years with a growth rate of
7.35%, dividends add to total shareholder return.
Expected dividends in 5 years:
$23.28304262821634.
Step 5: Discount the Projected Stock Price
Projected stock price: $201.
Including dividends, total future value: $224.28.
Discounted at 10% per
year over 5 years → Fair Value:
$139.
