Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
892.29M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.66%.
Starting with 892.29M and growing at 2.66%
for 5 years, we estimate Free Cash Flow will be
1.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 64.4M.
We will project this out 5 year(s) with a growth rate
of -0.52%.
Estimated Diluted Shares Outstanding: 62.75M.
Step 3: Project Future Stock Price
Using a price ratio of 21.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.02B ÷ 62.75M) × 21.54 =
$349
Step 4: Project Future Dividends Paid
Forward dividend per share: $12.61.
Projected over 5 years with a growth rate of
4.10%, dividends add to total shareholder return.
Expected dividends in 5 years:
$69.7127018024571.
Step 5: Discount the Projected Stock Price
Projected stock price: $349.
Including dividends, total future value: $418.71.
Discounted at 10% per
year over 5 years → Fair Value:
$259.
