Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
810.15M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.19%.
Starting with 810.15M and growing at -1.19%
for 5 years, we estimate Free Cash Flow will be
763.08M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 135.72M.
We will project this out 5 year(s) with a growth rate
of -4.04%.
Estimated Diluted Shares Outstanding: 110.43M.
Step 3: Project Future Stock Price
Using a price ratio of 19.88, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(763.08M ÷ 110.43M) × 19.88 =
$137
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.23.
Projected over 5 years with a growth rate of
-5.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.59524997489398.
Step 5: Discount the Projected Stock Price
Projected stock price: $137.
Including dividends, total future value: $146.6.
Discounted at 10% per
year over 5 years → Fair Value:
$91.
