Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
453.7M
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.25%.
Starting with 453.7M and growing at -1.25%
for 5 years, we estimate Free Cash Flow will be
426.04M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 120.04M.
We will project this out 5 year(s) with a growth rate
of -2.31%.
Estimated Diluted Shares Outstanding: 106.8M.
Step 3: Project Future Stock Price
Using a price ratio of 18.49, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(426.04M ÷ 106.8M) × 18.49 =
$73
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.23.
Projected over 5 years with a growth rate of
-1.78%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.87996769810533.
Step 5: Discount the Projected Stock Price
Projected stock price: $73.
Including dividends, total future value: $78.88.
Discounted at 10% per
year over 5 years → Fair Value:
$48.
