Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.59B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.53%.
Starting with 1.59B and growing at 4.53%
for 5 years, we estimate Free Cash Flow will be
1.99B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 522.38M.
We will project this out 5 year(s) with a growth rate
of 4.24%.
Estimated Diluted Shares Outstanding: 642.92M.
Step 3: Project Future Stock Price
Using a price ratio of 15.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.99B ÷ 642.92M) × 15.03 =
$46
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.92.
Projected over 5 years with a growth rate of
-3.04%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.886950273372614.
Step 5: Discount the Projected Stock Price
Projected stock price: $46.
Including dividends, total future value: $54.89.
Discounted at 10% per
year over 5 years → Fair Value:
$34.
