Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.1B
as of Aug 24, 2025.
We will project this out 5 years with a yearly growth
rate of
-6.54%.
Starting with 2.1B and growing at -6.54%
for 5 years, we estimate Free Cash Flow will be
1.49B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 549.7M.
We will project this out 5 year(s) with a growth rate
of -1.89%.
Estimated Diluted Shares Outstanding: 499.68M.
Step 3: Project Future Stock Price
Using a price ratio of 15.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.49B ÷ 499.68M) × 15.53 =
$46
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.01.
Projected over 5 years with a growth rate of
-1.78%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.389189244956944.
Step 5: Discount the Projected Stock Price
Projected stock price: $46.
Including dividends, total future value: $60.39.
Discounted at 10% per
year over 5 years → Fair Value:
$37.
