Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.9B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-9.59%.
Starting with 2.9B and growing at -9.59%
for 5 years, we estimate Free Cash Flow will be
1.75B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 227.76M.
We will project this out 5 year(s) with a growth rate
of -0.84%.
Estimated Diluted Shares Outstanding: 218.35M.
Step 3: Project Future Stock Price
Using a price ratio of 1.97, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.75B ÷ 218.35M) × 1.97 =
$15
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.46.
Projected over 5 years with a growth rate of
-11.15%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.432083541702762.
Step 5: Discount the Projected Stock Price
Projected stock price: $15.
Including dividends, total future value: $20.43.
Discounted at 10% per
year over 5 years → Fair Value:
$12.
