Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
627.74M
as of Jul 27, 2025.
We will project this out 5 years with a yearly growth
rate of
8.67%.
Starting with 627.74M and growing at 8.67%
for 5 years, we estimate Free Cash Flow will be
951.32M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 549.84M.
We will project this out 5 year(s) with a growth rate
of 0.13%.
Estimated Diluted Shares Outstanding: 553.43M.
Step 3: Project Future Stock Price
Using a price ratio of 28.18, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(951.32M ÷ 553.43M) × 28.18 =
$48
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.44.
Projected over 5 years with a growth rate of
4.52%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.041387658852445.
Step 5: Discount the Projected Stock Price
Projected stock price: $48.
Including dividends, total future value: $56.04.
Discounted at 10% per
year over 5 years → Fair Value:
$34.
