Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
898.28M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.61%.
Starting with 898.28M and growing at 11.61%
for 5 years, we estimate Free Cash Flow will be
1.56B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 613.01M.
We will project this out 5 year(s) with a growth rate
of 2.88%.
Estimated Diluted Shares Outstanding: 706.51M.
Step 3: Project Future Stock Price
Using a price ratio of 27.27, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.56B ÷ 706.51M) × 27.27 =
$60
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.44.
Projected over 5 years with a growth rate of
7.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.66907102603191.
Step 5: Discount the Projected Stock Price
Projected stock price: $60.
Including dividends, total future value: $68.67.
Discounted at 10% per
year over 5 years → Fair Value:
$42.
