Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
839.7M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-7.25%.
Starting with 839.7M and growing at -7.25%
for 5 years, we estimate Free Cash Flow will be
576.36M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 366.27M.
We will project this out 5 year(s) with a growth rate
of -0.7%.
Estimated Diluted Shares Outstanding: 353.63M.
Step 3: Project Future Stock Price
Using a price ratio of 14.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(576.36M ÷ 353.63M) × 14.1 =
$22
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.65.
Projected over 5 years with a growth rate of
-0.60%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.12680631770659.
Step 5: Discount the Projected Stock Price
Projected stock price: $22.
Including dividends, total future value: $30.13.
Discounted at 10% per
year over 5 years → Fair Value:
$18.
