Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.2B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.47%.
Starting with 1.2B and growing at 2.47%
for 5 years, we estimate Free Cash Flow will be
1.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 445.96M.
We will project this out 5 year(s) with a growth rate
of 0.77%.
Estimated Diluted Shares Outstanding: 463.4M.
Step 3: Project Future Stock Price
Using a price ratio of 14.26, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.35B ÷ 463.4M) × 14.26 =
$41
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.03.
Projected over 5 years with a growth rate of
-4.21%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.624956604883216.
Step 5: Discount the Projected Stock Price
Projected stock price: $41.
Including dividends, total future value: $45.62.
Discounted at 10% per
year over 5 years → Fair Value:
$28.
