Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
551.42M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.88%.
Starting with 551.42M and growing at 1.88%
for 5 years, we estimate Free Cash Flow will be
605.24M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 94.36M.
We will project this out 5 year(s) with a growth rate
of -2.48%.
Estimated Diluted Shares Outstanding: 83.22M.
Step 3: Project Future Stock Price
Using a price ratio of 12.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(605.24M ÷ 83.22M) × 12.96 =
$94
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.5.
Projected over 5 years with a growth rate of
-4.42%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.164199240539062.
Step 5: Discount the Projected Stock Price
Projected stock price: $94.
Including dividends, total future value: $105.16.
Discounted at 10% per
year over 5 years → Fair Value:
$65.
