Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.32B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.36%.
Starting with 1.32B and growing at 4.36%
for 5 years, we estimate Free Cash Flow will be
1.64B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.31B.
We will project this out 5 year(s) with a growth rate
of -0.41%.
Estimated Diluted Shares Outstanding: 1.28B.
Step 3: Project Future Stock Price
Using a price ratio of 23.29, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.64B ÷ 1.28B) × 23.29 =
$29
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.93.
Projected over 5 years with a growth rate of
10.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.9778667049571315.
Step 5: Discount the Projected Stock Price
Projected stock price: $29.
Including dividends, total future value: $34.98.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
