Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
575.1M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.07%.
Starting with 575.1M and growing at 3.07%
for 5 years, we estimate Free Cash Flow will be
668.97M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 514.97M.
We will project this out 5 year(s) with a growth rate
of -0.06%.
Estimated Diluted Shares Outstanding: 513.42M.
Step 3: Project Future Stock Price
Using a price ratio of 25.99, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(668.97M ÷ 513.42M) × 25.99 =
$33
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.78.
Projected over 5 years with a growth rate of
12.12%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.191254609541414.
Step 5: Discount the Projected Stock Price
Projected stock price: $33.
Including dividends, total future value: $38.19.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
