Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
647.01M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.84%.
Starting with 647.01M and growing at 4.84%
for 5 years, we estimate Free Cash Flow will be
819.5M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 188.78M.
We will project this out 5 year(s) with a growth rate
of 2.2%.
Estimated Diluted Shares Outstanding: 210.48M.
Step 3: Project Future Stock Price
Using a price ratio of 13.49, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(819.5M ÷ 210.48M) × 13.49 =
$52
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.92.
Projected over 5 years with a growth rate of
-3.19%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.463358370670642.
Step 5: Discount the Projected Stock Price
Projected stock price: $52.
Including dividends, total future value: $65.46.
Discounted at 10% per
year over 5 years → Fair Value:
$40.
