Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.66B
as of Jul 25, 2025.
We will project this out 5 years with a yearly growth
rate of
7.41%.
Starting with 1.66B and growing at 7.41%
for 5 years, we estimate Free Cash Flow will be
2.37B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 199.62M.
We will project this out 5 year(s) with a growth rate
of -2.15%.
Estimated Diluted Shares Outstanding: 179.06M.
Step 3: Project Future Stock Price
Using a price ratio of 15.67, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.37B ÷ 179.06M) × 15.67 =
$207
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.6.
Projected over 5 years with a growth rate of
1.61%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.529585163747933.
Step 5: Discount the Projected Stock Price
Projected stock price: $207.
Including dividends, total future value: $220.53.
Discounted at 10% per
year over 5 years → Fair Value:
$136.
