Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.71B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.89%.
Starting with 1.71B and growing at -4.89%
for 5 years, we estimate Free Cash Flow will be
1.33B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 485.88M.
We will project this out 5 year(s) with a growth rate
of -3.25%.
Estimated Diluted Shares Outstanding: 411.9M.
Step 3: Project Future Stock Price
Using a price ratio of 15.55, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.33B ÷ 411.9M) × 15.55 =
$50
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.18.
Projected over 5 years with a growth rate of
-1.90%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.3896045182242.
Step 5: Discount the Projected Stock Price
Projected stock price: $50.
Including dividends, total future value: $60.39.
Discounted at 10% per
year over 5 years → Fair Value:
$37.
