Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
499.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.49%.
Starting with 499.8M and growing at 7.49%
for 5 years, we estimate Free Cash Flow will be
717.19M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 160.95M.
We will project this out 5 year(s) with a growth rate
of -0.56%.
Estimated Diluted Shares Outstanding: 156.49M.
Step 3: Project Future Stock Price
Using a price ratio of 19.5, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(717.19M ÷ 156.49M) × 19.5 =
$89
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.99.
Projected over 5 years with a growth rate of
2.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.292209426057698.
Step 5: Discount the Projected Stock Price
Projected stock price: $89.
Including dividends, total future value: $94.29.
Discounted at 10% per
year over 5 years → Fair Value:
$58.
