Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.77B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.91%.
Starting with 1.77B and growing at -1.91%
for 5 years, we estimate Free Cash Flow will be
1.6B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 193.72M.
We will project this out 5 year(s) with a growth rate
of -2.11%.
Estimated Diluted Shares Outstanding: 174.13M.
Step 3: Project Future Stock Price
Using a price ratio of 13.48, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.6B ÷ 174.13M) × 13.48 =
$124
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.5.
Projected over 5 years with a growth rate of
-4.18%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.728179790813334.
Step 5: Discount the Projected Stock Price
Projected stock price: $124.
Including dividends, total future value: $139.73.
Discounted at 10% per
year over 5 years → Fair Value:
$86.
