Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.87B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.7%.
Starting with 2.87B and growing at 2.7%
for 5 years, we estimate Free Cash Flow will be
3.28B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 118.87M.
We will project this out 5 year(s) with a growth rate
of -2.5%.
Estimated Diluted Shares Outstanding: 104.74M.
Step 3: Project Future Stock Price
Using a price ratio of 2.44, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.28B ÷ 104.74M) × 2.44 =
$76
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.2.
Projected over 5 years with a growth rate of
-12.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.844843993643128.
Step 5: Discount the Projected Stock Price
Projected stock price: $76.
Including dividends, total future value: $94.84.
Discounted at 10% per
year over 5 years → Fair Value:
$58.
