Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.35B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.65%.
Starting with 1.35B and growing at 1.65%
for 5 years, we estimate Free Cash Flow will be
1.46B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 392.48M.
We will project this out 5 year(s) with a growth rate
of -1.36%.
Estimated Diluted Shares Outstanding: 366.5M.
Step 3: Project Future Stock Price
Using a price ratio of 24.58, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.46B ÷ 366.5M) × 24.58 =
$98
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.01.
Projected over 5 years with a growth rate of
15.44%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.389869552357773.
Step 5: Discount the Projected Stock Price
Projected stock price: $98.
Including dividends, total future value: $112.39.
Discounted at 10% per
year over 5 years → Fair Value:
$69.
