Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.09B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.93%.
Starting with 2.09B and growing at 6.93%
for 5 years, we estimate Free Cash Flow will be
2.92B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 197.74M.
We will project this out 5 year(s) with a growth rate
of 2.99%.
Estimated Diluted Shares Outstanding: 229.13M.
Step 3: Project Future Stock Price
Using a price ratio of 2.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.92B ÷ 229.13M) × 2.14 =
$27
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.77.
Projected over 5 years with a growth rate of
4.84%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.960033551224035.
Step 5: Discount the Projected Stock Price
Projected stock price: $27.
Including dividends, total future value: $36.96.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
