Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.32B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.91%.
Starting with 1.32B and growing at 8.91%
for 5 years, we estimate Free Cash Flow will be
2.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 197.3M.
We will project this out 5 year(s) with a growth rate
of -5.29%.
Estimated Diluted Shares Outstanding: 150.35M.
Step 3: Project Future Stock Price
Using a price ratio of 23.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.02B ÷ 150.35M) × 23.96 =
$321
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.08.
Projected over 5 years with a growth rate of
5.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.2041736073301905.
Step 5: Discount the Projected Stock Price
Projected stock price: $321.
Including dividends, total future value: $327.2.
Discounted at 10% per
year over 5 years → Fair Value:
$203.
