Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.56B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-5.17%.
Starting with 4.56B and growing at -5.17%
for 5 years, we estimate Free Cash Flow will be
3.49B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 641.28M.
We will project this out 5 year(s) with a growth rate
of 8.29%.
Estimated Diluted Shares Outstanding: 954.96M.
Step 3: Project Future Stock Price
Using a price ratio of 3.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.49B ÷ 954.96M) × 3.77 =
$13
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.71.
Projected over 5 years with a growth rate of
-4.16%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.688349675323096.
Step 5: Discount the Projected Stock Price
Projected stock price: $13.
Including dividends, total future value: $20.69.
Discounted at 10% per
year over 5 years → Fair Value:
$12.
