Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
832.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.16%.
Starting with 832.5M and growing at -1.16%
for 5 years, we estimate Free Cash Flow will be
785.32M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 52.59M.
We will project this out 5 year(s) with a growth rate
of -3.68%.
Estimated Diluted Shares Outstanding: 43.6M.
Step 3: Project Future Stock Price
Using a price ratio of 13.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(785.32M ÷ 43.6M) × 13.37 =
$240
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.8.
Projected over 5 years with a growth rate of
7.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$34.80374030821695.
Step 5: Discount the Projected Stock Price
Projected stock price: $240.
Including dividends, total future value: $274.8.
Discounted at 10% per
year over 5 years → Fair Value:
$170.
