Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.44B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.7%.
Starting with 1.44B and growing at -2.7%
for 5 years, we estimate Free Cash Flow will be
1.26B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 170.31M.
We will project this out 5 year(s) with a growth rate
of -2.17%.
Estimated Diluted Shares Outstanding: 152.62M.
Step 3: Project Future Stock Price
Using a price ratio of 11.98, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.26B ÷ 152.62M) × 11.98 =
$98
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.14.
Projected over 5 years with a growth rate of
2.66%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.42580814793896.
Step 5: Discount the Projected Stock Price
Projected stock price: $98.
Including dividends, total future value: $109.43.
Discounted at 10% per
year over 5 years → Fair Value:
$67.
