Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.1B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.08%.
Starting with 1.1B and growing at 6.08%
for 5 years, we estimate Free Cash Flow will be
1.48B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 132.12M.
We will project this out 5 year(s) with a growth rate
of -0.04%.
Estimated Diluted Shares Outstanding: 131.86M.
Step 3: Project Future Stock Price
Using a price ratio of 42.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.48B ÷ 131.86M) × 42.62 =
$476
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.39.
Projected over 5 years with a growth rate of
1.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.424574839965564.
Step 5: Discount the Projected Stock Price
Projected stock price: $476.
Including dividends, total future value: $488.42.
Discounted at 10% per
year over 5 years → Fair Value:
$303.
