Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.07B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-3.72%.
Starting with 1.07B and growing at -3.72%
for 5 years, we estimate Free Cash Flow will be
887.48M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 454.47M.
We will project this out 5 year(s) with a growth rate
of 2.4%.
Estimated Diluted Shares Outstanding: 511.69M.
Step 3: Project Future Stock Price
Using a price ratio of 29.98, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(887.48M ÷ 511.69M) × 29.98 =
$51
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.34.
Projected over 5 years with a growth rate of
-7.64%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.59170188838049.
Step 5: Discount the Projected Stock Price
Projected stock price: $51.
Including dividends, total future value: $60.59.
Discounted at 10% per
year over 5 years → Fair Value:
$37.
