Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.88B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.23%.
Starting with 1.88B and growing at 9.23%
for 5 years, we estimate Free Cash Flow will be
2.92B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.22B.
We will project this out 5 year(s) with a growth rate
of 0.15%.
Estimated Diluted Shares Outstanding: 1.23B.
Step 3: Project Future Stock Price
Using a price ratio of 17.31, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.92B ÷ 1.23B) × 17.31 =
$41
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.45.
Projected over 5 years with a growth rate of
-1.28%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.861755158945353.
Step 5: Discount the Projected Stock Price
Projected stock price: $41.
Including dividends, total future value: $52.86.
Discounted at 10% per
year over 5 years → Fair Value:
$32.
