Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.57B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.13%.
Starting with 3.57B and growing at 4.13%
for 5 years, we estimate Free Cash Flow will be
4.37B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 128.32M.
We will project this out 5 year(s) with a growth rate
of -2.76%.
Estimated Diluted Shares Outstanding: 111.56M.
Step 3: Project Future Stock Price
Using a price ratio of 1.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.37B ÷ 111.56M) × 1.63 =
$63
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.02.
Projected over 5 years with a growth rate of
3.32%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.53389825261445.
Step 5: Discount the Projected Stock Price
Projected stock price: $63.
Including dividends, total future value: $68.53.
Discounted at 10% per
year over 5 years → Fair Value:
$42.
