Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.42B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.66%.
Starting with 1.42B and growing at -0.66%
for 5 years, we estimate Free Cash Flow will be
1.38B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 198.1M.
We will project this out 5 year(s) with a growth rate
of -0.27%.
Estimated Diluted Shares Outstanding: 195.44M.
Step 3: Project Future Stock Price
Using a price ratio of 22.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.38B ÷ 195.44M) × 22.2 =
$156
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.2.
Projected over 5 years with a growth rate of
-5.03%,
dividends add to total shareholder return.
Expected dividends in 5 years:
$5.273723369942633.
Step 5: Discount the Projected Stock Price
Projected stock price: $156.
Including dividends, total future value: $161.27.
Discounted at 10% per
year over 5 years → Fair Value:
$100.
