Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.35B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
-5.24%.
Starting with 1.35B and growing at -5.24%
for 5 years, we estimate Free Cash Flow will be
1.03B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 210.1M.
We will project this out 5 year(s) with a growth rate
of -4.18%.
Estimated Diluted Shares Outstanding: 169.71M.
Step 3: Project Future Stock Price
Using a price ratio of 13.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.03B ÷ 169.71M) × 13.77 =
$83
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.73.
Projected over 5 years with a growth rate of
5.31%, dividends add to total shareholder return.
Expected dividends in 5 years:
$26.915668884712822.
Step 5: Discount the Projected Stock Price
Projected stock price: $83.
Including dividends, total future value: $109.92.
Discounted at 10% per
year over 5 years → Fair Value:
$68.
