Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.45B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 1.45B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
1.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 519.2M.
We will project this out 5 year(s) with a growth rate
of 0.24%.
Estimated Diluted Shares Outstanding: 525.46M.
Step 3: Project Future Stock Price
Using a price ratio of 11.9, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.45B ÷ 525.46M) × 11.9 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.59.
Projected over 5 years with a growth rate of
-2.51%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.460489176319101.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $39.46.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
