Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
624.19M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.39%.
Starting with 624.19M and growing at 3.39%
for 5 years, we estimate Free Cash Flow will be
737.41M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 306.1M.
We will project this out 5 year(s) with a growth rate
of 0.31%.
Estimated Diluted Shares Outstanding: 310.87M.
Step 3: Project Future Stock Price
Using a price ratio of 12.28, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(737.41M ÷ 310.87M) × 12.28 =
$29
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.42.
Projected over 5 years with a growth rate of
15.07%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.084715049923068.
Step 5: Discount the Projected Stock Price
Projected stock price: $29.
Including dividends, total future value: $39.08.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
