Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.14B
as of Aug 24, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.43%.
Starting with 1.14B and growing at -2.43%
for 5 years, we estimate Free Cash Flow will be
1.01B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 478.28M.
We will project this out 5 year(s) with a growth rate
of -0.43%.
Estimated Diluted Shares Outstanding: 468.08M.
Step 3: Project Future Stock Price
Using a price ratio of 15.56, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.01B ÷ 468.08M) × 15.56 =
$33
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.75.
Projected over 5 years with a growth rate of
8.94%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.838682145073012.
Step 5: Discount the Projected Stock Price
Projected stock price: $33.
Including dividends, total future value: $43.84.
Discounted at 10% per
year over 5 years → Fair Value:
$27.
