Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
494.92M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.49%.
Starting with 494.92M and growing at 2.49%
for 5 years, we estimate Free Cash Flow will be
559.69M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 133.44M.
We will project this out 5 year(s) with a growth rate
of -1.72%.
Estimated Diluted Shares Outstanding: 122.35M.
Step 3: Project Future Stock Price
Using a price ratio of 15.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(559.69M ÷ 122.35M) × 15.13 =
$69
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.34.
Projected over 5 years with a growth rate of
-1.72%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.415605813036985.
Step 5: Discount the Projected Stock Price
Projected stock price: $69.
Including dividends, total future value: $75.42.
Discounted at 10% per
year over 5 years → Fair Value:
$46.
