Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.35B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 1.35B and growing at 0%
for 5 years, we estimate Free Cash Flow will be
1.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 92.66M.
We will project this out 5 year(s) with a growth rate
of 36.83%.
Estimated Diluted Shares Outstanding: 444.43M.
Step 3: Project Future Stock Price
Using a price ratio of 11.66, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.35B ÷ 444.43M) × 11.66 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.52.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.6.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $52.6.
Discounted at 10% per
year over 5 years → Fair Value:
$32.
