Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.95%.
Starting with 2B and growing at 0.95%
for 5 years, we estimate Free Cash Flow will be
2.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 672.66M.
We will project this out 5 year(s) with a growth rate
of -3.11%.
Estimated Diluted Shares Outstanding: 574.37M.
Step 3: Project Future Stock Price
Using a price ratio of 16.08, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.1B ÷ 574.37M) × 16.08 =
$58
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.81.
Projected over 5 years with a growth rate of
3.74%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.920057474195863.
Step 5: Discount the Projected Stock Price
Projected stock price: $58.
Including dividends, total future value: $67.92.
Discounted at 10% per
year over 5 years → Fair Value:
$42.
