Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.01B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-3.17%.
Starting with 2.01B and growing at -3.17%
for 5 years, we estimate Free Cash Flow will be
1.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.86B.
We will project this out 5 year(s) with a growth rate
of -4.09%.
Estimated Diluted Shares Outstanding: 1.51B.
Step 3: Project Future Stock Price
Using a price ratio of 22.48, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.71B ÷ 1.51B) × 22.48 =
$25
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.63.
Projected over 5 years with a growth rate of
2.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.340783767676135.
Step 5: Discount the Projected Stock Price
Projected stock price: $25.
Including dividends, total future value: $28.34.
Discounted at 10% per
year over 5 years → Fair Value:
$17.
