Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.86B
as of Aug 1, 2025.
We will project this out 5 years with a yearly growth
rate of
-22.54%.
Starting with 4.86B and growing at -22.54%
for 5 years, we estimate Free Cash Flow will be
1.36B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 672.36M.
We will project this out 5 year(s) with a growth rate
of -0.73%.
Estimated Diluted Shares Outstanding: 648.18M.
Step 3: Project Future Stock Price
Using a price ratio of 15.4, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.36B ÷ 648.18M) × 15.4 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.46.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.3.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $44.3.
Discounted at 10% per
year over 5 years → Fair Value:
$27.
