Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
638.63M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.22%.
Starting with 638.63M and growing at 3.22%
for 5 years, we estimate Free Cash Flow will be
748.28M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 112.33M.
We will project this out 5 year(s) with a growth rate
of -3.64%.
Estimated Diluted Shares Outstanding: 93.32M.
Step 3: Project Future Stock Price
Using a price ratio of 16.61, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(748.28M ÷ 93.32M) × 16.61 =
$133
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.54.
Projected over 5 years with a growth rate of
3.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.951177234584488.
Step 5: Discount the Projected Stock Price
Projected stock price: $133.
Including dividends, total future value: $146.95.
Discounted at 10% per
year over 5 years → Fair Value:
$91.
