Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.75B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.32%.
Starting with 1.75B and growing at 2.32%
for 5 years, we estimate Free Cash Flow will be
1.96B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 250.21M.
We will project this out 5 year(s) with a growth rate
of -2.2%.
Estimated Diluted Shares Outstanding: 223.87M.
Step 3: Project Future Stock Price
Using a price ratio of 21.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.96B ÷ 223.87M) × 21.81 =
$191
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.95.
Projected over 5 years with a growth rate of
27.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.698547132357598.
Step 5: Discount the Projected Stock Price
Projected stock price: $191.
Including dividends, total future value: $199.7.
Discounted at 10% per
year over 5 years → Fair Value:
$123.
