Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.57B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.49%.
Starting with 1.57B and growing at 1.49%
for 5 years, we estimate Free Cash Flow will be
1.69B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 283.62M.
We will project this out 5 year(s) with a growth rate
of -0.41%.
Estimated Diluted Shares Outstanding: 277.86M.
Step 3: Project Future Stock Price
Using a price ratio of 40.99, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.69B ÷ 277.86M) × 40.99 =
$250
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.17.
Projected over 5 years with a growth rate of
0.63%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.100818274728052.
Step 5: Discount the Projected Stock Price
Projected stock price: $250.
Including dividends, total future value: $266.1.
Discounted at 10% per
year over 5 years → Fair Value:
$165.
