Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.35B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.15%.
Starting with 1.35B and growing at 0.15%
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 81M.
We will project this out 5 year(s) with a growth rate
of -5.32%.
Estimated Diluted Shares Outstanding: 61.63M.
Step 3: Project Future Stock Price
Using a price ratio of 7.16, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.36B ÷ 61.63M) × 7.16 =
$157
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.29.
Projected over 5 years with a growth rate of
7.39%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.708490128458892.
Step 5: Discount the Projected Stock Price
Projected stock price: $157.
Including dividends, total future value: $164.71.
Discounted at 10% per
year over 5 years → Fair Value:
$102.
