Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.28B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.91%.
Starting with 4.28B and growing at -4.91%
for 5 years, we estimate Free Cash Flow will be
3.33B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 924.76M.
We will project this out 5 year(s) with a growth rate
of -0.25%.
Estimated Diluted Shares Outstanding: 913.26M.
Step 3: Project Future Stock Price
Using a price ratio of 4.98, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.33B ÷ 913.26M) × 4.98 =
$18
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.12.
Projected over 5 years with a growth rate of
-0.19%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.549721726024165.
Step 5: Discount the Projected Stock Price
Projected stock price: $18.
Including dividends, total future value: $28.55.
Discounted at 10% per
year over 5 years → Fair Value:
$17.
