Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.58B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
5.9%.
Starting with 1.58B and growing at 5.9%
for 5 years, we estimate Free Cash Flow will be
2.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 202.74M.
We will project this out 5 year(s) with a growth rate
of -0.69%.
Estimated Diluted Shares Outstanding: 195.84M.
Step 3: Project Future Stock Price
Using a price ratio of 24.75, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.1B ÷ 195.84M) × 24.75 =
$265
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.85.
Projected over 5 years with a growth rate of
5.44%, dividends add to total shareholder return.
Expected dividends in 5 years:
$39.099757957367345.
Step 5: Discount the Projected Stock Price
Projected stock price: $265.
Including dividends, total future value: $304.1.
Discounted at 10% per
year over 5 years → Fair Value:
$188.
