Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.56B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.39%.
Starting with 1.56B and growing at 6.39%
for 5 years, we estimate Free Cash Flow will be
2.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 156.31M.
We will project this out 5 year(s) with a growth rate
of -2.38%.
Estimated Diluted Shares Outstanding: 138.58M.
Step 3: Project Future Stock Price
Using a price ratio of 33.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.13B ÷ 138.58M) × 33.96 =
$520
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.26.
Projected over 5 years with a growth rate of
6.28%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.158527966306368.
Step 5: Discount the Projected Stock Price
Projected stock price: $520.
Including dividends, total future value: $533.16.
Discounted at 10% per
year over 5 years → Fair Value:
$331.
