Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.39%.
Starting with 2.13B and growing at -2.39%
for 5 years, we estimate Free Cash Flow will be
1.89B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 485.49M.
We will project this out 5 year(s) with a growth rate
of -0.27%.
Estimated Diluted Shares Outstanding: 478.97M.
Step 3: Project Future Stock Price
Using a price ratio of 14.89, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.89B ÷ 478.97M) × 14.89 =
$58
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.18.
Projected over 5 years with a growth rate of
-1.89%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.625164158397135.
Step 5: Discount the Projected Stock Price
Projected stock price: $58.
Including dividends, total future value: $63.63.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
