Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.94%.
Starting with 2.72B and growing at 3.94%
for 5 years, we estimate Free Cash Flow will be
3.3B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 2.22B.
We will project this out 5 year(s) with a growth rate
of -0.39%.
Estimated Diluted Shares Outstanding: 2.18B.
Step 3: Project Future Stock Price
Using a price ratio of 12.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.3B ÷ 2.18B) × 12.54 =
$19
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.45.
Projected over 5 years with a growth rate of
-3.40%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.649374944504598.
Step 5: Discount the Projected Stock Price
Projected stock price: $19.
Including dividends, total future value: $25.65.
Discounted at 10% per
year over 5 years → Fair Value:
$15.
