Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.63B
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
-13.2%.
Starting with 1.63B and growing at -13.2%
for 5 years, we estimate Free Cash Flow will be
804.61M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.92B.
We will project this out 5 year(s) with a growth rate
of 0.36%.
Estimated Diluted Shares Outstanding: 1.95B.
Step 3: Project Future Stock Price
Using a price ratio of 22.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(804.61M ÷ 1.95B) × 22.47 =
$9
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.03.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.15.
Step 5: Discount the Projected Stock Price
Projected stock price: $9.
Including dividends, total future value: $14.15.
Discounted at 10% per
year over 5 years → Fair Value:
$8.
