Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
936M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 936M and growing at 0%
for 5 years, we estimate Free Cash Flow will be
936M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 189.58M.
We will project this out 5 year(s) with a growth rate
of -2.97%.
Estimated Diluted Shares Outstanding: 163.05M.
Step 3: Project Future Stock Price
Using a price ratio of 6.74, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(936M ÷ 163.05M) × 6.74 =
$38
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.25.
Projected over 5 years with a growth rate of
2.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.93137059884334.
Step 5: Discount the Projected Stock Price
Projected stock price: $38.
Including dividends, total future value: $49.93.
Discounted at 10% per
year over 5 years → Fair Value:
$31.
