Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
963M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.07%.
Starting with 963M and growing at 1.07%
for 5 years, we estimate Free Cash Flow will be
1.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 60.31M.
We will project this out 5 year(s) with a growth rate
of -0.35%.
Estimated Diluted Shares Outstanding: 59.26M.
Step 3: Project Future Stock Price
Using a price ratio of 41.19, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.02B ÷ 59.26M) × 41.19 =
$705
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.99.
Projected over 5 years with a growth rate of
1.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.691265383968396.
Step 5: Discount the Projected Stock Price
Projected stock price: $705.
Including dividends, total future value: $725.69.
Discounted at 10% per
year over 5 years → Fair Value:
$450.
