Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
770.86M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.69%.
Starting with 770.86M and growing at 3.69%
for 5 years, we estimate Free Cash Flow will be
923.98M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 230.52M.
We will project this out 5 year(s) with a growth rate
of -6.73%.
Estimated Diluted Shares Outstanding: 162.71M.
Step 3: Project Future Stock Price
Using a price ratio of 7.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(923.98M ÷ 162.71M) × 7.14 =
$40
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.67.
Projected over 5 years with a growth rate of
11.30%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.378070168825199.
Step 5: Discount the Projected Stock Price
Projected stock price: $40.
Including dividends, total future value: $44.38.
Discounted at 10% per
year over 5 years → Fair Value:
$27.
