Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.31B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.88%.
Starting with 1.31B and growing at -2.88%
for 5 years, we estimate Free Cash Flow will be
1.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 143.18M.
We will project this out 5 year(s) with a growth rate
of -2.83%.
Estimated Diluted Shares Outstanding: 124.04M.
Step 3: Project Future Stock Price
Using a price ratio of 45.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.13B ÷ 124.04M) × 45.14 =
$411
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.8.
Projected over 5 years with a growth rate of
3.33%, dividends add to total shareholder return.
Expected dividends in 5 years:
$58.608395671166846.
Step 5: Discount the Projected Stock Price
Projected stock price: $411.
Including dividends, total future value: $469.61.
Discounted at 10% per
year over 5 years → Fair Value:
$291.
