Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
687.4M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.86%.
Starting with 687.4M and growing at -4.86%
for 5 years, we estimate Free Cash Flow will be
535.82M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 254.32M.
We will project this out 5 year(s) with a growth rate
of -0.61%.
Estimated Diluted Shares Outstanding: 246.65M.
Step 3: Project Future Stock Price
Using a price ratio of 13.33, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(535.82M ÷ 246.65M) × 13.33 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.06.
Projected over 5 years with a growth rate of
2.00%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.568988217072111.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $33.57.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
