Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.97B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.89%.
Starting with 1.97B and growing at -1.89%
for 5 years, we estimate Free Cash Flow will be
1.79B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 540.22M.
We will project this out 5 year(s) with a growth rate
of 0.88%.
Estimated Diluted Shares Outstanding: 564.41M.
Step 3: Project Future Stock Price
Using a price ratio of 16.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.79B ÷ 564.41M) × 16.7 =
$53
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.79.
Projected over 5 years with a growth rate of
-8.01%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.263979041503106.
Step 5: Discount the Projected Stock Price
Projected stock price: $53.
Including dividends, total future value: $60.26.
Discounted at 10% per
year over 5 years → Fair Value:
$37.
