Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
892M
as of Mar 31, 2025.
We will project this out 5 years with a yearly growth
rate of
1.09%.
Starting with 892M and growing at 1.09%
for 5 years, we estimate Free Cash Flow will be
941.69M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 955.07M.
We will project this out 5 year(s) with a growth rate
of -1.31%.
Estimated Diluted Shares Outstanding: 894.13M.
Step 3: Project Future Stock Price
Using a price ratio of 33.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(941.69M ÷ 894.13M) × 33.6 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.35.
Projected over 5 years with a growth rate of
4.06%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.9330700964792888.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $36.93.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
