Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.49B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.33%.
Starting with 1.49B and growing at -1.33%
for 5 years, we estimate Free Cash Flow will be
1.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 494.24M.
We will project this out 5 year(s) with a growth rate
of 0.17%.
Estimated Diluted Shares Outstanding: 498.45M.
Step 3: Project Future Stock Price
Using a price ratio of 9.79, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.4B ÷ 498.45M) × 9.79 =
$27
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.11.
Projected over 5 years with a growth rate of
3.15%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.9974420995121935.
Step 5: Discount the Projected Stock Price
Projected stock price: $27.
Including dividends, total future value: $33.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
