Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.14B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.85%.
Starting with 3.14B and growing at 0.85%
for 5 years, we estimate Free Cash Flow will be
3.28B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 326.48M.
We will project this out 5 year(s) with a growth rate
of 1.15%.
Estimated Diluted Shares Outstanding: 345.69M.
Step 3: Project Future Stock Price
Using a price ratio of 15.11, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.28B ÷ 345.69M) × 15.11 =
$143
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.5.
Projected over 5 years with a growth rate of
1.14%, dividends add to total shareholder return.
Expected dividends in 5 years:
$54.00906720956229.
Step 5: Discount the Projected Stock Price
Projected stock price: $143.
Including dividends, total future value: $197.01.
Discounted at 10% per
year over 5 years → Fair Value:
$122.
