Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.46B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.07%.
Starting with 1.46B and growing at 2.07%
for 5 years, we estimate Free Cash Flow will be
1.62B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 244.22M.
We will project this out 5 year(s) with a growth rate
of -0.8%.
Estimated Diluted Shares Outstanding: 234.61M.
Step 3: Project Future Stock Price
Using a price ratio of 15.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.62B ÷ 234.61M) × 15.2 =
$105
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.27.
Projected over 5 years with a growth rate of
7.76%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.654515064068099.
Step 5: Discount the Projected Stock Price
Projected stock price: $105.
Including dividends, total future value: $112.65.
Discounted at 10% per
year over 5 years → Fair Value:
$69.
