Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
960.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-1.05%.
Starting with 960.8M and growing at -1.05%
for 5 years, we estimate Free Cash Flow will be
911.41M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 204M.
We will project this out 5 year(s) with a growth rate
of -0.65%.
Estimated Diluted Shares Outstanding: 197.45M.
Step 3: Project Future Stock Price
Using a price ratio of 10.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(911.41M ÷ 197.45M) × 10.78 =
$49
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.85.
Projected over 5 years with a growth rate of
19.86%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.548808120265015.
Step 5: Discount the Projected Stock Price
Projected stock price: $49.
Including dividends, total future value: $63.55.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
