Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.14B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.05%.
Starting with 1.14B and growing at 6.05%
for 5 years, we estimate Free Cash Flow will be
1.53B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 257.56M.
We will project this out 5 year(s) with a growth rate
of -0.45%.
Estimated Diluted Shares Outstanding: 251.82M.
Step 3: Project Future Stock Price
Using a price ratio of 35.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.53B ÷ 251.82M) × 35.94 =
$218
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.54.
Projected over 5 years with a growth rate of
4.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.585425736811873.
Step 5: Discount the Projected Stock Price
Projected stock price: $218.
Including dividends, total future value: $226.59.
Discounted at 10% per
year over 5 years → Fair Value:
$140.
