Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.54B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.06%.
Starting with 1.54B and growing at 5.06%
for 5 years, we estimate Free Cash Flow will be
1.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 277.54M.
We will project this out 5 year(s) with a growth rate
of -1.86%.
Estimated Diluted Shares Outstanding: 252.67M.
Step 3: Project Future Stock Price
Using a price ratio of 27.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.97B ÷ 252.67M) × 27.6 =
$214
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.8.
Projected over 5 years with a growth rate of
2.53%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.902372990081808.
Step 5: Discount the Projected Stock Price
Projected stock price: $214.
Including dividends, total future value: $228.9.
Discounted at 10% per
year over 5 years → Fair Value:
$142.
