Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.98B
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
6.93%.
Starting with 2.98B and growing at 6.93%
for 5 years, we estimate Free Cash Flow will be
4.16B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 947.94M.
We will project this out 5 year(s) with a growth rate
of -3.3%.
Estimated Diluted Shares Outstanding: 801.52M.
Step 3: Project Future Stock Price
Using a price ratio of 18.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.16B ÷ 801.52M) × 18.69 =
$97
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.69.
Projected over 5 years with a growth rate of
13.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.769369111514311.
Step 5: Discount the Projected Stock Price
Projected stock price: $97.
Including dividends, total future value: $101.77.
Discounted at 10% per
year over 5 years → Fair Value:
$63.
