Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
411.9M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
-7.31%.
Starting with 411.9M and growing at -7.31%
for 5 years, we estimate Free Cash Flow will be
281.81M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 199.5M.
We will project this out 5 year(s) with a growth rate
of 31.98%.
Estimated Diluted Shares Outstanding: 798.89M.
Step 3: Project Future Stock Price
Using a price ratio of 49.58, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(281.81M ÷ 798.89M) × 49.58 =
$17
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $17.
Including dividends, total future value: $17.
Discounted at 10% per
year over 5 years → Fair Value:
$10.
