Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
617.45M
as of Aug 31, 2025.
We will project this out 5 years with a yearly growth
rate of
7.59%.
Starting with 617.45M and growing at 7.59%
for 5 years, we estimate Free Cash Flow will be
890.15M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 37.81M.
We will project this out 5 year(s) with a growth rate
of -0.14%.
Estimated Diluted Shares Outstanding: 37.54M.
Step 3: Project Future Stock Price
Using a price ratio of 29.3, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(890.15M ÷ 37.54M) × 29.3 =
$694
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.32.
Projected over 5 years with a growth rate of
1.35%, dividends add to total shareholder return.
Expected dividends in 5 years:
$27.506860136243663.
Step 5: Discount the Projected Stock Price
Projected stock price: $694.
Including dividends, total future value: $721.51.
Discounted at 10% per
year over 5 years → Fair Value:
$448.
