Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.84B
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.54%.
Starting with 2.84B and growing at -4.54%
for 5 years, we estimate Free Cash Flow will be
2.25B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 934.7M.
We will project this out 5 year(s) with a growth rate
of -8.28%.
Estimated Diluted Shares Outstanding: 606.73M.
Step 3: Project Future Stock Price
Using a price ratio of 8.97, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.25B ÷ 606.73M) × 8.97 =
$33
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.43.
Projected over 5 years with a growth rate of
3.75%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.8392823212294624.
Step 5: Discount the Projected Stock Price
Projected stock price: $33.
Including dividends, total future value: $40.84.
Discounted at 10% per
year over 5 years → Fair Value:
$25.
