Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.92B
as of Aug 31, 2025.
We will project this out 5 years with a yearly growth
rate of
6.01%.
Starting with 1.92B and growing at 6.01%
for 5 years, we estimate Free Cash Flow will be
2.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 360.21M.
We will project this out 5 year(s) with a growth rate
of 0.06%.
Estimated Diluted Shares Outstanding: 361.29M.
Step 3: Project Future Stock Price
Using a price ratio of 29.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.57B ÷ 361.29M) × 29.32 =
$208
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.1.
Projected over 5 years with a growth rate of
4.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.691558866506973.
Step 5: Discount the Projected Stock Price
Projected stock price: $208.
Including dividends, total future value: $236.69.
Discounted at 10% per
year over 5 years → Fair Value:
$146.
