Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
199.6M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.11%.
Starting with 199.6M and growing at -2.11%
for 5 years, we estimate Free Cash Flow will be
179.41M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 48.8M.
We will project this out 5 year(s) with a growth rate
of -2.75%.
Estimated Diluted Shares Outstanding: 42.45M.
Step 3: Project Future Stock Price
Using a price ratio of 46.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(179.41M ÷ 42.45M) × 46.96 =
$198
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.29.
Projected over 5 years with a growth rate of
12.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.9451797514576514.
Step 5: Discount the Projected Stock Price
Projected stock price: $198.
Including dividends, total future value: $199.95.
Discounted at 10% per
year over 5 years → Fair Value:
$124.
