Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
918.34M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
21.71%.
Starting with 918.34M and growing at 21.71%
for 5 years, we estimate Free Cash Flow will be
2.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 96.38M.
We will project this out 5 year(s) with a growth rate
of -6.5%.
Estimated Diluted Shares Outstanding: 68.87M.
Step 3: Project Future Stock Price
Using a price ratio of 9.06, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.45B ÷ 68.87M) × 9.06 =
$322
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.21.
Projected over 5 years with a growth rate of
17.37%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.029176365425608.
Step 5: Discount the Projected Stock Price
Projected stock price: $322.
Including dividends, total future value: $331.03.
Discounted at 10% per
year over 5 years → Fair Value:
$205.
