Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.39B
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
28.7%.
Starting with 2.39B and growing at 28.7%
for 5 years, we estimate Free Cash Flow will be
8.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 267M.
We will project this out 5 year(s) with a growth rate
of 3.45%.
Estimated Diluted Shares Outstanding: 316.35M.
Step 3: Project Future Stock Price
Using a price ratio of 41.21, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.45B ÷ 316.35M) × 41.21 =
$1100
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $1100.
Including dividends, total future value: $1100.
Discounted at 10% per
year over 5 years → Fair Value:
$683.
