Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
140.3M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
28.19%.
Starting with 140.3M and growing at 28.19%
for 5 years, we estimate Free Cash Flow will be
485.65M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 13.62M.
We will project this out 5 year(s) with a growth rate
of -2.3%.
Estimated Diluted Shares Outstanding: 12.13M.
Step 3: Project Future Stock Price
Using a price ratio of 10.67, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(485.65M ÷ 12.13M) × 10.67 =
$427
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.
Projected over 5 years with a growth rate of
-12.94%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.07207173165168.
Step 5: Discount the Projected Stock Price
Projected stock price: $427.
Including dividends, total future value: $434.07.
Discounted at 10% per
year over 5 years → Fair Value:
$269.
