Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
515.81M
as of Aug 31, 2025.
We will project this out 5 years with a yearly growth
rate of
4.83%.
Starting with 515.81M and growing at 4.83%
for 5 years, we estimate Free Cash Flow will be
653.01M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 63.03M.
We will project this out 5 year(s) with a growth rate
of 4.75%.
Estimated Diluted Shares Outstanding: 79.48M.
Step 3: Project Future Stock Price
Using a price ratio of 15.42, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(653.01M ÷ 79.48M) × 15.42 =
$126
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.69.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.45.
Step 5: Discount the Projected Stock Price
Projected stock price: $126.
Including dividends, total future value: $134.45.
Discounted at 10% per
year over 5 years → Fair Value:
$83.
