Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.84B
as of Aug 31, 2025.
We will project this out 5 years with a yearly growth
rate of
5.31%.
Starting with 7.84B and growing at 5.31%
for 5 years, we estimate Free Cash Flow will be
10.15B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 443.48M.
We will project this out 5 year(s) with a growth rate
of 0.04%.
Estimated Diluted Shares Outstanding: 444.36M.
Step 3: Project Future Stock Price
Using a price ratio of 47.36, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.15B ÷ 444.36M) × 47.36 =
$1081
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.92.
Projected over 5 years with a growth rate of
-21.67%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.358430136028117.
Step 5: Discount the Projected Stock Price
Projected stock price: $1081.
Including dividends, total future value: $1094.36.
Discounted at 10% per
year over 5 years → Fair Value:
$679.
