Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.7B
as of Aug 31, 2025.
We will project this out 5 years with a yearly growth
rate of
10.61%.
Starting with 1.7B and growing at 10.61%
for 5 years, we estimate Free Cash Flow will be
2.81B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 402.95M.
We will project this out 5 year(s) with a growth rate
of -0.84%.
Estimated Diluted Shares Outstanding: 386.31M.
Step 3: Project Future Stock Price
Using a price ratio of 38.84, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.81B ÷ 386.31M) × 38.84 =
$282
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.01.
Projected over 5 years with a growth rate of
6.99%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.899371694132048.
Step 5: Discount the Projected Stock Price
Projected stock price: $282.
Including dividends, total future value: $293.9.
Discounted at 10% per
year over 5 years → Fair Value:
$182.
