Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
339.9M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
5.14%.
Starting with 339.9M and growing at 5.14%
for 5 years, we estimate Free Cash Flow will be
436.71M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 115.94M.
We will project this out 5 year(s) with a growth rate
of -1.26%.
Estimated Diluted Shares Outstanding: 108.82M.
Step 3: Project Future Stock Price
Using a price ratio of 24.93, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(436.71M ÷ 108.82M) × 24.93 =
$100
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.41.
Projected over 5 years with a growth rate of
0.70%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.174023473762044.
Step 5: Discount the Projected Stock Price
Projected stock price: $100.
Including dividends, total future value: $107.17.
Discounted at 10% per
year over 5 years → Fair Value:
$66.
