Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.88B
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
11.59%.
Starting with 1.88B and growing at 11.59%
for 5 years, we estimate Free Cash Flow will be
3.25B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.32B.
We will project this out 5 year(s) with a growth rate
of -0.43%.
Estimated Diluted Shares Outstanding: 1.29B.
Step 3: Project Future Stock Price
Using a price ratio of 19.41, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.25B ÷ 1.29B) × 19.41 =
$48
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.65.
Projected over 5 years with a growth rate of
-4.07%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.9293379106891684.
Step 5: Discount the Projected Stock Price
Projected stock price: $48.
Including dividends, total future value: $50.93.
Discounted at 10% per
year over 5 years → Fair Value:
$31.
