Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
750.17M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 750.17M and growing at 0%
for 5 years, we estimate Free Cash Flow will be
750.17M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 267.49M.
We will project this out 5 year(s) with a growth rate
of 8.6%.
Estimated Diluted Shares Outstanding: 404.07M.
Step 3: Project Future Stock Price
Using a price ratio of 18.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(750.17M ÷ 404.07M) × 18.32 =
$34
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $34.
Including dividends, total future value: $34.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
