Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
751.33M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
0%.
Starting with 751.33M and growing at 0%
for 5 years, we estimate Free Cash Flow will be
751.33M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 332.76M.
We will project this out 5 year(s) with a growth rate
of 3.76%.
Estimated Diluted Shares Outstanding: 400.2M.
Step 3: Project Future Stock Price
Using a price ratio of 104.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(751.33M ÷ 400.2M) × 104.53 =
$196
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: $196.
Including dividends, total future value: $196.
Discounted at 10% per
year over 5 years → Fair Value:
$121.
