Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
506.34M
as of Jul 31, 2025.
We will project this out 5 years with a yearly growth
rate of
41.5%.
Starting with 506.34M and growing at 41.5%
for 5 years, we estimate Free Cash Flow will be
2.87B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 89.69M.
We will project this out 5 year(s) with a growth rate
of -1.25%.
Estimated Diluted Shares Outstanding: 84.23M.
Step 3: Project Future Stock Price
Using a price ratio of 9.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.87B ÷ 84.23M) × 9.94 =
$338
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: $338.
Including dividends, total future value: $338.
Discounted at 10% per
year over 5 years → Fair Value:
$209.
