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Differential Growth Dividend Model

Forecasted Dividends grow at a constant rate, g1 for a certain number of years and then grow at a second growth rate, g2.

Example:  The dividend of a company was $1 yesterday. During the next 18 years the dividend will grow at 14% per year.  After that the dividend will grow at 10% per year.  What is the price of the stock if the required return is 15%?

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