Next year's dividends are the starting point upon which the dividend growth is calculated and brought back to present value. The problem with using this model is that it assumes that the market does not ascribe any value to the potential for capital gains. Many investors seek capital gains (indeed, if stock prices were explicitly tied to dividends, this is the only way they would make money as the stock price would be the present value of future cash flows). The model also assumes a current dividend, which many companies do not offer. They merely re-invest their profits. If a future dividend is assumed, and the value of the stock is theoretically derived from those future cash flows, there must be an assumption of when a dividend will be paid and for...
More likely, however, the value of the stock is entirely derived from its capital gains potential, until such time as the firm decides to pay a dividend.
International Regulation of Tourism in Antarctica Since the mid-1980s, Antarctica has been an increasingly popular tourist destination, despite the relative danger of visiting the largest, least explored -- and arguably least understood -- continent on earth. Beginning with the 1959 treaty establishing Antarctica as an international zone free of claims of sovereignty by nation's that had been instrumental in establishing research stations there, there has been almost constant negotiation about how
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