Discounted Dividend Model D D2 D B-中+++++ So,if we can estimate dividends for the future years, we can price the stock. Assume future dividends grow at 1)zero growth 2)constant growth 3)non-constant growth THE COURSE OF FINANCE 2017 SPRING SJTU 18Discounted Dividend Model THE COURSE OF FINANCE 2017 SPRING SJTU 18         ... 1 1 1 1 4 4 3 3 2 2 1 1 0          k D k D k D k D P So, if we can estimate dividends for the future years, we can price the stock. Ø Assume future dividends grow at 1) zero growth 2) constant growth 3) non-constant growth