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A procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value. The idea is that if the value obtained from the DDM is higher than what the shares are currently trading at, then the stock is undervalued.
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You see that we need to predict the future dividends, estimate the discount rate and dividend growth rate. If the actual figures turn out to be different from the predicted ones, the actual and predicted share prices would also be different.