between these amounts imply about Kellogg's E12-33. Estimating Stock Value Using Dividend Discount Model with increasing Perpetuity Kellogg pays $2.28 in annual per share dividends to its common stockholders, and its recent stock price was $62.50. Assume that Kellogg's cost of equity capital is 6.4%. Required Estimate Kellogg's expected growth rate based on its recent stock price using the dividend discount model with increasing perpetuity. itae in the