Consider the Gordon Growth Model. Suppose ABC Corporation's total dividend payout for the current fiscal year is $10.64 million, and it is expected to grow at 5.15% per year. The discount rate for the cash flow is 11.3%. For simplicity, assume that it is the beginning of ABC's fiscal year so that the earliest dividend ($10.64 million) comes in one year from now. ABC has 10.14 million outstanding shares.