"Constant dividend", "constant dividend growth", "non-constant dividend growth" models to calculate today's value of a company's shares of stock - all use the same basic principle: Today's value of one share of stock is the sum of the dividends paid in all future years all dividends and stock prices in all future years, added together Present Value of all dividends and stock prices for all future years Future Value of dividends in all future years today's value of all dividends that will be paid by the Firm in all future years