Explain the the dividend model and provide analysis

Fiscal year Annual Dividend 2020 2019 2018 2017 2016 2015 2014 Growth rate $2.16 1.89% $2.12 1.92% $2.08 1.96% $2.04 2.00% $2.00 2.04% $1.96 2.08% $1.92 Average dividend growth rate 1.98% CAPM Re=Rf + Beta*(Rm-Rf) Date Dividends 12/5/20 0.54 8/13/20 0.54 5/7/20 0.54 3/19/20 0.54 12/5/19 0.53 8/8/19 0.53 5/9/19 0.53 3/14/19 0.53 12/6/18 0.52 8/9/18 0.52 5/10/18 0.52 3/8/18 0.52 12/7/17 0.51 12/6/17 0.51 8/9/17 0.51 5/10/17 0.51 12/7/16 0.5 8/10/16 0.5 5/11/16 0.5 3/9/16 0.5 12/2/15 0.49 8/5/15 0.49 5/6/15 0.49 3/11/15 0.49 12/3/14 0.48 8/6/14 0.48 5/7/14 0.48 3/7/14 0.48 12/4/13 0.47 8/7/13 0.47 Data Range Rm (S&P 500 Return) Rf(10y T-bond Yield) Beta WMT Ri_WMT 2010-2019 13.44% NYU 4.13% NYU 0.87 Yahoo Finance 12.23% PO= PO= DO*(1+g)/(Re-g) $21.50 Fiscal year Annual Dividend 2020 2019 2018 2017 2016 2015 2014 Growth rate $2.16 1.89% $2.12 1.92% $2.08 1.96% $2.04 2.00% $2.00 2.04% $1.96 2.08% $1.92 Average dividend growth rate 1.98% CAPM Re=Rf + Beta*(Rm-Rf) Date Dividends 12/5/20 0.54 8/13/20 0.54 5/7/20 0.54 3/19/20 0.54 12/5/19 0.53 8/8/19 0.53 5/9/19 0.53 3/14/19 0.53 12/6/18 0.52 8/9/18 0.52 5/10/18 0.52 3/8/18 0.52 12/7/17 0.51 12/6/17 0.51 8/9/17 0.51 5/10/17 0.51 12/7/16 0.5 8/10/16 0.5 5/11/16 0.5 3/9/16 0.5 12/2/15 0.49 8/5/15 0.49 5/6/15 0.49 3/11/15 0.49 12/3/14 0.48 8/6/14 0.48 5/7/14 0.48 3/7/14 0.48 12/4/13 0.47 8/7/13 0.47 Data Range Rm (S&P 500 Return) Rf(10y T-bond Yield) Beta WMT Ri_WMT 2010-2019 13.44% NYU 4.13% NYU 0.87 Yahoo Finance 12.23% PO= PO= DO*(1+g)/(Re-g) $21.50