Many investors value stocks without calculating expected future dividends and instead, they rely upon "multiples" that reflect how many dollars and cents an investor is willing to pay for every dollar of sales or book value or cash flow generated by the company on a per share basis. The most commonly used valuation multiple to determine the price is the PE ratio and relies on which of the following: historical earnings. estimated future earnings. the last dividend payment multiplied by 12. the last four even dividend payments