The basic premise of the DDM is that:

a$.$ The present value of all future dividends, properly discounted, is the intrinsic value of the stock.

b$.$ The present value of all future earnings, properly discounted, is the intrinsic value of the stock.

c$.$ The price of a stock is the sum of all dividends to be paid from now to infinity.

d$.$ Investors can accurately access the future levels of dividends, and therefore can determine what a stock is worth