What is the difference between the variable-growth dividend valuation model and the dividends-and-earnings approach to stock valuation?

Question:

What is the difference between the variable-growth valuation model and the dividends-and-earnings approach to stock valuation? Which procedure would work better if you were trying to value a growth stock that pays little or no dividends? Explain.
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...