{"id":1976,"date":"2019-09-27T13:33:00","date_gmt":"2019-09-27T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1976"},"modified":"2026-03-17T14:06:41","modified_gmt":"2026-03-17T14:06:41","slug":"gordon-constant-growth-dividend-discount-model","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/equity\/gordon-constant-growth-dividend-discount-model\/","title":{"rendered":"Gordon (Constant) Growth Dividend Discount Model and Two-stage Dividend Discount Model"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Equity Valuation: Concepts and Basic Tools (2025 Level I CFA\u00ae Exam \u2013 Equity \u2013 Module 8)\",\n  \"description\": \"CFA\u00ae Level I Equity Investments video lesson covering Equity Valuation: Concepts and Basic Tools. This module explains how to assess whether a security is overvalued, fairly valued, or undervalued; reviews major equity valuation model categories; covers dividends, stock splits, and share repurchases; and walks through dividend discount models, free-cash-flow-to-equity models, preferred stock valuation, price multiples, enterprise value multiples, and asset-based valuation approaches, including their advantages and limitations.\",\n  \"uploadDate\": \"2023-07-27\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/GWw4je023oo\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=GWw4je023oo\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/GWw4je023oo\",\n  \"duration\": \"PT53M43S\"\n}\n<\/script>\n\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Using the Gordon (constant) growth dividend discount model, what is the effect of a 1% decrease in both the required rate of return and the growth rate?\",\n    \"text\": \"Using the Gordon (constant) growth dividend discount model and assuming that r > g > 1%, what would be the effect of a 1% decrease in both the required rate of return and the constant growth rate on the stock\u2019s current valuation? Assume there is no change to current dividend payment (D0).\\n\\nA. Current valuation would increase.\\nB. Current valuation would decrease.\\nC. Current valuation would remain unchanged.\",\n    \"answerCount\": 3,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"B. Current valuation would decrease.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"A. Current valuation would increase.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"B. Current valuation would decrease.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"C. Current valuation would remain unchanged.\"\n      }\n    ]\n  }\n}\n<\/script>\n\n\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/GWw4je023oo\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2><strong>Gordon (Constant) Growth Dividend Discount Model<\/strong><\/h2>\n<p>As the name implies, the Gordon (constant) growth dividend discount model assumes dividends grow indefinitely at a constant rate.<\/p>\n<p>$$ V_0=\\frac{D_1}{r-g} $$<\/p>\n<p>Where:<\/p>\n<p>\\(D_1\\) = expected dividends <strong>in year 1\u00a0<\/strong><\/p>\n<p>Note that this is of the utmost importance in your calculation. If you are given the dividend today, you would multiply D<sub>0<\/sub> by (1+g) to determine the expected dividend in one year.<\/p>\n<p>r = required rate of return<\/p>\n<p>g = growth rate<\/p>\n<p>Analysts may use the following equation to estimate a company\u2019s sustainable growth rate:<\/p>\n<p>g = b \u00d7 ROE<\/p>\n<p>b = earnings retention rate or (1 \u2013 dividend payout ratio)<\/p>\n<p>ROE = return on equity<\/p>\n<div style=\"text-align: center; margin: 25px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 10px 18px; border: 2px solid #1a73e8; border-radius: 999px; color: #1a73e8; text-decoration: none; font-weight: 500; background-color: #f5f9ff; white-space: nowrap;\" href=\"https:\/\/analystprep.com\" target=\"_blank\" rel=\"noopener\"> Master dividend growth models with focused CFA Level I practice <\/a><\/div>\n<h2><strong>Multistage Dividend Discount Model<\/strong><\/h2>\n<p>The two-stage dividend discount model is a bit more complicated than the Gordon model as it involves using both a short-term and a long-term growth rate to estimate a company\u2019s current value. The two-stage DDM assumes that the company will pay dividends that grow at a constant rate at some point, but dividends are currently growing at an elevated and unsustainable rate. The intrinsic value of a share of stock using this model can be estimated as follows:<\/p>\n<p>$$ V_0=\\sum_{t=1}^n\\frac{D_0(1+g_S)^t}{(1+r)^t}+\\frac{V_n}{(1+r)^n}$$<\/p>\n<p>Where:<\/p>\n<p>$$\\begin{align}V_n &amp;= \\frac{D_{n+1}}{r-g_L}\\\\D_{n+1}&amp;=D_0\\left(1+g_S\\right)^n\\left(1+g_L\\right)\\end{align}$$<\/p>\n<p>\\(g_S\\) = short-term growth rate lasting for n-years.<\/p>\n<p>\\(g_L\\) = long-term (sustainable) growth rate into perpetuity.<\/p>\n<p>The above equation implies that the long-term dividend is the dividend today, multiplied by one plus the short-term dividend for a number of periods n, then multiplied by one plus the long-term growth rate.<\/p>\n<p>While several equations are involved, the two-stage DDM calculation boils down to the sum of the discounted short-term dividends and the discounted long-term dividends. The short-term dividends have to be rolled back to the present (t = 0), while the value of the long-term dividends must first be calculated at the time of transition from short-term to long-term (t = n).<\/p>\n<p>The number of stages used in valuation should not be solely based on the company&#8217;s age, as many long-established companies can experience periods of above-average or below-average growth.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>Using the Gordon (constant) growth dividend discount model and assuming that r &gt; g &gt; 1%, what would be the effect of a 1% decrease in both the required rate of return and the constant growth rate on the stock\u2019s current valuation? Assume there is no change to current dividend payment (D<sub>0<\/sub>).<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">Current valuation would increase.<\/li>\n<li data-tadv-p=\"keep\">Current valuation would decrease.<\/li>\n<li data-tadv-p=\"keep\">Current valuation would remain unchanged.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>If both the required rate of return and growth rate are decreased by the same amount, the denominator should remain unchanged. However, to calculate the current value, the current dividend must be rolled ahead one year by multiplying D<sub>0<\/sub>\u00a0by (1+g). While the current dividend payment is unchanged in this instance, D<sub>1\u00a0<\/sub>will decrease slightly when g is decreased by 1% thus making the current valuation lower than it was previously.<\/p>\n<\/blockquote>\n<div style=\"text-align: center; margin: 40px 0;\"><a style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 20px; border-radius: 999px; background-color: #1a73e8; color: #ffffff; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\" target=\"_blank\" rel=\"noopener\"> Start Free Trial \u2192 <\/a>\n<p style=\"font-size: 15px; margin-top: 12px; color: #555;\">Practice Gordon growth and multistage valuation with step-by-step explanations and exam-style questions.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Gordon (Constant) Growth Dividend Discount Model As the name implies, the Gordon (constant) growth dividend discount model assumes dividends grow indefinitely at a constant rate. $$ V_0=\\frac{D_1}{r-g} $$ Where: \\(D_1\\) = expected dividends in year 1\u00a0 Note that this is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1976","post","type-post","status-publish","format-standard","hentry","category-equity","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gordon Growth Dividend Discount Model | CFA Level 1<\/title>\n<meta name=\"description\" content=\"The Gordon growth model assumes dividends grow at a constant rate indefinitely, simplifying stock valuation based on expected future dividends.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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