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1
0
E
Div
r g
P
= +
1 1
0
1
E
Div P
P
r
+
=
+
1 0 1 1 1
0 0 0
Dividend Yield Capital Gain Rate
1
E
P P Div P Div
r
P P P
+
= = +
Earnings
Dividend Payout Rate
Shares Outstanding
t
t
t t
t
Eps
Div =
1 N
N
E
Div
P
r g
+
=
N
N N
N
N
N
N
N
r g r
Div
r Div r Div r Div
r P r Div r Div r Div P
) 1 (
1
) (
) 1 /( ....... ) 1 /( ) 1 /(
) 1 /( ) 1 /( ....... ) 1 /( ) 1 /(
1 2
2
1
1
2
2
1
1
+
(
+ + + + + =
+ + + + + + =
+
1 2
1
( ... )
T
T
R R R R = + + +
( )
2 2 2
1 2
1
( ) ( ) ( ) ... ( )
1
T
Var R R R R R R R
T
= + + +
1 1 2 2
...
P n n
R wR w R w R = + + +
( )
Risk Premium for Security
[ ] [ ]
i f i Mkt f
i
E R r E R r = + |
1 1 2 2
...
P n n
w w w | | | | = + + +