Share value with a dividend discounting model : 3-period model

Around the formula...

Over three periods lasting n1 years, n2 years, and up to infinity (for example : years 0 to 5, years 6 to 10, years 11 to infinity...), the dividend per share rises by g1 for n1-1 years, then by g2 for n2 years and then by g3 to infinity. Present value is then equal to:

Practically :

This is the same formula as the one used to evaluate the enterprise value of a company, but k has been replaced by kE and the free cash flows (F) by the dividends per share (DPS).