Say you have earnings per share in 2011, and a payout ratio.
You want to find the stock price right after dividend payment in 2011.

Is this question asking for P(0) = DIV1 / (r - g) OR for P(1) = ( DIV2 + P(2)) / 1+r ?

[NEAS: The first: Div(1) / (r-g).]


Also, if you wanted to know the PVGO right after the dividend payment in 2011, are you asking for something other than P(0) = EPS/r +PVGO?

[NEAS: This is right.]