Short Attack - Price Manipulation, page-27

i would use earning/growth model, that makes more sense

when fy19 final div was distributed, pe/g was 1.29 (from 4 years average growth in earnings) on that day
when fy20 final div was distributed, pe/g was 1.56 (from 4 years average growth in earnings) on that day

1.56 is quite high pe/g rate to be honest, ideally it should be under 1.2 for companies like ddr, but let me put it as 1.4 with 10% growth in earnings for fy21, then that leads to $12 by fy21 final div day
in extremely good scenario, same 1.56 pe/g and same growth (~25%) in earnings, that would lead to $17-18, but almost impossible to get a >15% growth in earnings this fy i believe unless ddr could bring some more big vendors onboard

some may think interest rate is low and people would prefer divs, but the low interest has been around for a while and it's very unlikely it would go down further, so if divs could not grow at a fair rate, neither would the share price

- IMO