its future dividends that count, not current dividends.
Further more most of profits are paid out as dividends, so given that future profits will drop, future dividends will drop, so unlikely to be 10% dividend on current share price going into the future.
However with the share price dropping so much, the key question I think you need to ask yourself:
*Has the share price dropped sufficiently to compensate for the future drop in earnings and dividends?
Obviously for many of us here, we say yes.
MFG Fair Value, page-81
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