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Level 10 · ◆◆◆ · ~12 min

Growth, Payout & Free Cash Flow

Growth, Payout & Free Cash Flow

"Where dividend growth actually comes from, why growth only sometimes creates value, and how to value a firm that pays no dividend at all."

sustainable growth = retention × ROEpayout vs retentionfree-cash-flow valuationpresent value of growth opportunities (PVGO)
🚀 You're jumping ahead. This builds on Valuing Stocks: The Dividend Discount Model — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.