The Discounted Cash Flow Model is the last Dividend Discount Model that we will study. It is also the most powerful, in my humble opinion. In addition, the previous Dividend Discount Models all expected the company to be paying dividends. But what if the company does not pay any dividends? We can also use the Discounted Cash Flow Model to assign a value to a stock that pays no dividends. Very cool! (In fact, we can use this model with any potential investment – stay tuned.) Lastly, all these models use future predictions of dividends, dividend growth, and stock price appreciation. Just where do we get all these estimates? We will look at one of the most respected securities analysis firms in the industry, The Value Line.