What effect does this have on the valuation of the stock

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If a company maintains a constant rate of growth for the dividends per share that it pays, what is the likely effect on the company's dividend payout ratio? What is the relationship between the discount rate applied to a stock's future cash flows and the value of a stock? If the dividends per share of a stock are not expected to grow, what effect does this have on the valuation of the stock

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