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  "notes": "Part of a series on valuation multiples; focuses on dividend yield methodology.",
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      "text": "But dividend yields are not comparable across different tax regimes",
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      "text": "Useful for estimating a floor value for a stock",
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      "text": "Corporate financiers frequently use market dividend yield as a benchmark for capitalising dividends in order to estimate the appropriate value for a stock in an initial public offering.",
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      "text": "Keep in mind, however, that actual dividends are subject to corporate dividend policy as well as withholding and franking tax policies. Thus nominal dividend yields are not comparable across different tax jurisdictions. When valuing a stock, the sustainability of the dividend cash flow must also be considered.",
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      "text": "Dividends are the ultimate ‘in pocket’ cash flow to investors. They are useful for estimating a floor value for a stock, since both dividends and market yields can be observed.",
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      "text": "When to use it",
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