Using the constant growth rate model (and data from Bloomberg) shows that the present value of expected dividends for the next five years for McDonaldAc€?cs is only about $1.98. Thus, over a forward-looking five-year horizon the value of the stock is $1.98. Yet on this same date McDonaldAc€?cs stock is selling among investors in the secondary market for $24.83 per share. How can such a large discrepancy in the two dollar values on the same date be explained?