When to include dividends to NCI in a DDM?
Creating a dividend discount model for an auto manufacturing company and they have a common stock dividend, in addition to a dividend paid to non controlling interests. The NCI dividend is like ~1/3 of the normal dividend. Should I include this in a dividend discount model if I'm valuing common stock?
My thoughts are that I wouldn't because its' from the perspective of a common stockholder but I'm genuinely unsure on this. Any help is appreciated, thank you
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