Those returns have three components: the current level of dividend yield, real dividend growth and changes in valuation (moves in dividend-price ratios).

这些收益有三部分组成，当前股息生息率，实际股息增长和估价的变化(以股息股价比的方式变化)。

youdao

The company’s stock is at its lowest level in 50 years, and its market valuation has plunged to $5.9 billion, less than that of the Hershey candy-bar company.

该公司股票目前处在50年来的最低点，市值已跌落至59亿美元，低于好时糖果公司的市场价值。

youdao

I've always thought that, in essence, bond valuation is a rather simple process (at least at one level).

我一直认为，在本质上，债券估值是一个相当简单的过程(至少在某一级别上)。

youdao

Additionally, you have to consider the valuation level of the market relative to profit margins.

FORBES: When And Why The Market Makes New Highs

The right valuation level for the stock market presently is unsolvable.

FORBES: My Country, Right Or Wrong, My Country!

As reflected in figure 11.2, the benefits were directly and inversely related to the starting level of valuation.

FORBES: Managing Your Retirement Fund In A Secular Bear Market