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)。

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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。

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The measure remains 3.5 percent lower in 2010, trimming its valuation to about 16 times the reported earnings of its companies, near the lowest level in almost a year.

标准普尔500指数在2010下挫3.2%，损失市值达到其上市公司公布收益的16倍，接近一年内最低水平。

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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