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Some companies do not pay dividends at all. What determines their market price share?
A company cannot continue paying no dividends for ever – nobody would be prepared to invest in a company that was never going to pay dividends!! They retain dividends in order to expand the company, which leads to higher profit and at some stage this will result in higher dividends.
Obviously they may decide to pay no dividends for a few years, but investors will be expected higher dividends later and the MV will be the present value of those future expected dividends.
I do suggest that you watch the relevant Paper FM (was F9) lectures because this is all revision from Paper FM and is explained in detail in the FM lectures (including examples of calculating the MV when they are no dividends paid for a few years but then paid out later).
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