The Excel stock valuation calculator, available for download below, is used to compute a stock valuation by entering details relating to the first dividend, the constant dividend growth rate, and the investors required rate of return. The calculator is used as follows: Enter the first dividend (Pmt). The strokes, the colors, and the technique that make the final image are the qualitative side of stock valuation. When you try to value stocks, it comes down to interpreting the numbers on hand, then thinking forward and coming up with a narrative of what the company is trying to achieve. Put those together and you have just valued a stock. Stock Valuation = Past and Current Numbers + Future Narrative A share of stock is a stand-in for a share in the company's revenue, earnings, cash flow, shareholders’ equity -- you name it, the whole enchilada. For the individual investor, however, this normally means just worrying about what portion of all of those numbers you can get in dividends.