Dividend vs no dividend

	A	B	C	D	E	F	G	J	K	L	M	N	O	P	Q	R
1	Two indentical companies: one paying a rising dividend, the other not paying a dividend at all.
2	For simplicity there is no reinvestment. However, if it was, assuming the company trades at multiple to book values, the non-paying would perform much better.
3	Taxes are ignored.
4	Some recessions (bold) are included to show it does not matter if good or bad times. Overall, the stock market was bad in this 50 year period with average gains far below historical values.
5	Conclusion: Both portfolios end up at with the same income and value after 50 years.
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7		Dividends	Dividends	Dividends	Dividends	Dividends	Dividends		No dividends	No dividends	No dividends	No dividends	No dividends	No dividends	No dividends
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10						Received	Value						Proceeds	Value		Taxes on proceeds
11	Year	Share price	Stock change	Dividends	#shares	dividends	shares	Year	Share price	Stock change	#shares	Sold shares	shares	shares
12	0	25	-4%	0	1000	0	25000	0	25	-4%	1000	0		25000
13	1	24.00	10%	0.25	1000	250	24000	1	24.00	10%	1,000.00	9.47	250	24000		0
14	2	26.15	6%	0.26	1000	260	26150	2	26.40	6%	990.53	9.29	260	26150		3.902229846
15	3	27.46	12%	0.27	1000	270	27459	3	27.98	12%	981.24	8.61	270	27459		7.711804705
16	4	30.48	-10%	0.28	1000	280	30484	4	31.34	-10%	972.62	9.93	280	30484		18.88603011
17	5	27.16	-15%	0.29	1000	290	27156	5	28.21	-15%	962.70	12.10	290	27156		11.63984061
18	6	22.79	-13%	0.3	1000	300	22792	6	23.98	-13%	950.60	14.38	300	22792		0
19	7	19.53	19%	0.31	1000	310	19529	7	20.86	19%	936.22	12.49	310	19529		0
20	8	22.93	-5%	0.32	1000	320	22930	8	24.82	-5%	923.73	13.57	320	22930		0
21	9	21.46	7%	0.33	1000	330	21463	9	23.58	7%	910.16	13.08	330	21463		0
22	10	22.64	8%	0.34	1000	340	22636	10	25.23	8%	897.09	12.48	340	22636		0.8707927642
23	11	24.11	-5%	0.35	1000	350	24107	11	27.25	-5%	884.61	13.52	350	24107		9.130717994
24	12	22.55	9%	0.36	1000	360	22551	12	25.89	9%	871.09	12.76	360	22551		3.401270756
25	13	24.22	12%	0.37	1000	370	24221	13	28.22	12%	858.33	11.71	370	24221		11.30436439
26	14	26.76	19%	0.38	1000	380	26758	14	31.60	19%	846.62	10.10	380	26758		20.02031383
27	15	31.46	-11%	0.39	1000	390	31461	15	37.61	-11%	836.52	11.65	390	31461		44.07622075
28	16	27.61	-5%	0.4	1000	400	27611	16	33.47	-5%	824.87	12.58	400	27611		31.97359956
29	17	25.83	15%	0.41	1000	410	25830	17	31.80	15%	812.29	11.21	410	25830		22.86891769
30	18	29.29	12%	0.42	1000	420	29295	18	36.57	12%	801.08	10.25	420	29295		35.59060605
31	19	32.39	24%	0.43	1000	430	32390	19	40.96	24%	790.82	8.47	430	32390		40.53179839
32	20	39.73	-9%	0.44	1000	440	39734	20	50.79	-9%	782.36	9.52	440	39734		73.65141258
33	21	35.72	8%	0.45	1000	450	35718	21	46.22	8%	772.84	9.02	450	35718		57.38301849
34	22	38.13	-35%	0.46	1000	460	38125	22	49.91	-35%	763.82	14.18	460	38125		105.9698752
35	23	24.32	19%	0.47	1000	470	24321	23	32.44	19%	749.64	12.17	470	24321		27.18528676
36	24	28.47	-20%	0.48	1000	480	28472	24	38.61	-20%	737.47	15.54	480	28472		63.4441172
37	25	22.30	8%	0.49	1000	490	22298	25	30.89	8%	721.93	14.69	490	22298		25.94062004
38	26	23.59	12%	0.5	1000	500	23592	26	33.36	12%	707.24	13.38	500	23592		33.55458175
39	27	25.92	13%	0.51	1000	510	25923	27	37.36	13%	693.86	12.08	510	25923		44.79515976
40	28	28.78	19%	0.52	1000	520	28783	28	42.22	19%	681.78	10.35	520	28783		53.46252007
41	29	33.73	-8%	0.53	1000	530	33731	29	50.24	-8%	671.43	11.47	530	33731		86.82304356
42	30	30.50	-12%	0.54	1000	540	30503	30	46.22	-12%	659.96	13.28	540	30503		84.5162019
43	31	26.30	19%	0.55	1000	550	26302	31	40.67	19%	646.68	11.36	550	26302		53.42967794
44	32	30.75	14%	0.56	1000	560	30750	32	48.40	14%	635.32	10.15	560	30750		71.24969828
45	33	34.49	11%	0.57	1000	570	34495	33	55.18	11%	625.17	9.31	570	34495		84.25406696
46	34	37.72	8%	0.58	1000	580	37719	34	61.25	8%	615.86	8.77	580	37719		95.34764049
47	35	40.16	7%	0.59	1000	590	40157	35	66.15	7%	607.09	8.34	590	40157		102.8996976
48	36	42.38	16%	0.6	1000	600	42378	36	70.78	16%	598.76	7.31	600	42378		100.3616045
49	37	48.56	-15%	0.61	1000	610	48558	37	82.10	-15%	591.45	8.74	610	48558		149.7360908
50	38	40.66	-19%	0.62	1000	620	40665	38	69.79	-19%	582.71	10.97	620	40665		147.3669771
51	39	32.32	-31%	0.63	1000	630	32318	39	56.53	-31%	571.74	16.15	630	32318		152.7688847
52	40	21.67	-9%	0.64	1000	640	21670	40	39.00	-9%	555.59	18.03	640	21670		75.75045946
53	41	19.08	-3%	0.65	1000	650	19079	41	35.49	-3%	537.56	18.88	650	19079		59.43128465
54	42	17.86	25%	0.66	1000	660	17857	42	34.43	25%	518.68	15.34	660	17857		43.37752061
55	43	21.66	12%	0.67	1000	670	21661	43	43.04	12%	503.34	13.90	670	21661		75.20960337
56	44	23.59	15%	0.68	1000	680	23591	44	48.20	15%	489.44	12.27	680	23591		85.38198054
57	45	26.45	11%	0.69	1000	690	26449	45	55.43	11%	477.17	11.21	690	26449		102.3762143
58	46	28.67	-6%	0.7	1000	700	28669	46	61.53	-6%	465.96	12.10	700	28669		132.6284451
59	47	26.25	8%	0.71	1000	710	26248	47	57.83	8%	453.85	11.37	710	26248		111.9698079
60	48	27.64	9%	0.72	1000	720	27638	48	62.46	9%	442.49	10.58	720	27638		118.8503187
61	49	29.41	13%	0.73	1000	730	29406	49	68.08	13%	431.91	9.49	730	29406		122.6403419
62	50	32.50	14%	0.74	1000	0	32499	50	76.93	14%	422.42	-	-	32499
63						24010							24010			2803.66466
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66			Shares' worth at end:		32499					Shares' worth at end:		32499
67			Dividends received		24010					Proceeds sale shares		24010
68			Total value		56509					Total value		56509
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