We can calculate the implied growth rate of dividends if we know the value of the other 3 variables in the GGM.

where:

V_{0} =
fundamental value

D_{0} =
dividend just paid

D_{1} =
dividends expected to be received at end of Year 1

r = required return on equity

g = dividend growth rate

As long as we have 3 known variables, we can back out the 4^{th}
using algebra.