Don't undershd that approach, Lazio.
We may not know divs for 2011 and 2012, but we do know dps for prior years, so grossed-up dividend yields based on current sp would be
2008 div = 26.4
2009 div = 21.5
2010 div = 18.2
On that basis current sp is well oversold, if one assumes that dps will move back to previous levels.
sp, page-29
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