d fair trailing PE at 2015 end on 2015E $119 EPS Normal EPS / (real CoE-value added EPS growth) S&P 500 Dividend Discount Model S&P 500 Long- term EPS & DPS Growth $119 Deutsche Bank's 2015E S&P 500 DPS 2015E dividend payout ratio $122 DB's "normal 2015E" S&P 500 DPS 103% Normal dividend payout ratio -$12.0