DCF model is agnostic to dividend policy. High dividends would imply lower reinvestment in the business, which (in theory at least) would lead to lower free cash flows in future years and so, lower PV. Thus, it all gets in-built into the intrinsic value of the business.
Moreover, in all DCF models, there is an assumption that intermediate cash flows are reinvested at the same rate of return at which discounting is done. This implies the shareholder will reinvest dividends at the same rate of return as what Retained Earnings would earn, and so there is no incremental benefit in getting high dividends (in theory).
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