This simple DDM valuation of NAB shares is $28.79. However, using an 'adjusted' dividend payment of $1.71 per share, the valuation goes to $30.65. The expected dividend valuation compares to National Australia Bank Ltd's share price of $30.78. Since the company's dividends are fully franked, you might choose to make one further adjustment and do the valuation based on a 'gross' dividend payment. That is, the cash dividends plus the franking credits (available to eligible shareholders). Using the forecast gross dividend payment ($2.44), our valuation of the NAB share price projection to $43.79.