Compare stock price to subsequent series of dividends

I know it's an obvious analysis that's been done to death, but it would be interesting to me to see how the stock price divided by its subsequent series (length dependent on payback period) of dividends (discounted at appropriate discount rate) varies over time.

Based on the input criteria, i.e. payback period and discount rate, a value of greater than 1 means the stock was over valued, and a value of less than one means a stock was undervalued.

What proportion of the time is spend under or over valued? How has this changed over time? How do different stocks, different sectors compare? etc