capital gains vs dividend indifference..

Can someone conceptualize the formula in corp finance regarding the indifference in a $ of dividends vs capital gains.

change in P = D(1-Td) / (1-Tcg)

I understand the math and generally get that you are trying to find at what point you would accept one vs the other when the two are taxed differently. But how does that, particularly capital gains, tie into the ex-dividend discussion? And how does the difference in taxes, conceptually, mean the change in price will be higher or lower than the dividend amount?

Thank you, all

It appears the dividend has lesser impact on change in price if Tcg < Td