Couple of Valuation questions

Hi all, Just thought of asking gurus. If you value you a company use FCFE /predict the likely futurefututre price and if the company pays dividend, how do you calculate your return on Cash- I mean holding preiod return. Is it Dividend+ stock price appreciation/stock price today? I would assume so. So am I double counting the dividend if I value the stock use FCFE? many thanks for illuminating me. S