C. Rakesh,
When you say that the dividends aren't there to justify the valuations, I assume you are using the word "dividends" as a general catch-all for "returns" and do not specifically mean stock dividends. Stock dividends, as you know, are a piddling portion of overall stock returns and are being replaced by stock bybacks. Have you made a net-present-value calculation for the present rate of profitability times a period of ten or twenty years? I think that draws the ends a little closer to meeting, although I don't imagine they meet.
peace