stockjaguar

1. growth rate in dividends is “g” from DDM. you know price (Spot) should go up when growth goes up.
futures/forward price should go up because Spot in the formula should go up, PVD is present value of dividends between now and value date of the future it is not PV of all future dividends like in DDM.
2. you are correct, all (linear) derivatives are based on arbitrage-free pricing. You use existing instruments (stock and bond/some financing instrument) to create the futures equivalent. Borrow money, buy stock, receive Div, repay money - this is the formula.