Since 1929, 46% of the S&P 500 index's annualized total return has come from dividends, according to some studies done in the US.
You may think that because the company with the lower dividend payout ratio will have more to invest in its future. That should translate into a faster earnings growth rate, which in turn should eventually result in greater price appreciation for the company's stock. However, this is not often necessarily so.
When searching the empirical record for evidence that companies with lower dividend payout ratios have higher earnings growth rates, some researchers have come up empty.
So, if you based on entire portfolio on trying to hit the 10, 20 or even higher multibaggers, this is akin to gambling. More often than not, these are going to be smaller companies where a single mistake in execution will take your investment in them several years backwards. No doubt, it is possible for some of them to make it, but it should be wise to only assign a fraction of your portfolio to look out for these opportunities.
For the rest of your portfolio, try to compound your wealth over time. I find this to be the more realistic strategy. Afterall, stocks only gain in value because of the underlying earnings that get accumulated over time.