A simpler way to think of this is borrowing the concept of duration from the fixed income guys.

A "growth" stock is a very long-dated zero-coupon bond, a "value" stock is a low duration coupon bond, even if you think of income in terms of earnings and not dividends. The simple matter of fact is that "value" stocks are creating current income that needs to be reinvested at current rates, whereas a "growth" stock is short current income because they are consuming capital to produce additional revenue.

It's like the difference between owning a mine or a forest. The mine produces current income that declines over time as depletion rises. Current income must be redeployed either in new mines, or distributed to shareholders. A forest produces no income for many years and then distributes a large amount of undetermined income at some undetermined future date.

The wrinkle is that long-duration zero-coupon equities leave much more room for the imagination to run wild. Value stocks are tethered to reality by facts that can be seen.