Dividends and capital gains

Does anyone else feel the way AU dividend returns are calculated is overstated by the franking credit? If a stock at $100 pays a franked dividend of $5 and drops by $5 on ex div date, then would expect the capital return to be -5% and dividend paid 5% (total return 0%) but it seems the dividend is grossed up. Given the franking credit isn’t received until tax time isn’t this overstating the return? I could be wrong so seeking clarity on this.