In what circumstances is it most important to use multistage dividend discount models rather than constant-growth models?

Question:

In what circumstances is it most important to use multistage discount models rather than constant-growth models?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...