In relation to the dividend discount model for valuing equity, which one of the following statements is true?

A. The model cannot be used to value firms that do not pay dividends in time period 1 i.e. next year

B. The model assumes that annual dividends represent the total periodic cash flow attributable to shareholders

C. The present value of all future dividends is calculated using the weighted average cost of capital as the discount rate

D. Future dividend growth rates can be perfectly predicted by analysing past dividend growth rates