Question $33$

The free cash flow model:

can be used to value a company with negative earnings.

is based on a firm having positive or negative cash flows.

requires that a firm pay a dividend.

directly estimates a value of a firm's equity.

$1$ and $3$ only

$1,2,3,$ and $4$

$1$ only

$1,2,$ and $3$ only

$1$ and $2$ only