When using the corporate valuation model

You are only concerned with the long$-$term growth of a company's net income and its weighted average cost of capital $($WACC$)$ when calculating a share price.

One needs to subtract outstanding debt and preferred stock from the the total market value of the company to calculate the market value of the company's equity.

The growth rate of the free cash flow MUST be greater than the required return $($WACC$).$

You CANNOT use the corporate valuation model to value a company that pays no dividend.

You can only use the corporate valuation model $($CVM$)$ to calculate a value for the entire company.$$The CVM can NOT be used to calculate a price per share.