24. A firm that has high profit margins, heavy reinvestment, and pays no dividends is most likely in its: a. growth phase c. mature phase approach to valuation is favored over the approach. a. FCFE (Free Cash Flow to Equityholders); FCFF (Free Cash Flow to the Firm) b. FCFF (Free Cash Flow to the Firm); FCFE (Free Cash Flow to Equityholders) 26. Dividends and stock repurchases in a given year generally the free cash flows to the firm (FCFF) for the same year. a. decrease b. have no effect on C. increase