a) Set out and explain three cash flow based valuation techniques for determining the intrinsic value of a companys equity. (9 marks)

b) Set out and explain two abnormal income based valuation techniques for determining the intrinsic value of a companys equity. (8 marks)

c) Provide a balanced discussion of the theoretical merits and weaknesses of each of the two types of model described in parts (a) and (b). (4 marks)

d) Provide a summary of the empirical evidence relating to the performance of each type of model. (4 marks)