About DDM, which statement is NOT CORRECT?

The risk-adjusted discount rate in DDM can be used as cost of equity.

DDM cannot explain the following fact: stocks that don't pay dividend, such as, Amazon, Google, Facebook, etc., still have huge value.

By Dividend Discount Model (DDM), if a company is expected to never ever pays any cash in the future, its stock should be worth zero.

The stock price computed by DDM is ex-dividend price, meaning the price after the current dividend is paid out.