Based on the description of the business, please choose the most logical choice of Dividend Discount Model (DDM) and Payout structure. NewCorp is a recently established firm that is growing rapidly (+100% growth in sales per year) is profitable but hasn't generated any positive cash flows to the firm. If you were to estimate the intrinsic value of the firm using a DDM, which framework is most appropriate to use?

		Single-Period, constant growth model, assuming 50%+ payout ratios
		Two-Stage DDM model, assuming 20%-50% payout ratios
		Three-Stage DDM model, assuming 0%-20% payout ratios