Briefly discuss why (or when) DCF valuation of the following companies might be challenging:

1.(1 point) A commodity company, such as explorers and producers of commodities.

2. (1 point) A company that has experienced negative operating income for the last few years and is not expected to turn profit in the near future.

3. (1 point) A company that owns a valuable asset that has been idled for the last few years and not expected to be use the the near future.