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the 3-stage DDM is a lot more realistic than the 2-stage and H models as it takes into consideration: (i) changes in dividend growth rates

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"the 3-stage DDM is a lot more realistic than the 2-stage and H models as it takes into consideration: (i) changes in dividend growth rates (ii) changes in the cost of capital and (iii) changes in the pay-out ratio" Discuss the extent to which this statement is true

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