The most appropriate model for valuing Airfreight is the: (a) Free cash flow to equity model (b) Dividend discount model (c) Free cash flow to the firm model Choose the best model and appraise to provide reason(s) for your choice.

SEA Group is analysing the potential takeover of Airfreight Inc. SEA Group has gathered the following data on Airfreight. All figures are in millions of dollars. 2019 2018 2017 2016 Net Income ($26) $34 $18 $26 FCFE ($1) ($23) ($15) FCFF $3 $4 $6 $8 Dividends $5 $5 $4 $4 Debt to Equity 93% 85% 78% 84% $14