To apply the discounted free cash flow model, the analyst needs to estimate: Multiple Choice net cash flows from operations for each future period, starting one period from now. C) free cash flows for each future period, starting one period from now. free cash flows for approximately ten years as the present value of cash flows occurring beyond that point are insignificant. o o net cash flows from operations for approximately ten years as the present value of cash flows occurring beyond that point are insignificant