Which of the following about relative valuation is NOT true:

A.ComboCo, a large U.S. company, operates in two areas: high tech and retail clothing. To value this firm using multiples analysis, one should use a peer group of other large U.S. diversified companies

B.Nonfinancial ratios such as value to web site hits, value to unique visitors, and value to number of subscribers had some explanatory power for assessing Internet company stock prices in the early years of the wave of Internet companies.

C.In estimating and comparing value, empirical evidence shows that forward-looking multiples are more accurate predictors of value than are historical multiples.

D.The EV-to-revenue multiple is useful in valuing early-stage high-growth companies.