Which of the following is most likely a correct statement in regards to stock valuation models?

I. The higher the projected dividends and higher the discount rate, the higher the value of the stock today, with all else being constant.

II. The higher the required return on the stock, the lower the projected dividends for the stock.

III. The higher the expected growth rate of dividends, the lower the value of the stock.

III only

II only

I only

None of the above