Which of the following is not a step in applying the Discounted Cash Flow valuation model?

Select one:

A. Divide firm equity value by the number of shares outstanding to yield stock value per share.

B. Sum the present values of the horizon and terminal periods to yield firm (enterprise) value.

C. Subtract net nonoperating obligations, along with any noncontrolling interest, from firm value to yield equity value.

D. Forecast and discount free cash flows to the firm for the horizon period.

E. Forecast and discount residual operating income for the horizon period.

F. Forecast and discount free cash flow to the firm for the post-horizon period, called terminal period.