Which of the following statement about free cash flow model is incorrect?

a$)$ FCFE is the cash flow available for distribution to the company's

shareholders and debt holders.

b$)$ Analysts like to consider free cash flow model when a company does not pay

dividends.

c$)$ Because FCFF is the after tax$-$tax cash flow going to all suppliers of capital of

the firm, the value of the firm is estimated by discounting FCFF at the

weighted average cost of capital $($WACC$).$

d$)$ Free cash flow model is considered one of the discounted cash flow

valuation models.

e$)$ The two free cash flow approaches are based on discounting of free cash

flow to the firm $($FCFF$)$ and free cash flow to equity $($FCFE$).$