Which of the following statements about company valuation is not correct? 

A. Discounted cash flow is the approach favored by academics 

B. Market capitalization is the most objective measure and shows the maximum value to be paid for a target company 

C. Book values of target company assets are of the use in the valuation process 

D. A major difficulty in applying the price/earnings method is the choice of an appropriate price earnings ratio 

E. The dividend valuation model relies heavily on the future dividend growth rate