Which of the following statements is CORRECT?

The constant dividend growth model is often appropriate for evaluating start$-$up companies that have not paid dividends yet.

The price of a stock is the present value of all expected future dividends, discounted at the dividend growth rate.

The constant dividend growth model cannot be used if the constant growth rate of the dividend is smaller than the required rate of return of the stock.

The constant dividend growth model can also be used to value firms whose dividends are expected to decline at a constant rate, i$.$e$.,$ to grow at a negative rate.