Which of the following statements is FALSE?

1.The usefulness of a vaulation multiple will depend on the nature of the differences between firms and the sensitivity of the multiples to these differences.

2.The perpetuity formula gives the present value of an infinite stream of dividends is valued at the same point in time as the first dividend.

3.(V₀)/(EBITDA₁) is an Enterprise Value Multiple.

4.If all earnings are paid out as dividends, DPR is 1.