Which of the following statements is FALSE? Select one or more: The value of a share of stock is the present value of all future dividends. The dividend each year is the firm 's earnings per share (EPS) multiplied by its dividend payout rate. The dividend discount model can be applied to firms that have not yet paid dividends. A common approximation to use in the dividend discount model is to assume that in the long run, dividends will grow at a constant rate. During periods of high growth, it is not unusual for firms to pay out 100% of their earnings to shareholders in the form of dividends