Which of the following statements is not true about the limitation of dividend growth model (DGM)? DGM cannot be applied to companies that do not pay dividends at all, but such companies are rare. DGM is less effective to growth firms that investors believe management should reinvest retained earnings to make further investments. DGM is hard to apply to companies that repurchase its shares instead of paying out cash dividend. The stock price derived from the DGM is very sensitive to the change in both growth rate and required rate of return All of the above