Which of the following statements on corporate valuation model is NOT CORRECT?

Free cash flows are assumed to grow at a constant rate beyond a specified date in order to find the horizon value.

The corporate valuation model can be used to find the value of a division.

The corporate valuation model discounts free cash flows by the company's weighted average cost of capital.

The corporate valuation model is difficult to apply to priviately-held companies as they do not have stock prices.

An important step in applying the corporate valuation model is forecasting the firm's pro forma financial statements.