1. Which of the following will not always lead to an increase in the intrinsic value of a company based on the discounted free cash flow model?

A) Increase the expected return on invested capital.

B) Increase the past dividend growth rate.

C) Increase the operating profitability after tax.

D) Decrease the capital expenditure requirement to generate the same profit.

E) Decrease the required return to shareholders and bondholders.