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Which one of the following is a false argument? A firm valuation is made solely by discounting free cash flows. Free cash flows to the

Which one of the following is a false argument?

A firm valuation is made solely by discounting free cash flows.

Free cash flows to the firm is discounted with weighted average cost of capital.

Free cash flows to the equity is discounted with cost of equity.

Free cash flows are calculated as EBITDA - CAPEX +/- Change in NWC - Taxes.

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