Which one of the following statements is TRUE?

Group of answer choices

Different investors will arrive at different values for a company's book value of equity.

Stock prices are mostly sensitive to long-term cash flows that occur after 5 years.

The corporate valuation model cannot be applied to companies that don't pay dividends

Shares with voting rights trade for less than shares without voting rights

In the multi stage DCF model, the horizon value is the present value of all of the dividends from time 1 out to forever.