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Why do start-up companies typically not pay dividends to their shareholders, while mature companies usually do? When financial analysts try to estimate a company's intrinsic

Why do start-up companies typically not pay dividends to their shareholders, while mature
companies usually do?
When financial analysts try to estimate a company's intrinsic stock price, why do they prefer to use
expected future free cash flows (FCF) and not expected future net profits as the numbers lad out on
their timeline?

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