· The firm maintains a constant dividend payout ratio.
· Goodwill and patents account for a high proportion of the firm’s assets.
· The firm’s revenues and earnings are highly correlated with the business cycl

A. Furthermore, the investor focuses on the firm’s capacity to pay dividends rather than expected dividends. Considering the characteristics, the investor will most likely use which of the following valuation models？
B. Gordon dividend growth model
C. Asset-based valuation model
D. Free cash flow to equity model