问题如下：
Which of the following is considered as a weakness of the present value model?
选项：
A.Present value models cannot be used for companies that do not pay dividends.
B.Small changes in model assumptions and inputs can result in large changes in the computed intrinsic value of the security.
The value of the security depends on the investor’s holding period; thus, comparing valuations of different companies for different investors is difficult.
解释：
B is correct.
Small changes in input, such as required rate of return or dividend growth, lead to significant changes in the output of valuation models. Some present value models, such as FCFE models, can be used to evaluate companies without dividends. In addition, the intrinsic value of securities has nothing to do with the holding period of investors.
可以说present value model 就是DCF么？A选项说的是GGM（DCF的一种特殊形式）的缺点，但是present value model 还包括FCF，在没有股利的时候可以用FCF，所以A选项是错的？然后因为DCF他们公式的分母都是(Re-g)，所以很sensitive？
