问题如下：
6. Based on Exhibit 2, which stock can most appropriately be valued using a three-stage DDM with the second and third stages being treated as an H-model?
选项：
A. BIOK
B. CCAX
C. HLTV
解释：
A is correct
because the dividend growth is declining linearly during the second stage of a three-stage DDM used to value BIOK. As noted in the text, a three-stage valuation clearly has an H-model process in the second and third stages. In contrast, abrupt—rather than linearly declining—dividend growth rates are implied for CCAX and HLTV.
HLTV也是HL model啊