问题如下：
Based on Company A’s key characteristics, which discounted cash flow model would most likely be used by the investment team to value Company A’s shares?
选项：
FCFE
C.FCFF
解释：
B is correct. Company A has a history of paying modest dividends relative to FCFE. An FCFF or FCFE model provides a better estimate of value over a DDM model when dividends paid differ significantly from the company’s capacity to pay dividends. Also, Company A has a controlling investor; with control comes discretion over the uses of free cash flow. Therefore, there is the possibility that the controlling shareholder could change the dividend policy. Finally, Company A has a stable capital structure; using FCFE is a more direct and simpler method to value a company’s equity than using FCFF when a company’s capital structure is stable.
题目中所谓的modest relative to FCFE，到底是说div呈现一种什么样的特点呢？不太懂，可否请老师解释下英文想表达的确切意思？
