this is a test

问题如下：

To estimate TMT Inc.’s intrinsic value, Steve applies appropriate discount rates to firm’s estimated free cash flows over a five-year time horizon and to the estimated value of the firm at the end of the five -year horizon. Which valuation model is Steve applying in his analysis of the TMT Inc ？

选项：

Relative value

Absolute value

Sum-of-the-parts

解释：

B is correct.

考点：Selecting the Appropriate Valuation Model

解析：B是正确的。绝对估值模型是一种用于估计资产内在价值的模型，它是一种将股票未来产生的现金流进行折现的定价模型估值法，Steve描述的模型就是这种模型。