c. explain the rationale for using present value models to value equity and describe the dividend discount and free-cash-flow-to-equity models;

e. calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model, as appropriate;

f. identify characteristics of companies for which the constant growth or a multistage dividend discount model is appropriate;

g. explain the rationale for using price multiples to value equity, how the price to earnings multiple relates to fundamentals, and the use of multiples based on comparables;

h. calculate and interpret the following multiples: price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value;