c. explain the appropriate adjustments to net income, earnings before interest and taxes (EBIT), earnings before interest, taxes, depreciation, and amortization (EBITDA), and cash flow from operations (CFO) to calculate FCFF and FCFE;

i. explain the single-stage (stable-growth), two-stage, and three-stage FCFF and FCFE models and select and justify the appropriate model given a company's characteristics;

j. estimate a company's value using the appropriate free cash flow model(s);

k. explain the use of sensitivity analysis in FCFF and FCFE valuations;

m. evaluate whether a stock is overvalued, fairly valued, or undervalued based on a free cash flow valuation model.