Which THREE of the following are weaknesses of using the dividend growth model to value an unlisted company such as Company B?

Company A plans to acquire Company B, an unlisted company which has been in business for 3 years.

It has incurred losses in its first 3 years but is expected to become highly profitable in the near future.

No listed companies in the country operate the same business field as Company B, a unique new high-risk business process.

The future success of the process and hence the future growth rate in earnings and dividends is difficult to determine.

Company A is assessing the validity of using the dividend growth method to value Company B.

Which THREE of the following are weaknesses of using the dividend growth model to value an unlisted company such as Company B?
A . The company has been unprofitable to date and hence, there is no established dividend payment pattern.
B . The future projected dividend stream is used as the basis for the valuation.
C . The future growth rate in earnings and dividends will be difficult to accurately determine.
D . The dividend growth model does not take the time value of money into consideration.
E . The cost of capital will be difficult to estimate.