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An argument against using the price to cash flow (P/CF) valuation approach is that: A. cash flows are not as easy to manipulate or distort as EPS and book value. B. price to cash flow ratios are not as volatile as price-to-earnings (P/E) multiples. C. non-cash revenue and net changes in working capital are ignored when using earnings per share (EPS) plus non-cash charges as an estimate. |