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Even in relatively efficient securities markets, ______ is observable but ______ is not; therefore, ______ must be estimated

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1. Even in relatively efficient securities markets, ______ is observable but ______ is not; therefore, ______ must be estimated.
2. The analyst can use expectations of the dividends to be paid to the investor or the free cash
   flows to be generated by the firm (that will ultimately be paid to the investor) as equivalent
   approaches to measure the ____________ expected payoffs to shareholders.