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. non-cash revenue and net changes in working capital are ignored when using earnings per share (EPS) plus non-cash charges as an estimate.
C. price to cash flow ratios are not as volatile as price-to-earnings (P/E) multiples.