Which of the following statements concerning security valuation is FALSE（）
A. Determining the value of a company with supernormal growth requires finding the present value of the dividends during the supernormal growth and adding that to the present value of the stock computed for the period of normal growth.
B. The top-down valuation approach requires an assessment of industry influences on the company's value first, then stock-specific influences.
C. A firm with a 20% return on equity (ROE) and a dividend payout ratio of 30% will have a sustainable growth rate of 14%.
