Which of the Following Statements Is False

Which of the following statements is false?

A) To estimate a firm's enterprise value, we compute the present value of the free cash flows (FCF) that the firm has available to pay equity holders.
B) The NPV of any individual project represents its contribution to the firm's enterprise value.
C) When using the total payout model, we discount total dividends and share repurchases, and use the growth rate in earnings when forecasting the growth of the firm's payout.
D) In the total payout model, we first value the firm's equity, rather than just a single share.