H-Model

Is H-Model in appropriate for both:

  1. constant payout policy

  2. low or no dividend payout

H model starts with the current dividends so I wouldn’t use it for a no or low dividend, and if the constant dividend policy is not a good proxy for cash flow you will not get an accurate value as well.

I do not agree.

https://www.investopedia.com/terms/d/dividendpolicy.asp

constant dividend policy means “constant dividend/net_income ratio policy”