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Hi Joselyn,    
I am always impressed with the question you are asking. They are very good questions. Keep up the good work and keep the questions coming. The more you ask the better you become. :)  
1)Yes you are right, discounted cash flow/ earnings model should use for predictable businesses.  
2)Mostly, telco should have negative working capital because they are mostly finance their business by debt. They are able to do that because they have consistent cash flow generation. Having higher debt will result in higher current liabilities which eventually lead to negative working capital.  
3)Telco companies earnings does not reflect their true earnings because they have high depreciation and interest cost. Hence, the best way to track the management salary as a whole is to tag it with cash flow instead of earnings.   
4)In case you want to value Telco, use P/CFO or EV/EBITDA is a more suitable metric. Do compare them with the competitor. The best is to buy them below P/CFO or EV/EBITDA below 15 times. Anything above that i will not consider cheap.