The text presents a six-step analysis and valuation framework. Place these steps in the most appropriate chronological order:
A. Identify the strategies the firm pursues to gain and sustain a competitive advantage.
B. Analyze the current profitability and risk of the firm.
C. Value the firm.
D. Identify the economic characteristics and competitive dynamics of the industry in which the firm participates.
E. Assess the quality of the firm's financial statements and, if necessary, adjust them to more faithfully represent the underlying economics of the firm.
F. Prepare forecasted financial statements.
