explain the The six$-$step valuation process

$-$ analyze the economics and competitive conditions of the industry.

$-$ Analyze the particular firm$$s strategy in light of the competitive dynamics of the industry.

$-$ Assess the quality of the firm$$s accounting and financial reporting.

$-$ Analyze the firm$$s profitability and risk with a set of financial ratios.

$-$ Use all of this information to project the firm$$s future financial statements.

$-$ Derive from projected financial statements the forecasts of future earnings, cash flows, and dividends as measures of projected future payoffs for the firm.