All of the following are steps in the analysis and valuation framework used to understand the fundamentals of a business and determine estimates of its value except:
a.
Analyze the firm's strategy in terms of the competition.
b.
Assess the quality of the firm's accounting and financial reporting.
c.
Derive forecasts of future earnings from the firm's projected financial statements.
d.
Obtain the national ranking of the firm's external auditors.
