Recent Financial Performance: conduct ratio analyses (including standard common-size nancial statement analysis and various ratios) and identify trends. Economy, Industry, and Firm Analysis: discuss the outlook for the economy, industry, and the company. How will the economy affect your company? Forecast Firm Value (assumption development, pro forma analysis, discounted cash ow analysis): develop assumptions based on your research in previous sections and carry out pro forma for the next ve years. Please determine a terminal value to incorporate the value of the company comes from future cash ows (from year 6 to innity). The terminal value can be determined by market comparables, such as EBITDA multiple. Apply the discounted cash ow approach to determine the firm value (NPV). Risk Analysis (scenario and sensitivity analyses): develop possible scenarios and see how the rm value might be affected; conduct sensitivity analysis to find breakeven points for kev value drivers