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.

a$.$ A$,$ B$,$ C$,$ D$,$ E$,$ F

b$.$ A$,$ D$,$ B$,$ E$,$ F$,$ C

c$.$ D$,$ A$,$ E$,$ B$,$ F$,$ C

d$.$ A$,$ D$,$ B$,$ E$,$ C$,$ F