Describe all the stages that an analyst must go through both to forecast the earnings of a company and to value the company's shares.

1.Describe all the stages that an analyst must go through both to forecast the earnings of a company and to value the company's shares.

2. During an interview at a major investment bank, the interviewer makes the following comment:

"I don't understand why complicated models are needed to value companies. Wouldn't it be simpler and more reliable to value a company by making a list of what the company owns and add up the individual values of all the individual assets?"

Discuss and evaluate this statement.