Why the Voltage Gain of this Multistage Amplifier is Rc/Re?

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Hi everyone. I was told that the Voltage Gain of this Multistage Amplifier circuit (with negative feedback) is Rc/Re. But can somebody tell me how to derive this expression?
 

multistage amplifier

The gain of a single transistor without a load is almost Rc/Re. The transistor has an internal Re that is in series with the Re in the circuit. So the max gain without an Re in the circuit is about 150.

But in the multi-stage amplifier the first and second Rc's have the two base-bias resistors (missing in your schematic) and the input impedance of the following transistor all in parallel and which reduces the effective value of the Rc. Therefore the gain is also reduced.
 

multistage amplifier forum

Audioguru why is gain reduced?
You as expert can answer on that simple question?
is'n it?
 

multi stage amplifier

The gain of a transistor WITHOUT A LOAD is almost Rc/Re.

The base bias resistors (missing in your schematic) and input impedance of the next transistor are in parallel to the Rc which reduces the effective value of Rc which reduces the gain.
 

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