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Williams Company is a manufacturer of auto parts having the following financial statements for 2021-2022.

Balance Sheet
December 31
	2022	2021
Cash	$ 276,000	$ 151,000
Accounts receivable	166,000	241,000
Inventory	401,000	191,000
Total current assets	$ 843,000	$ 583,000
Long-lived assets	1,800,000	1,660,000
Total assets	$ 2,643,000	$ 2,243,000
Current liabilities	392,000	335,000
Long-term debt	900,000	960,000
Shareholders equity	1,351,000	948,000
Total debt and equity	$ 2,643,000	$ 2,243,000

Income Statement
For the years ended December 31
	2022	2021
Sales	$ 3,660,000	$ 3,760,000
Cost of sales	2,820,000	2,920,000
Gross margin	840,000	840,000
Operating expenses*	516,000	274,000
Operating income	324,000	566,000
Taxes	113,400	198,100
Net income	$ 210,600	$ 367,900

Cash Flow from Operations
	2022	2021
Net income	$ 210,600	$ 367,900
Plus depreciation expense	140,000	130,000
+ Decrease (increase) in accounts receivable and inventory	(135,000)
+ Increase (decrease) in current liabilities	57,000
Cash flow from operations	$ 272,600	$ 497,900

*Operating expenses include depreciation expense.

Additional financial information, including industry averages for 2022, where appropriate, includes:

	2022	2021	Industry 2022
Capital expenditures	$ 170,000	$ 260,000
Income tax rate	35%	35%	35.0%
Depreciation expense	$ 140,000	$ 130,000
Dividends	$ 34,000	$ 34,000
Year-end stock price	$ 3.85	$ 4	25.00
Number of outstanding shares	1,960,000	1,960,000
Sales multiplier			1.50
Free cash flow multiplier			18.00
Earnings multiplier			9.00
Cost of capital	5%	5%
Accounts receivable turnover			11.10
Inventory turnover			10.50
Current ratio			2.30
Quick ratio			1.90
Cash flow from operations ratio			1.20
Free cash flow ratio			1.10
Gross margin percentage			30.0%
Return on assets (net book value)			20.0%
Return on equity			30.0%

Required:

Develop a business valuation for Williams Company for 2022 using the following methods: (1) book value of equity, (2) market value of equity, (3) discounted cash flow (DCF), (4) enterprise value, and (5) all the multiples-based valuations for which there is an industry average multiplier. For the calculation of the DCF valuation, you may use the simplifying assumption that free cash flows will continue indefinitely at the amount in 2022.

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