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.

Williams Company is a manufacturer of auto parts having the following nancial statements for 20212022. Balance Sheet December 31 2822 2821 Cash :5 2?4,666 $ 149,666 Accounts receivable 164,666 239,666 Inventory 399,666 189,666 Total current assets $ 832,666 $ 522,666 Longlived assets 1,?86,666 1,646,666 Total assets $ 235175969 $ 212175999 Current liabilities 368,666 315,666 Longterm debt 966,666 946,666 Shareholders' equity 1,349,666 962,666 Total debt and equity $ 2:51?5960 $ 2,217,039 Income Statement For the years ended December 31 2822 2821 Sales 5; 3,646,666 :5 3,246,666 Cost of sales 2,786,666 2,886,666 Gross margin 366,666 866,666 Operating expenses* 514,666 296,666 Operating income 346,666 564,666 Taxes 121,166 197,488 Net income $ 2241999 5 3553599 Cash Flow From Operations 2822 28 21 Net income 9 224,966 $ 366,666 Plus depreciation expense 136,666 126,666 f Decrease [1ncrease) in accounts receivable and (135,666) _ inventory + Increase [decrease) in current liabilities 53,666 Cash flow from operations $ 222,966 $ 486,666 \"Operating expenses include depreciation expense. Additional financial information, including industry averages for 2022, where appropriate, includes: 2822 2821 Industry 2822 Capital expenditures $ 126,666 $ 246,666 Income tax rate 35% 35% 35.6% Depreciation expense $ 136,666 $ 126,666 Dividends $ 36,666 :5 36,666 Year-end stock price $ 3.65 $ 4 25.66 Number of outstanding shares 1,946,666 1,946,666 Sales multiplier 1.56 Free cash flow multiplier 18.66 Earnings multiplier 9.66 Cost of capital 5% 5% Accounts receivable turnover 11.16 Inventory turnover 16.56 Lurrent ratio 2.36 Quick ratio 1.96 Cash flow from operations ratio 1.26 Free cash Flow ratio 1.16 Gross margin percentage 36.6% Return on assets [net book value) 26.6% Return on equity 36.6% 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 ow [DCF}, {4} enterprise value. and {5] all the multiplesbased valuations for which there is an industry average multiplier. For the calculation ofthe DCF valuation, you may use the simplifying assumption that free cash flows will continue indenitely at the amount in 2022. Book value ofequity Market value ofeciuib,r Dheoumedeecashows Enterprise value Multiples-based valuation Earnings multiple Free cash ow multiple Sales multiple