Williams Company is a manufacturer of auto parts having the following financial statements for 2019.

Balance Sheet
December 31, 2019
Cash	$	267,000
Accounts receivable		157,000
Inventory		392,000
Total current assets	$	816,000
Long-lived assets		1,710,000
Total assets	$	2,526,000
Current liabilities		284,000
Long-term debt		900,000
Shareholders' equity		1,342,000
Total debt and equity	$	2,526,000

Income Statement
For the year ended December 31, 2019
Sales	$	3,570,000
Cost of sales		2,640,000
Gross margin		930,000
Operating expenses*		507,000
Operating income		423,000
Taxes		169,200
Net income	$	253,800

Cash Flow from Operations
For the year ended December 31, 2019
Net income	$	253,800
Plus depreciation expense		95,000
+ Decrease (increase) in accounts receivable and inventory		(142,000	)
+ Increase (decrease) in current liabilities		60,000
Cash flow from operations	$	266,800

*Operating expenses include depreciation expense.

Additional financial information, including industry averages for 2019, where appropriate, includes:

				Industry
Capital expenditures	$	110,000
Income tax rate		40	%	35.0	%
Depreciation expense	$	95,000
Dividends	$	43,000
Year-end stock price	$	2.95		25.00
Number of outstanding shares		1,870,000
Sales multiplier				1.50
Free cash flow multiplier				18.00
Earnings multiplier				9.00
Cost of capital		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 2019 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 2019.