Williams Company Is a manufacturer of auto parts having the following financial statements for 2021-2022. Balance Sheet December 31 2022 2921 Cash $ 276,080 $ 151, 090 Accounts receivable 166,980 241, 090 Inventory 401,980 191, 090 Total current assets $ 843, 980 $ 583, 080 Long-lived assets 1, 890, 980 1, 669,090 Total assets $ 2,643,980 $ 2, 243,908 Current liabilities 392,980 335,090 Long-term debt 980, 989 960, 908 Shareholders' equity 1, 351, 980 948, 090 Total debt and equity $ 2,643, 080 $ 2,243,908 Income Statement For the years ended December 31 2022 2021 Sales $ 3, 660,090 $ 3,760, 098 Cost of sales 2, 820, 090 2,920, 090 Gross margin 840, 090 840, 098 Operating expenses* 516,909 274,090 Operating income 324,090 566,090 Taxes 113,498 198, 198 Net income $ 210, 698 $ 367,908Income Statement For the years ended December 31 2022 2021 Sales $ 3, 660, 090 $ 3,760, 090 Cost of sales 2, 820, 090 2,920, 090 Gross margin 840, 098 Operating expenses* 516,908 274, 908 Operating income 324, 908 566, 098 Taxes 113, 498 198, 108 Net income $ 210, 608 $ 367,909 Cash Flow from Operations 2022 2021 Net income $ 210, 608 $ 367,908 Plus depreciation expense 140, 098 130, 098 + Decrease (-increase) in accounts receivable and (135, 209) inventory + Increase (-decrease) in current liabilities 57,098 Cash flow from operations $ 272, 608 $ 497,908 *Operating expenses Include depreciation expense. Additional financial Information, Including Industry averages for 2022, where appropriate, Includes 2022 2021 Industry 2022 Capital expenditures $ 170, 090 $ 260,080 Income tax rate 35% 35% 35. 0% Depreciation expense $ 130, 080 Dividends $ 34, 080 $ 34,909 Year-end stock price $ 3.85 $ 4 25.80 Number of outstanding shares 1,960, 090 1,960, 080 Sales multiplier 1.50 Free cash flow multiplier 18.08 Earnings multiplier 9.08 Cost of capital 5% 5% Accounts receivable turnover 11. 18 Inventory turnover 10.50 Current ratio 2.30 Quick ratio 1.90 Cash flow from operations ratio 1.28 Free cash flow ratio 1. 18 Gross margin percentage 30. ex 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. Book value of equity Market value of equity Discounted free cash flows Enterprise value Multiples-based valuation Earnings multiple Free cash flow multiple Sales multiple