Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019.

Balance Sheet
December 31
	2019				2018
Cash	$	271,000			$	146,000
Accounts receivable		161,000				236,000
Inventory		396,000				186,000
Total current assets	$	828,000			$	568,000
Long-lived assets		1,750,000				1,610,000
Total assets	$	2,578,000			$	2,178,000
Current liabilities		332,000				285,000
Long-term debt		900,000				910,000
Shareholders equity		1,346,000				983,000
Total debt and equity	$	2,578,000			$	2,178,000

Income Statement
For the years ended December 31
	2019				2018
Sales	$	3,610,000			$	3,710,000
Cost of sales		2,720,000				2,820,000
Gross margin		890,000				890,000
Operating expenses*		511,000				329,000
Operating income		379,000				561,000
Taxes		151,600				196,350
Net income	$	227,400			$	364,650

Cash Flow from Operations
	2019				2018
Net income	$	227,400			$	364,650
Plus depreciation expense		115,000				105,000
+ Decrease (increase) in accounts receivable and inventory		(135,000	)
+ Increase (decrease) in current liabilities		47,000
Cash flow from operations	$	254,400			$	469,650

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Williams Company is a manufacturer of auto parts having the following financial statements for 2018-2019.

Balance Sheet
December 31
	2019				2018
Cash	$	271,000			$	146,000
Accounts receivable		161,000				236,000
Inventory		396,000				186,000
Total current assets	$	828,000			$	568,000
Long-lived assets		1,750,000				1,610,000
Total assets	$	2,578,000			$	2,178,000
Current liabilities		332,000				285,000
Long-term debt		900,000				910,000
Shareholders equity		1,346,000				983,000
Total debt and equity	$	2,578,000			$	2,178,000

Income Statement
For the years ended December 31
	2019				2018
Sales	$	3,610,000			$	3,710,000
Cost of sales		2,720,000				2,820,000
Gross margin		890,000				890,000
Operating expenses*		511,000				329,000
Operating income		379,000				561,000
Taxes		151,600				196,350
Net income	$	227,400			$	364,650

Cash Flow from Operations
	2019				2018
Net income	$	227,400			$	364,650
Plus depreciation expense		115,000				105,000
+ Decrease (increase) in accounts receivable and inventory		(135,000	)
+ Increase (decrease) in current liabilities		47,000
Cash flow from operations	$	254,400			$	469,650

*Operating expenses include depreciation expense.

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

	2019			2018			Industry 2019
Capital expenditures	$	180,000		$	210,000
Income tax rate		40	%		35	%	35.0	%
Depreciation expense	$	115,000		$	105,000
Dividends	$	39,000		$	39,000
Year-end stock price	$	3.35		$	4		25.00
Number of outstanding shares		1,910,000			1,910,000
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 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.