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

Balance Sheet
December 31
	2019				2018
Cash	$	273,000			$	148,000
Accounts receivable		163,000				238,000
Inventory		398,000				188,000
Total current assets	$	834,000			$	574,000
Long-lived assets		1,770,000				1,630,000
Total assets	$	2,604,000			$	2,204,000
Current liabilities		356,000				305,000
Long-term debt		900,000				930,000
Shareholders equity		1,348,000				969,000
Total debt and equity	$	2,604,000			$	2,204,000

Income Statement
For the years ended December 31
	2019				2018
Sales	$	3,630,000			$	3,730,000
Cost of sales		2,760,000				2,860,000
Gross margin		870,000				870,000
Operating expenses*		513,000				307,000
Operating income		357,000				563,000
Taxes		142,800				197,050
Net income	$	214,200			$	365,950

Cash Flow from Operations
	2019				2018
Net income	$	214,200			$	365,950
Plus depreciation expense		125,000				115,000
+ Decrease (increase) in accounts receivable and inventory		(135,000	)
+ Increase (decrease) in current liabilities		51,000
Cash flow from operations	$	255,200			$	480,950

*Operating expenses include depreciation expense.

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

	2019			2018			Industry 2019
Capital expenditures	$	170,000		$	230,000
Income tax rate		40	%		35	%	35.0	%
Depreciation expense	$	125,000		$	115,000
Dividends	$	37,000		$	37,000
Year-end stock price	$	3.55		$	4		25.00
Number of outstanding shares		1,930,000			1,930,000
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.

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 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