Williams Company is a manufacturer of auto parts having the following financial statements for 2021-2022.

Balance Sheet
December 31
	2022	2021
Cash	$ 262,000	$ 137,000
Accounts receivable	152,000	227,000
Inventory	387,000	177,000
Total current assets	$ 801,000	$ 541,000
Long-lived assets	1,660,000	1,520,000
Total assets	$ 2,461,000	$ 2,061,000
Current liabilities	224,000	195,000
Long-term debt	900,000	820,000
Shareholders equity	1,337,000	1,046,000
Total debt and equity	$ 2,461,000	$ 2,061,000

Income Statement
For the years ended December 31
	2022	2021
Sales	$ 3,520,000	$ 3,620,000
Cost of sales	2,540,000	2,640,000
Gross margin	980,000	980,000
Operating expenses*	502,000	428,000
Operating income	478,000	552,000
Taxes	167,300	193,200
Net income	$ 310,700	$ 358,800

Cash Flow from Operations
	2022	2021
Net income	$ 310,700	$ 358,800
Plus depreciation expense	70,000	60,000
+ Decrease (increase) in accounts receivable and inventory	(135,000)
+ Increase (decrease) in current liabilities	29,000
Cash flow from operations	$ 274,700	$ 418,800

*Operating expenses include depreciation expense.

Additional financial information, including industry averages for 2022, where appropriate, includes:

	2022	2021	Industry 2022
Capital expenditures	$ 115,000	$ 120,000
Income tax rate	35%	35%	35.0%
Depreciation expense	$ 70,000	$ 60,000
Dividends	$ 48,000	$ 48,000
Year-end stock price	$ 2.45	$ 3	25.00
Number of outstanding shares	1,820,000	1,820,000
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 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.