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Williams Company is a manufacturer of auto parts having the following financial statements for $2021-2022.\backslash$table$[[$Net income,$2022,2021],[$Plus depreciation expense,$$187,800,$$$368,550],[+$ Decrease $(-$increase$)$ in accounts receivable and,$145,000,135,000],[$inventory$,(135,000),-],[+$ Increase $(-$decrease$)$ in current liabilities,$59,000,-],[$Cash flow from operations,$$256,800,$$$503,550]]$

$*$Operating expenses include depreciation expense.

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

$\backslash$table$[[,2022,2021,$Industry $2022],[$Capital expenditures,$$165,000,$$$270,000,],[$Income tax rate,$40\%,35\%,35\mathrm{.}0\%],[$Depreciation expense,$$145,000,$$$135,000,],[$Dividends$,$$$33,000,$$$33,000,],[$Year$-$end stock price,$$3\mathrm{.}95,$$$4,25\mathrm{.}00],[$Number of outstanding shares,$1,970,000,1,970,000,],[$Sales multiplier,,,$1\mathrm{.}50],[$Free cash flow multiplier,,,$18\mathrm{.}00],[$Earnings multiplier,,,$9\mathrm{.}00],[$Cost of capital,$5\%,5\%,],[$Accounts receivable turnover,,,$11\mathrm{.}10],[$Inventory turnover,,,$10\mathrm{.}50],[$Current ratio,,,$2\mathrm{.}30],[$Quick ratio,,,$1\mathrm{.}90],[$Cash flow from operations ratio,,,$1\mathrm{.}20],[$Free cash flow ratio,,,$1\mathrm{.}10],[$Gross margin percentage,,,$30\mathrm{.}0\%],[$Return on assets $($net book value$),,,20\mathrm{.}0\%],[$Return on equity,,,$30\mathrm{.}0\%]]$ 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 $2022.$

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