Ginyard Company Has the Following Financial Statements for the Year $\text { Balance Sheet, 12/31/2019 }$

Ginyard Company has the following financial statements for the year ended December 31, 2019. $\text { Balance Sheet, 12/31/2019 }$
$\begin{array}{lr}\text { Cash } & \$ 1,600,000 \\\text { Accounts Receivable } & 3,000,000 \\\text { Inventory } & 2,500,000 \\\hline\text { Current Assets } & \$ 7,100,000 \\\text { Long-lived Assets } & 14,500,000\\\hline\text { Total Assets }&\$21,600,000\\\hline \text { Current Liabilities } & \$ 1,200,000 \\\text { Long-term Debt } & \$ 2,400,000 \\\text { Shareholder Equity } & 18,000,000\\\hline \text { Total Debt and Equity }&\$21,600,000\end{array}$
$\text { Income Statement }$
$\text { For the year ended December } 31,2019$
$\begin{array}{lr}\text { Sales } & \$ 20,000,000 \\\text { Cost of Sales } & 15,000,000 \\\text { Gross Margin } & 5,000,000 \\\text { Operating Expenses } & 2,500,000 \\\text { Operating Income } & 2,500,000 \\\text { Taxes } & 1,000,000 \\\text { Net Income } & \$ 1,500,000 \\\hline\end{array}$

$\text { Cash Flow From Operations }$
$\text { For the year ended December } 31,2019$
$\begin{array}{lr}\text { Net Income } & \$ 1,500,000 \\\text { Plus Depreciation Expense } & 1,000,000\\+ \text { Decrease (-inc) in AccRec and Inv. }&-\\\text { +Increase (-dec) in Cur. Liabl. }&-\\\text { Cash Flow from Operations }&\$2,500,000\end{array}$
$\text { Some additional information about } 2019 \text { includes: }$
$\begin{array}{lrr} & \text { Ginyard } &\text { Industry Data }\\\text { Year End Stock Price } & \$ 23.00 \\\text { Number of Outstanding Shares } & 1,800,000\\\text { Sales Multiplier } && 2.10 \\\text { Free Cash Flow Multiplier } && 22.00 \\\text { Earnings Multiplier } && 18.00\\\text { Cost of Capital }&5.0\%\\\text { Accounts Receivable Turnover } && 6.60 \\\text { Inventory Turnover } && 5.80 \\\text { Current Ratio } && 2.20 \\\text { Quick Ratio } && 1.50 \\\text { Cash Flow from Operations Ratio } && 1.50 \\\text { Free Cash Flow Ratio } && 1.00\\\text { Gross Margin Percentage } && 30.0 \% \\\text { Return on Assets (Net Book Value) } && 18.0 \% \\\text { Return on Equity } && 22.0 \%\\\text { Training Expense } & 500,000 \\\text { Income Tax Rate } & 40 \% \\\text { Depreciation Expense } & 1,000,000 \\\text { Dividends } & -\end{array}$ Required:
1. Complete a business analysis of Ginyard Company for 2019.
2. Complete a business valuation for Ginyard Company for 2019.