Wal-Mart Stores, Inc.

- Operating Model and Valuation

Wal-Mart Stores, Inc. - Summary of Financial Statements

($ in Millions, Except per Share Figures)
Historical
2011
2012

January 31,

Revenue:
Revenue Growth:

Net Margin:
Earnings Per Diluted Share:
EBITDA:
EBITDA Margin:

446,950

Projected
2015

2014

471,317

493,709

515,675

2016
$

2017

534,773

551,404

3.4 %

6.0 %

5.5 %

4.8 %

4.4 %

3.7 %

3.1 %

25,542
6.1 %

26,558
5.9 %

28,272

29,615

30,932

32,078

33,076

6.0 %

6.0 %

6.0 %

6.0 %

6.0 %

15,355
15,766
17,215
3.6 %
3.5 %
3.7 %
$
4.18 $
4.54 $
5.12

18,084

18,983

19,592

20,265

3.7 %

3.7 %

3.7 %

3.7 %

Operating Income:
Operating Margin:

Net Income:

421,849 $

2013

5.55 $

6.03 $

6.45 $

6.92
43,084

33,183 $

34,688 $

36,827 $

38,576 $

40,293 $

41,785 $

7.9 %

7.8 %

7.8 %

7.8 %

7.8 %

7.8 %

7.8 %

Wal-Mart Stores, Inc. - Valuation Multiples

January 31,
EV / Revenue:
EV / EBITDA:
P / E:

Historical
2011
2012
0.7 x
8.8 x
16.0 x

2013
0.6 x
8.3 x
14.6 x

2014
0.6 x
7.9 x
13.9 x

Projected
2015
0.6 x
7.5 x
13.3 x

2016
0.6 x
7.3 x
12.9 x

2017
0.6 x
7.1 x
12.4 x

Name
Chauncey Getz
Bethany Speight
Ahmed Shaffer
Madra Salerno
Tierra Pritchard
Octavia Hamm
Hanna Corey
Hadar Garris
Ruby Holley
Devi Snodgrass
Meadow Keeton
Lamis Nakamura
Gerold Sheridan
Malia Ferraro
Rollie Friedman
Asabi Bolduc
Andra Garrison

Company Name
Quantum Airlines
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Western Gas & Electric
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TranCon Airways
Incom Corporation
Milliways
Massive Dynamic
Shinra Electric Power Company
Trans Regional Airlines
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Manager Comments
shift + f2

+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1
+1

Telephone
(467) 447-7430
(619) 738-7562
(304) 433-2970
(657) 689-0814
(202) 274-3030
(470) 996-0448
(221) 128-3754
(558) 708-1763
(185) 613-0334
(218) 310-4987
(042) 295-9875
(518) 951-6929
(588) 949-4545
(043) 923-4556
(882) 204-9642
(590) 648-9291
(789) 995-2413

Address
8348 Ninth Lane SE
3500 First Way
225 Pine Park
2353 Ninth Drive
1435 Market Parkway West
4113 Broad Lane
6676 Washington Place
7228 Valley Loop East
8595 Lake Canal
1915 Market Court
8180 View Crescent
7253 Hill Cove
9300 Elm Terrace
9325 Washington Loop
8391 Eighth Cove
8955 Market Lane North
4862 Main Lane NW

City
Aurora
Cape Coral
Rochester
Springfield
Tacoma
Arlington
Savannah
Lancaster
Midland
New Orleans
Riverside
Clearwater
Garden Grove
Virginia Beach
Irvine
Reno
Little Rock

State
IL
FL
MN
MO
WA
TX
GA
CA
TX
LA
CA
FL
CA
VA
CA
NV
AR

ZIP
Region
60504 Midwest
33904 Southeast
55901 Midwest
65802 Midwest
98402 West
76006 Southwest
31401 Southeast
93534 West
79701 Southwest
70112 Southeast
92501 West
34615 Southeast
92640 West
23451 Southeast
92714 West
89501 West
72201 Southeast

Order Dollar Amount Order Date Order Time Sales Rep ID

$
183,436 11/26/2020
10:52 PM
2
181,746 11/26/2020
5:05 PM
5
180,219 11/27/2020
5:43 PM
9
281,456
12/1/2020
8:01 PM
1
268,581
12/1/2020
3:26 AM
3
165,518
12/1/2020
1:41 AM
2
227,704
12/7/2020
12:05 AM
5
276,065 12/14/2020
7:51 PM
9
255,058 12/17/2020
10:09 PM
1
233,490 12/17/2020
1:53 PM
1
191,361 12/17/2020
11:42 PM
6
288,652 12/18/2020
4:33 PM
2
226,108 12/18/2020
4:51 AM
1
156,979 12/21/2020
10:01 AM
7
241,825 12/22/2020
2:19 PM
4
192,392 12/23/2020
9:18 AM
7
150,412 12/30/2020
3:02 AM
5