Walmart Valuation Model

Company Name
Current Share Price $124.06

Market Cap ($m) 354,222
Current Shares Outstanding (m) 2,855
Notes: Key Modeling Assumptions

2015 2016
Modeling Framework:
Focus:
Assumptions:
NOPAT
Revenue Growth 0.46%
COGS/Revenues 73% 73%
SG&A growth 5%
Average tax rate 30.3% 30.3%
Net Operating Assets
Inventories/COGS 12.7% 12.3%
Accounts Receivable/Revenue 1.17% 1.21%
Accounts Payable/COGS 10.95% 11.80%
Accrued Expenses/COGS 5.37% 5.67%
Net PP&E Growth -2.0%
Debt Financing
Debt/Invested Capital [Including cash] 40.05% 38.41%
Average Interest Rate on Debt 5% 5%
Shareholder Payout
Dividend Payout Ratio 42.83% 45.56%
Depreciation
Depreciation/Net PP&E 8.1% 8.8%
INCOME STATEMENT ($m) 2015 2016
Revenues 479,962 482,154

COGS 351,530 351,176
Gross Profits 128,432 130,978
SG&A 96,915 101,384

Depreciation & Amortization 9,454 10,080
Operating Profit 22,063 19,514
Non-Operating Items 2,288 3,320
Interest Expense 2,587 2,403
Special Item (126) 66
Pretax Profit 21,638 20,497
Income Taxes 6558 6204
Minority Interest Rate 386 650

Net Income 14,694 13,643
Net Income from the WRDS overlay 14,694 13,643
Tax Rate 30.31% 30.27%
Average shares outstanding 3,162 3,105

basic
diluted 3,217 3,112
End Period Shares Outstanding 3,162 3,048
reference: change in share count - (114)
Earnings Per Share

basic
diluted 4.65 4.39
Dividend Per Share

basic 1.99 2.00
Key Non-GAAP Measures

EBIT 22,063 19,514
EBITDA 31,517 29,594
CASH FLOW [Non-GAAP] 2015 2016

Step 1: Estimate Operating Cash Flow
NOPAT 15,376.19 13,607.53
Plus Depreciation 9,454 10,080

Plus Amortization - -
Operating Cash Flow 24,830 23,688
Step 2: Estimate Investment Spending

Net Working Capital Investment N/A 5,105
Capital Investment (CAPX) N/A (3,075)
Other Investment Spending - (3,824)
Total Investment Spending (1,794)
Step 3: Estimate FCF to the Firm 21,894
Step 4: Estimate Cash paid to Creditors

Net Debt Issued (or Retired) (3,158) (3,591)
Less After-Tax Interest Expenses (1,803) (1,676)
Cash From Creditors (4,961) (5,267)
Step 5: Estimate FCF Available to Shareholders (4,961) 16,627
Step 6: Estimate Cash paid to Shareholders

Net Equity Issued (or Repurchased) (4,112) (12,249)
Less Dividends on Common Stock (6,294) (6,216)
Cash From Shareholders (10,406) (18,465)
Step 7: Change in Cash Balance N/A (1,838)
Cash change in WRDS Overlay (430) (1,838)
Issue: cash flow statement does not capture all data on income statement & balance sheet
This cash flow statement does not capture the change in all of the assets & liabilities on your balance sheet
It also does not capture the cash of the non-operating profits & special items from your income statement
investment spending predicted in cash flow statement
Net Working Capital Investment

Net Fixed Asset Investment (CAPX & other)
Total predicted above
Investment spending implied by balance sheet
Impact: produces error in FCF forecast of the following amount (based on your estimates)
BALANCE SHEET ($m) 2015 2016
Key Non-GAAP Measures (for forecasting)

Cash & Cash Equivalents 8,705 6,867
Inventories 44,469 43,046
Accounts Receivable 5,624 5,835
Other current asset 1,441 1,941
Less Tax Payable 521 921
Less Other Current Liability 744 743
Less Accounts Payable 38,487 41,433
Less Accrued Expenses 18,863 19,911
Net Working Capital (Excluding Cash) (7,081) (12,186)
Net Working Capital 1,624 (5,319)
Gross PP&E 188,054 191,129

Accumulated Depreciation (71,538) (76,951)
Net Property, Plant & Equipment 116,516 114,178
Goodwill & Intangibles 16,695 17,037

Deferred Tax 3,357 4,333
Net Other 2,167 4,910
TOTAL: Net Assets 133,645 126,473
excluding cash 124,940 119,606
Interest Bearing Debt 50,034 45,938

Short-term Debt 2,708 1,099
Long-Term Debt [incl current portion] 47,326 44,839
Non-Controlling Interest (Non-redeemable) 3,065 2,737
Common Shareholder's Equity 80,546 77,798
Invested Capital 133,645 126,473
Ratio Analysis: 2015 2016
Returns
ROIC 11.5% 10.8%
ROE 18.2% 17.5%
Profit Margins
Gross Profit Margin 26.8% 27.2%
Operating Profit Margin 4.6% 4.0%
Net Profit Margin 3.1% 2.8%
Asset Efficiency
Revenues/Net Working Capital 295.54 (90.65)
Revenues/PP&E 4.12 4.22
Revenues/Invested Capital 3.59 3.81
inventory turnover 10.79 11.20
receivables turnover 85.34 82.63
payables turnover 12.47 11.64
Cash Cycle
Days Inventory 46.17 44.74
Days Receivables 4.28 4.42
Less Days Payables (14.34) (15.07)
Cash Cycle 36.11 34.08
Use of Debt
Operating Profit/Interest Expense 8.5 8.1
Interest Expense/Interest Bearing Debt 0.05 0.05
Debt/Invested Capital 0.37 0.36
Debt/Equity Ratio 0.62 0.59
Shareholder Payouts
Dividends & Buybacks/Net Income -34% -39%
Free Cash Flow to Equity/Net Income -0.34 1.22
Reminder: Dupont Formulas

ROIC = [Revenues/Invested Capital] x [Operating Profit Margin] x [1 - average tax rate]
ROE = ROIC + (Debt/Equity Ratio) * [ROIC - {(average interest rate on debt) * (1 - average tax rate)}]
Growth Rates 2015 2016
Income Statement
% change in revenues 0.5%
% change in operating profits -11.6%
% change in net income -7.2%
Cash Flow Statement

% change in Operating Cash Flow -4.6%
% change in Free Cash Flow to the Firm N/A
% change in Free Cash Flow to Equity N/A
Balance Sheet
% change in net working capital -428%
% change in net PP&E -2%
% change in invested capital -5%
% change in total debt -8.2%
% change in shareholder's equity -3.4%
Cost of Capital Estimates 2015 2016
Cost of Equity 3.03%

Risk Free Rate (for equity) 1.03% 20 year Treasury Yield Finra
Beta 0.4 data source?
Market Risk Premium 5.00% data source?
Cost of Debt 1.08%

Risk Free Rate 0.30% 5 year treasury rate (Finra)
Credit Risk Premium 0.78% NY University
Credit Rating AA S&P
Average Maturity of Debt 5
After Tax Cost of Debt 0.82%
Market Value of Equity 354,222 58.87%

Market Value of Debt 247,513 41.13%
Weighted Average Cost of Capital 2.119%
*Note: feel free to add more lines to estimate these (or estimate on a sepate tab & just pull your numbers)
Valuation Ratios 2015 2016
For Equity
Price/Earnings 15.1 16.4
Price/Book Value 2.748 2.874
Price/ Sales 46.1% 46.4%
Dividend yield 2.8% 2.8%
Free Cash Flow Yield -2.2% 7.4%
For Firm
EV/EBITDA 8.334 8.874
EV/Invested Capital 1.9654 2.0766
EV/ Sales 54.7% 54.5%
Free Cash Flow Yield 0.0% 8.3%
DCF Model 2015 2016
For Reference
WACC 2.119%
FCF to Firm
Terminal Value
PV of FCF from Forecast Period 7,206
Sustainable growth rate 0.6% terminal year FCF does not appear t
PV of Terminal Year $303,258.58
Value of non-operating assets 9,465 do they need this cash to support th
Estimated Value of Firm 319,930
Less Current Debt 72,433
Implied Value of Equity 247,497
per share 86.68
EV 262,669 262,631
Market cap 221,340 223,560
Share Price in the past 70 72
Adjusted Present Value
For Reference
Most Recent Year: 2019
Value of Unlevered Firm

FCF to FIrm
Terminal Value
Unlevered Beta 0.262
Unlevered Cost of Equity 2.34%
sustainable growth rate 0.6%
Value of non-operating assets 9,465
Est Value of Unlevered Firm 284,183
Value of "Tax Shield"

Tax savings due to interest expense
Terminal Value
PV of FCF from forecast Period 5,485
PV of Terminal Value $50,041.46
Est Value of "Tax Shield" 55,526
Value lost due to increased risk

probability of default 1%
expected loss in default 72,433
expected value lost due to default risk 724
Putting the Pieces Together

Value of Unlevered Firm 284,183
Plus Value of "Tax Shield" 55,526
Less Expected Loss Die To Increased Risk 724.33
Estimated Value of Firm 338,985.00
Less Current Debt (72,433)
Implied Value of Equity 266,552.00
per share 93.355
Historical Data Forecast Period
2017 2018 2019 2020 2021 2022
3.03% 3.01% 1.89% 0.65% 2.90% 1.40%

73% 73% 74% 74.10% 74.10% 74.10%
3% 2% 1% 4.00% 4.50% 4.30%
30.4% 37.4% 24.4% 24.0% 24.0% 24.0%
12.1% 11.8% 11.6% 11.00% 15.00% 15.00%

1.13% 1.23% 1.21% 1.23% 1.50% 1.70%
12.70% 12.56% 12.24% 11.0% 12.0% 12.5%
5.34% 5.40% 5.29% 5.6% 5.2% 4.9%
0.6% -3.0% 14.1% 0.5% 0.5% 0.5%
38.56% 44.66% 50.12% 51% 51% 50%

5% 4% 4% 5.30% 5.30% 5.30%
62.10% 91.48% 40.64% 0.0% 0.0% 15.0%
9.2% 9.6% 8.6% 8.2% 8.2% 8.2%
Historical Data
2017 2018 2019 2020 2021 2022
496,785 511,729 521,426 524,815 540,035 547,595

362,867 374,623 383,618 388,888 400,166 405,768
133,918 137,106 137,808 135,927 139,869 141,827
104,736 106,957 107,669 111,976 117,015 122,046

10,529 10,678 10,987 10,470 10,522 10,575
18,653 19,471 19,152 13,481 12,332 9,206
3,323 (625) 4,685 2,598 2,660 2,528
2,330 2,346 2,599 4,148 4,561 4,508
(4,523) (5,040) (1,122) (2,149) (2,554) (3,078)
15,123 11,460 20,116 9,782 7,878 4,149
4600 4281 4915 2,348 1,891 996
661 509 320 505 529 505

9,862 6,670 14,881 6,929 5,458 2,648
9,862 6,670 14,881 - - -
30.42% 37.36% 24.43% 24% 24% 24%
3,000 2,915 2,855 2,855 2,855 2,855
3,010 2,945 2,868 2,868 2,868 2,868

2,952 2,878 2,832 2,832 2,832 2,832
(96) (74) (46) - - -
3.29 2.29 5.21 2.43 1.91 0.93
2.04 2.09 2.12 - - 0.14

Dividend suspension?
18,653 19,471 19,152 13,481 12,332 9,206

29,182 30,149 30,139 23,951 22,854 19,781
Historical Data
2017 2018 2019 2020 2021 2022
12,979.27 12,197.41 14,472.54 10,245.78 9,372.25 6,996.44
10,529 10,678 10,987 10,470.11 10,522.46 10,575.07

- - - - - -
23,508 22,875 25,460 20,716 19,895 17,572
3,765 (479) 1,736 (21,956) (13,409) 822

(6,728) (713) (22,993) (11,105) (11,161) (11,217)
988 445 1,312 - - -
(1,975) (747) (19,945) (33,062) (24,570) (10,394)
21,533 22,128 5,515 (12,346) (4,675) 7,177
(1,437) 12,035 (1,071) 5,836.82 7,777.76 (992.37)

(1,621) (1,470) (1,964) (3,153) (3,466) (3,426)
(3,058) 10,565 (3,035) 2,684.11 4,311.76 (4,418.40)
18,475 32,694 2,480 (9,662) (363) 2,759
(12,462) (25,850) 5,327 0 0 0

(6,124) (6,102) (6,048) - - (397)
(18,586) (31,952) (721) - - (397)
(111) 742 1,759 (9,662) (363) 2,362
(111) 742 1,759
alance sheet
ties on your balance sheet

m your income statement
(21,956) (13,409) 822

(11,105) (11,161) (11,217)
(33,062) (24,570) (10,394)
(19,420) (25,773) (11,965)
ur estimates) 13,641.2 (1,203.2) (1,570.5)
Historical Data
2017 2018 2019 2020 2021 2022
can't have negative cash balance

6,756 7,722 9,465 (197) (560) 1,802
43,783 44,269 44,435 42,777.69 60,024.88 60,865.23
5,614 6,283 6,284 6,455.23 8,100.52 9,309.12
3,511 3,623 1,622 2,428 2,428 2,428
645 428 280 559 567 496
2,747 1,932 1,990 1,631 1,809 2,022
46,092 47,060 46,973 42,777.69 48,019.90 50,721.02
19,375 20,227 20,306 1,944 2,001 2,029
(15,951) (15,472) (17,208) 4,748 18,157 17,335
(9,195) (7,750) (7,743) 4,552 17,597 19,136
197,857 198,570 221,563 232,668.35 243,829.23 255,045.92

(83,039) (87,175) (94,514) (104,984) (115,507) (126,082)
114,818 111,395 127,049 127,684.25 128,322.67 128,964.28
18,242 36,981 36,273 25,046 26,716 28,651

3,831 6,296 6,204 4,804 5,094 5,246
7,275 3,337 4,610 796 619 406
127,309 137,667 153,985 153,274 168,161 171,912
120,553 129,945 144,520 153,470 168,721 170,110
46,487 58,033 72,433 78,269.82 86,047.58 85,055.20

5,257 5,225 575
41,230 52,808 71,858
2,953 7,138 6,883 (6,594) (4,943) (2,450)
77,869 72,496 74,669 81,598 87,057 89,307
127,309 137,667 153,985 153,274 168,161 171,912
120,553 129,945 144,520 153,470 168,721 170,110
Historical Data
2017 2018 2019 2020 2021 2022
10.2% 8.9% 9.4% 6.7% 5.6% 4.1%

12.7% 9.2% 19.9% 8.5% 6.3% 3.0%
27.0% 26.8% 26.4% 25.9% 25.9% 25.9%

3.8% 3.8% 3.7% 2.6% 2.3% 1.7%
2.0% 1.3% 2.9% 1.3% 1.0% 0.5%
(54.03) (66.03) (67.34) 115.30 30.69 28.62

4.33 4.59 4.10 4.11 4.21 4.25
3.90 3.72 3.39 3.42 3.21 3.19
11.35 11.56 11.73 12.27 9.00 9.00
88.49 81.45 82.98 81.30 66.67 58.82
10.78 10.87 11.10 12.27 11.25 10.80
44.04 43.13 42.28 40.15 54.75 54.75

4.12 4.48 4.40 4.49 5.48 6.21
(14.24) (14.43) (14.21) (1.35) (1.35) (1.35)
33.93 33.19 32.46 43.29 58.87 59.60
8.0 8.3 7.4 3.2 2.7 2.0

0.05 0.04 0.04 0.05 0.05 0.05
0.37 0.42 0.47 0.51 0.51 0.49
0.60 0.80 0.97 0.96 0.99 0.95
62.1% 91.5% 40.6% 0.0% 0.0% 15.0%

-31% 158% -20% 39% 79% -167%
1.87 4.90 0.17 -1.39 -0.07 1.04
1 - average tax rate)}]
Historical Data
2017 2018 2019 2020 2021 2022
3.0% 3.0% 1.9% 0.6% 2.9% 1.4%

-4.4% 4.4% -1.6% -29.6% -8.5% -25.3%
-27.7% -32.4% 123.1% -53.4% -21.2% -51.5%
-0.8% -2.7% 11.3% -18.6% -4.0% -11.7%

(0.02) 0.03 (0.75) (3.24) (0.62) (2.54)
11.12% 76.96% -92.42% -489.65% -96.24% -859.50%
73% -16% 0% -159% 287% 9%

1% -3% 14% 0.50% 0.50% 0.50%
1% 8% 12% 0% 10% 2%
1.2% 24.8% 24.8% 8.1% 9.9% -1.2%
0.1% -6.9% 3.0% 9.3% 6.7% 2.6%
Historical Data
2017 2018 2019 2020 2021 2022
ear Treasury Yield Finra
ar treasury rate (Finra)

what is this based on? need to explain
86.68
ab & just pull your numbers)
Historical Data
2017 2018 2019 2020 2021 2022
26.5 41.5 19.4 35.7 45.3 93.5

3.352 3.820 3.862 3.033 2.843 2.771
52.5% 54.1% 55.3% 47.2% 45.8% 45.2%
2.3% 2.2% 2.1% 0.0% 0.0% 0.2%
7.1% 11.8% 0.9% -3.9% -0.1% 1.1%
10.305 10.854 11.658 13.609 14.263 16.479

2.3622 2.3770 2.2817 2.1267 1.9384 1.8961
60.5% 63.9% 67.4% 62.1% 60.4% 59.5%
7.2% 6.8% 1.6% -3.8% -1.4% 2.2%
Historical Data
2017 2018 2019 2020 2021 2022
5,515 (12,346) (4,675) 7,177
minal year FCF does not appear to be consistent with this assumption, as changes predicted in working capital efficiency make in
hey need this cash to support their operations? (if so, shouldn't add it)
300,731 327,236 351,348 325,963 325,963 325,963

261,000 276,925 288,380 247,497 247,497 247,497
87 95 101 86.68 86.68 86.68
Forecast Period
2019 2020 2021 2022
5,515 (12,346) (4,675) 7,177
Should NOT include 2019 (it is in the past)
compatibiity issue between

unlevering method & 635.0 995.6 1094.5 1081.9
chice of discount rate for
tax shield
Should NOT include 2019 (it is in the past)
Incorrect Approach: need to estimate how much default will reduce firm value
Terminal Year
2023 2024 2025
0.50% 0.49% 0.60% 86.68

74.10% 73.70% 74.10%
4.00% 3.50% 0.6%
24.0% 24.0% 24.0%
11.30% 11.20% 10.0% why the projected change in the terminal year?
1.20% 1.12% 1.0% impact on FCF estimate makes TY estimates unstable / inconsis
11.5% 11.3% 11.0%
4.7% 4.6% 5.0%
0.5% 0.5% 0.6% appears to be disconnected from revenues growth during the fo
50% 50% 50% Note: you forecast this based on net assets excluding cash (misla
5.30% 5.30% 5.3% what is the reason for the projected increase here?
15.0% 15.0% 0.0% Because of the net loss at the terminal year
8.2% 8.2% 8.0% what is the reason behind this assumption?
Forecast Period Terminal Year

2023 2024 2025
550,333 553,030 556,348 A function of sales volumes & pricing | tied to working capital re
407,797 407,583 412,254 Also tied to PP&E, Capital Investment (increasing production ma
142,536 145,447 144,094###
126,928 131,371 132,159 Note: this contains D&A! (a function of PP&E & Intangibles, asse
10,628 10,681 10,483
4,980 3,395 1,452
2,369 2,968 2,625###
4,219 4,207 4,070 A function of debt & interest rates
(2,788) (2,338) (2,581) what are you expecting to produce these ongoing special items
342 (182) (2,574)
82 (44) (618) A function of pretax income & average tax rates
474 467 496 back averaging has produced a strange pattern here, is this inten
(213) (605) (2,452)
- - -
24% 24% 24%
2,855 2,855 2,855
2,868 2,868 2,868

2,832 2,832 2,832
- - -
(0.07) (0.21) (0.86)
(0.01) (0.03) -
4,980 3,395 1,452 these do not appear to capture the effect of either non-operatin
15,608 14,076 11,935

2023 2024 2025
3,784.99 2,580.33 1,103.69
10,627.95 10,681.09 10,483.10### Definition: EBIT x (1-average tax rate)

- - -
14,413 13,261 11,587
Connected to PP&E (& driven by investment choices)

13,500 (2) 4,795 Driven by error in balance sheet forecast; numbers here should h
(11,273) (11,329) (11,265)
- - -
2,227 (11,332) (6,470)
16,640 1,930 5,117
(5,455.68) (217.24) (2,590.26)

(3,206) (3,198) (3,093)
(8,661.95) (3,414.75) (5,683.44)
7,978 (1,485) (566)
0 0 0 mechanically: maintenance CAPX = depreciation

32 91 - mechanically: growth CAPX = desired growth rate * previous pe
32 91 -
8,010 (1,394) (566)
13,500 (2) 4,795

(11,273) (11,329) (11,265)
2,227 (11,332) (6,470)
283 (10,247) (5,303) Definition: OCF - Investments - Payments to Creditors - Payment
(1,944.0) 1,085.0 1,167.2

2023 2024 #REF!
9,812 8,418 7,852

46,081.06 45,649.31 41,225.40
6,604.00 6,193.94 5,563.48 see separate schedule (below)
2,428 2,428 2,428 beware averaging: make a modeling assumption
466 473 512
1,877 1,866 1,841
2,039 2,038 2,474 forecast tied to incorrect assumption (produces VERY extreme
3,834 3,837 (958)
13,647 12,255 6,894

(136,710) (147,391) (157,874)
129,609.10 130,257.15 131,038.69
30,733 29,484 28,126 beware averaging: make a modeling assumption

5,529 5,375 5,210
551 562 587 the formula for this does not make sense
169,011 167,183 161,436 see separate schedule (below)
159,199 158,765 153,584
79,599.53 79,382.29 76,792.03
286 (812) (1,516)

89,126 88,612 86,160
169,011 167,183 161,436
159,199 158,765 153,584
2023 2024 2025
2.2% 1.5% 0.7% Definition: EBIT x (1 - average tax rate) / Invested Capital
-0.2% -0.7% -2.8% Definition: Net Income Available to Common Shareholders / Sha
25.9% 26.3% 25.9% Definition: Gross Profit/Revenues

0.9% 0.6% 0.3% Definition: Operating Profit/Revenues
0.0% -0.1% -0.4% Definition: Net Income Available to Common Shareholders / Rev
40.33 45.13 80.70

4.25 4.25 4.25
3.26 3.31 3.45
11.94 12.11 13.50
83.33 89.29 100.00
11.74 12.01 12.27
41.25 40.88 36.50

4.38 4.09 3.65
(1.35) (1.35) (1.62)
44.27 43.62 38.53
1.2 0.8 0.4

0.05 0.05 0.05
0.47 0.47 0.48
0.89 0.90 0.89
15.0% 15.0% 0.0%

4059% 565% 232%
-37.39 2.46 0.23
reference: algebra & common sense

reference: texbook (chapter 3)

2023 2024 2025
0.5% 0.5% 0.6%

-45.9% -31.8% -57.2%
-108.1% 183.4% 305.4%
-18.0% -8.0% -12.6%

1.32 (0.88) 1.65
189.19% -118.61% -61.85%
-29% -10% -44% not consistent with sustainable growth assumption

0.50% 0.50% 0.60%
-2% -1% -3%
-6.4% -0.3% -3.3% not consistent with sustainable growth assumption
-0.2% -0.6% -2.8%

2023 2024 2025
2023 2024 2025
-1159.8 -409.2 -100.9

2.777 2.793 2.873
45.0% 44.8% 44.5%
0.0% 0.0% 0.0%
3.2% -0.6% -0.2%
20.884 23.157 27.311

1.9286 1.9497 2.0192
59.2% 58.9% 58.6%
5.1% 0.6% 1.6%

2023 2024 2025 Note: you can value either equity or the firm by using different f
16,640 1,930 5,117 terminal year cash flow estimate

336,786 perpetuity
rking capital efficiency make investment spending predicted in terminal year unsustainable, violating the stable growth assump
325,963 325,963 325,963
247,497 247,497 247,497
86.68 86.68 86.68
Terminal Year
2023 2024 2025
16,640 1,930 5,117

296,035
1012.5 1009.7 976.8

56510.8
the terminal year?
es TY estimates unstable / inconsisitent with sustanable growth assumption in DCF
rom revenues growth during the forecast period, and inconsistent with discussion of store expansion in 2020 & 2021
d on net assets excluding cash (mislabeled)

ojected increase here?
e terminal year
s assumption?
& pricing | tied to working capital requirements

estment (increasing production may require more assets)
unction of PP&E & Intangibles, asset life, accounting choices)
oduce these ongoing special items?
& average tax rates
a strange pattern here, is this intentional?
re the effect of either non-operating items or special items; need to note that this is an adjusted (operating) number so it can b
by investment choices)
eet forecast; numbers here should have been a red flag as they appear to move irrationally
CAPX = depreciation
= desired growth rate * previous period's Net PP&E
s - Payments to Creditors - Payments to Preferred Shareholders
odeling assumption
umption (produces VERY extreme change in forecasts!)
odeling assumption
t make sense
e tax rate) / Invested Capital
ble to Common Shareholders / Shareholder's Equity
ble to Common Shareholders / Revenues

le growth assumption
le growth assumption
quity or the firm by using different free cash flow estimates (& discount rates)
violating the stable growth assumption applied here

ansion in 2020 & 2021
d (operating) number so it can be used accurately
Company Name

2015 2016
Modeling Framework:
Focus:
Assumptions:
NOPAT
SG&A growth 5%
Debt Financing
Shareholder Payout
Depreciation
Depreciation/Net PP&E 8% 9%
Revenues 479,962 482,154

COGS 351,530 351,176
SG&A 96,915 101,384


Net Income 14,694 13,643
Tax Rate 30.31% 30.27%

basic
diluted 3,217 3,112
Earnings Per Share

basic
diluted 4.65 4.39
Dividend Per Share

basic 1.99 2.00

EBIT 22,063 19,514
EBITDA 31,517 29,594

NOPAT 15,376.19 13,607.53





Gross PP&E 188,054 191,129
Net Other 2,167 4,910


Returns
ROIC 11.5% 10.8%
ROE 18.2% 17.5%
Profit Margins
Asset Efficiency
Cash Cycle
Use of Debt
Shareholder Payouts

Income Statement
Cash Flow Statement

Balance Sheet

Beta 0.3
Market Risk Premium 4.00%
Cost of Debt 1.08%



For Equity
For Firm
EV/EBITDA 8.334 8.874
EV/ Sales 54.7% 54.5%
DCF Model 2015 2016
For Reference
WACC 1.648%
FCF to Firm
Terminal Value
Sustainable growth rate 0.8%
per share 274.91
EV 262,669 262,631
Market cap 221,340 223,560
For Reference

FCF to FIrm
Terminal Value

Terminal Value
sustainable growth rate 1%

expected value lost due to default risk 724.33

per share 259.190
2017 2018 2019 2020 2021 2022
3.03% 3.01% 1.89% 0.85% 3.10% 1.60%

73% 73% 74% 73.90% 73.90% 73.90%
3% 2% 1% 4.00% 4.50% 4.30%
30.4% 37.4% 24.4% 24% 24% 24%
12.1% 11.8% 11.6% 11.00% 15.00% 15.00%

1.13% 1.23% 1.21% 1.23% 1.50% 1.70%
12.70% 12.56% 12.24% 11.0% 12.0% 12.5%
5.34% 5.40% 5.29% 5.6% 5.2% 4.9%
0.6% -3.0% 14.1% 0.5% 0.5% 0.5%
38.56% 44.66% 50.12% 51% 51% 50%

5% 4% 4% 5.30% 5.30% 5.30%
62.10% 91.48% 40.64% 0.0% 0.0% 15.0%
9% 10% 9% 8% 8% 8%
Historical Data
2017 2018 2019 2020 2021 2022
496,785 511,729 521,426 525,858 542,160 550,834

362,867 374,623 383,618 388,609 400,656 407,067
133,918 137,106 137,808 137,249 141,504 143,768
104,736 106,957 107,669 111,976 117,015 122,046

10,529 10,678 10,987 10,470 10,522 10,575
18,653 19,471 19,152 14,803 13,967 11,146
3,323 (625) 4,685 2,598 2,660 2,528
2,330 2,346 2,599 4,149 4,562 4,510
(4,523) (5,040) (1,122) (2,149) (2,554) (3,078)
15,123 11,460 20,116 11,104 9,511 6,087
4600 4281 4915 2,665 2,283 1,461
661 509 320 505 529 505

9,862 6,670 14,881 7,934 6,700 4,121
9,862 6,670 14,881 - - -
30.42% 37.36% 24.43% 24% 24% 24%
3,000 2,915 2,855 2,855 2,855 2,855
3,010 2,945 2,868 2,868 2,868 2,868

2,952 2,878 2,832 2,832 2,832 2,832
(96) (74) (46) - - -
3.29 2.29 5.21 2.78 2.35 1.44
2.04 2.09 2.12 - - 0.22
18,653 19,471 19,152 14,803 13,967 11,146

29,182 30,149 30,139 25,273 24,489 21,721
Historical Data
2017 2018 2019 2020 2021 2022
12,979.27 12,197.41 14,472.54 11,250.36 10,614.59 8,471.25
10,529 10,678 10,987 10,470.11 10,522.46 10,575.07

- - - - - -
23,508 22,875 25,460 21,720 21,137 19,046
3,765 (479) 1,736 (21,970) (13,439) 786
(6,728) (713) (22,993) (11,105) (11,161) (11,217)
988 445 1,312 - - -
(1,975) (747) (19,945) (33,076) (24,600) (10,431)
21,533 22,128 5,515 (11,355) (3,463) 8,615
(1,437) 12,035 (1,071) 5,844.07 7,793.01 (974.36)

(1,621) (1,470) (1,964) (3,153) (3,467) (3,428)
(3,058) 10,565 (3,035) 2,691.07 4,326.11 (4,402.02)
18,475 32,694 2,480 (8,664) 864 4,213
(12,462) (25,850) 5,327 0 0 0

(6,124) (6,102) (6,048) - - (618)
(18,586) (31,952) (721) - - (618)
(111) 742 1,759 (8,664) 864 3,595
(111) 742 1,759

Historical Data
2017 2018 2019 2020 2021 2022
6,756 7,722 9,465 801 1,664 5,259

43,783 44,269 44,435 42,747.01 60,098.41 61,059.98
5,614 6,283 6,284 6,468.05 8,132.40 9,364.18
3,511 3,623 1,622 2,428 2,428 2,428
645 428 280 559 567 496
2,747 1,932 1,990 1,631 1,809 2,022
46,092 47,060 46,973 42,747.01 48,078.72 50,883.32
19,375 20,227 20,306 1,943.05 2,003.28 2,035.33
(15,951) (15,472) (17,208) 4,762 18,201 17,416
(9,195) (7,750) (7,743) 5,563 19,865 22,675
197,857 198,570 221,563 232,668.35 243,829.23 255,045.92
(83,039) (87,175) (94,514) (104,984) (115,507) (126,082)
114,818 111,395 127,049 127,684.25 128,322.67 128,964.28
18,242 36,981 36,273 25,046 26,716 28,651
3,831 6,296 6,204 4,804 5,094 5,246
7,275 3,337 4,610 796 619 406
127,309 137,667 153,985 154,285 170,429 175,451
120,553 129,945 144,520 153,484 168,765 170,191
46,487 58,033 72,433 78,277.07 86,070.08 85,095.72

5,257 5,225 575
41,230 52,808 71,858
2,953 7,138 6,883 (6,594) (4,943) (2,450)
77,869 72,496 74,669 82,603 89,302 92,805
127,309 137,667 153,985 154,285 170,429 175,451
120,553 129,945 144,520 153,484 168,765 170,191
Historical Data
2017 2018 2019 2020 2021 2022
10.2% 8.9% 9.4% 7.3% 6.2% 4.8%
12.7% 9.2% 19.9% 9.6% 7.5% 4.4%
27.0% 26.8% 26.4% 26.1% 26.1% 26.1%

3.8% 3.8% 3.7% 2.8% 2.6% 2.0%
2.0% 1.3% 2.9% 1.5% 1.2% 0.7%
(54.03) (66.03) (67.34) 94.52 27.29 24.29

4.33 4.59 4.10 4.12 4.22 4.27
3.90 3.72 3.39 3.41 3.18 3.14
11.35 11.56 11.73 12.30 9.02 9.02
88.49 81.45 82.98 81.30 66.67 58.82
10.78 10.87 11.10 12.30 11.28 10.83
44.04 43.13 42.28 40.15 54.75 54.75

4.12 4.48 4.40 4.49 5.48 6.21
(14.24) (14.43) (14.21) (1.35) (1.35) (1.35)
33.93 33.19 32.46 43.29 58.88 59.61
8.0 8.3 7.4 3.6 3.1 2.5

0.05 0.04 0.04 0.05 0.05 0.05
0.37 0.42 0.47 0.51 0.51 0.49
0.60 0.80 0.97 0.95 0.96 0.92
62.1% 91.5% 40.6% 0.0% 0.0% 15.0%

-31% 158% -20% 34% 65% -107%
1.87 4.90 0.17 -1.09 0.13 1.02
Historical Data
2017 2018 2019 2020 2021 2022
3.0% 3.0% 1.9% 0.8% 3.1% 1.6%

-4.4% 4.4% -1.6% -22.7% -5.7% -20.2%
-27.7% -32.4% 123.1% -46.7% -15.6% -38.5%
-0.8% -2.7% 11.3% -14.7% -2.7% -9.9%

(0.02) 0.03 (0.75) (3.06) (0.70) (3.49)
11.12% 76.96% -92.42% -449.43% -109.97% 387.90%
73% -16% 0% -172% 257% 14%

1% -3% 14% 0.50% 0.50% 0.50%
1% 8% 12% 0% 10% 3%
1.2% 24.8% 24.8% 8.1% 10.0% -1.1%
0.1% -6.9% 3.0% 10.6% 8.1% 3.9%
Historical Data
2017 2018 2019 2020 2021 2022
274.91
Historical Data
2017 2018 2019 2020 2021 2022
26.5 41.5 19.4 98.9 117.2 190.5

3.352 3.820 3.862 9.503 8.790 8.458
52.5% 54.1% 55.3% 149.3% 144.8% 142.5%
2.3% 2.2% 2.1% 0.0% 0.0% 0.1%
7.1% 11.8% 0.9% -1.1% 0.1% 0.5%
10.305 10.854 11.658 34.124 35.217 39.704

2.3622 2.3770 2.2817 5.5898 5.0603 4.9154
60.5% 63.9% 67.4% 164.0% 159.1% 156.6%
7.2% 6.8% 1.6% -1.3% -0.4% 1.0%
Historical Data
2017 2018 2019 2020 2021 2022
5,515 (11,355) (3,463) 8,615
300,731 327,236 351,348 862,418 862,418 862,418

261,000 276,925 288,380 784,941 784,941 784,941
87 95 101 274.91 274.91 274.91
Forecast Period
2019 2020 2021 2022
5,515 (11,355) (3,463) 8,615
635.0 995.7 1094.8 1082.4

Terminal Year
2023 2024 2025
0.70% 0.69% 0.80% 274.91

73.90% 73.50% 73.90%
4.00% 3.50% 0.8%
24% 24% 24%
11.30% 11.20% 10.0%

1.20% 1.12% 1.0%
11.5% 11.3% 11.0%
4.7% 4.6% 5.0%
0.5% 0.5% 0.8% appears to be disconnected from projections re/ revenue growth
50% 50% 50%

5.30% 5.30% 5.3%
8% 8% 8.0%

2023 2024 2025
144,774 148,007 146,939###
10,628 10,681 10,504
7,218 5,955 4,014
2,369 2,968 2,625###
(2,788) (2,338) (2,581)
2,579 2,377 2
619 571 1 A function of pretax income & average tax rates
474 467 496

1,487 1,340 (494)
- - -
24% 24% 24%
2,855 2,855 2,855
2,868 2,868 2,868

2,832 2,832 2,832
- - -
0.52 0.47 (0.17)
0.08 0.07 -
7,218 5,955 4,014

17,846 16,636 14,518

2023 2024 2025
5,485.70 4,526.11 3,050.42

- - -
16,114 15,207 13,554
13,544 (9) 5,665 Connected to Intangibles (& typically a result of M&A)
(11,273) (11,329) (11,546)
- - -
2,271 (11,338) (5,881)
18,385 3,869 7,673
(5,477.47) (214.01) (2,895.15)

(3,207) (3,198) (3,082)
(8,684.49) (3,412.41) (5,976.93)
9,700 457 1,697

(223) (201) - mechanically: growth CAPX = desired growth rate * previous pe
(223) (201) -
9,477 256 1,697
Definition: OCF - Investments - Payments to Creditors - Payment

2023 2024 #REF!
14,736 14,992 16,689

46,320.51 45,977.16 41,604.64
2,428 2,428 2,428
466 473 512
1,877 1,866 1,841
2,049.58 2,052.55 3,328.37
3,872 3,881 (1,784)
18,608 18,873 14,904
(136,710) (147,391) (157,895)
129,609.10 130,257.15 131,299.20
30,733 29,484 28,126
5,529 5,375 5,210
551 562 587
159,236 158,808 153,018
79,618.25 79,404.24 76,509.09
286 (812) (1,516)

94,069 95,208 94,714
173,973 173,801 169,707
159,236 158,808 153,018

2023 2024 2025
1.6% 1.4% -0.5% Definition: Net Income Available to Common Shareholders / Sha

0.3% 0.2% -0.1% Definition: Net Income Available to Common Shareholders / Rev
29.81 29.59 37.77

4.28 4.29 4.29
3.19 3.21 3.32
11.98 12.15 13.53
83.33 89.29 100.00
11.77 12.04 12.30
41.25 40.88 36.50

4.38 4.09 3.65
(1.35) (1.34) (2.16)
44.28 43.63 37.99
1.7 1.4 1.0

0.05 0.05 0.05
0.46 0.46 0.45
0.85 0.83 0.81
15.0% 15.0% 0.0%

-584% -255% 1210%
6.53 0.34 -3.43


2023 2024 2025
0.7% 0.7% 0.8%

-35.2% -17.5% -32.6%
-63.9% -9.9% -136.9%
-15.4% -5.6% -10.9%

1.13 (0.79) 0.98
130.23% -95.29% 271.48%
-18% 1% -21%
0.50% 0.50% 0.80%
-1% 0% -2%
-6.4% -0.3% -3.6%
1.4% 1.2% -0.5%

2023 2024 2025
2023 2024 2025
528.0 585.8 -1588.5

8.344 8.244 8.288
141.5% 140.5% 139.4%
0.0% 0.0% 0.0%
1.2% 0.1% 0.2%
48.326 51.839 59.405

4.9572 4.9621 5.0818
155.5% 154.4% 153.2%
2.1% 0.4% 0.9%

18,385 3,869 7,673

904,438
862,418 862,418 862,418

784,941 784,941 784,941
274.91 274.91 274.91
Terminal Year
2023 2024 2025
18,385 3,869 7,673

761,811
1012.7 1010.0 973.2

96617.1
rom projections re/ revenue growth during forecast period, and inconsistent with discussion of expected store openings
e terminal year

& average tax rates

ypically a result of M&A)
CAPX = depreciation


expected store openings
Company Name

2015 2016
Modeling Framework:
Focus:
Assumptions:
NOPAT
SG&A growth 5%
Debt Financing
Shareholder Payout
Depreciation
Depreciation/Net PP&E 8% 9%
Revenues 479,962 482,154

COGS 351,530 351,176
SG&A 96,915 101,384


Net Income 14,694 13,643
Tax Rate 30.31% 30.27%

basic
diluted 3,217 3,112
Earnings Per Share

basic
diluted 4.65 4.39
Dividend Per Share

basic 1.99 2.00

EBIT 22,063 19,514
EBITDA 31,517 29,594

NOPAT 15,376.19 13,607.53





Gross PP&E 188,054 191,129
Net Other 2,167 4,910


Returns
ROIC 11.5% 10.8%
ROE 18.2% 17.5%
Profit Margins
Asset Efficiency
Cash Cycle
Use of Debt
Shareholder Payouts

Income Statement
Cash Flow Statement

Balance Sheet

Beta 0.377
Market Risk Premium 4.36%
Cost of Debt 1.08%



For Equity
For Firm
EV/EBITDA 8.334 8.874
EV/ Sales 54.7% 54.5%
DCF Model 2015 2016
For Reference
WACC 1.909%
FCF to Firm
Terminal Value
Sustainable growth rate 0.7%
per share 150.05
EV 262,669 262,631
Market cap 221,340 223,560
For Reference

FCF to FIrm
Terminal Value

Terminal Value
sustainable growth rate 1%

expected value lost due to default risk 724.33

per share 148.701
2017 2018 2019 2020 2021 2022
3.03% 3.01% 1.89% 0.75% 3.00% 1.50%

73% 73% 74% 74% 74% 74%
3% 2% 1% 4.00% 4.50% 4.30%
30.4% 37.4% 24.4% 24% 24% 24%
12.1% 11.8% 11.6% 11.00% 15.00% 15.00%

1.13% 1.23% 1.21% 1.23% 1.50% 1.70%
12.70% 12.56% 12.24% 11.0% 12.0% 12.5%
5.34% 5.40% 5.29% 5.6% 5.2% 4.9%
0.6% -3.0% 14.1% 0.5% 0.5% 0.5%
38.56% 44.66% 50.12% 51% 51% 50%

5% 4% 4% 5.30% 5.30% 5.30%
62.10% 91.48% 40.64% 0.0% 0.0% 15.0%
9% 10% 9% 8% 8% 8%
Historical Data
2017 2018 2019 2020 2021 2022
496,785 511,729 521,426 525,337 541,097 549,213

362,867 374,623 383,618 388,749 400,412 406,418
133,918 137,106 137,808 136,588 140,685 142,795
104,736 106,957 107,669 111,976 117,015 122,046

10,529 10,678 10,987 10,470 10,522 10,575
18,653 19,471 19,152 14,142 13,148 10,174
3,323 (625) 4,685 2,598 2,660 2,528
2,330 2,346 2,599 4,148 4,561 4,509
(4,523) (5,040) (1,122) (2,149) (2,554) (3,078)
15,123 11,460 20,116 10,442 8,694 5,116
4600 4281 4915 2,506 2,086 1,228
661 509 320 505 529 505

9,862 6,670 14,881 7,431 6,078 3,383
9,862 6,670 14,881 - - -
30.42% 37.36% 24.43% 24% 24% 24%
3,000 2,915 2,855 2,855 2,855 2,855
3,010 2,945 2,868 2,868 2,868 2,868

2,952 2,878 2,832 2,832 2,832 2,832
(96) (74) (46) - - -
3.29 2.29 5.21 2.60 2.13 1.18
2.04 2.09 2.12 - - 0.18
18,653 19,471 19,152 14,142 13,148 10,174

29,182 30,149 30,139 24,612 23,670 20,749
Historical Data
2017 2018 2019 2020 2021 2022
12,979.27 12,197.41 14,472.54 10,747.67 9,992.51 7,732.30
10,529 10,678 10,987 10,470.11 10,522.46 10,575.07

- - - - - -
23,508 22,875 25,460 21,218 20,515 18,307
3,765 (479) 1,736 (21,963) (13,424) 804
(6,728) (713) (22,993) (11,105) (11,161) (11,217)
988 445 1,312 - - -
(1,975) (747) (19,945) (33,069) (24,585) (10,413)
21,533 22,128 5,515 (11,851) (4,070) 7,895
(1,437) 12,035 (1,071) 5,840.44 7,785.39 (983.38)

(1,621) (1,470) (1,964) (3,153) (3,466) (3,427)
(3,058) 10,565 (3,035) 2,687.59 4,318.94 (4,410.22)
18,475 32,694 2,480 (9,163) 249 3,484
(12,462) (25,850) 5,327 0 0 0

(6,124) (6,102) (6,048) - - (507)
(18,586) (31,952) (721) - - (507)
(111) 742 1,759 (9,163) 249 2,977
(111) 742 1,759

Historical Data
2017 2018 2019 2020 2021 2022
6,756 7,722 9,465 302 551 3,528

43,783 44,269 44,435 42,762.41 60,061.74 60,962.67
5,614 6,283 6,284 6,461.64 8,116.45 9,336.63
3,511 3,623 1,622 2,428 2,428 2,428
645 428 280 559 567 496
2,747 1,932 1,990 1,631 1,809 2,022
46,092 47,060 46,973 42,762.41 48,049.40 50,802.23
19,375 20,227 20,306 1,943.75 2,002.06 2,032.09
(15,951) (15,472) (17,208) 4,755 18,179 17,375
(9,195) (7,750) (7,743) 5,057 18,730 20,903
197,857 198,570 221,563 232,668.35 243,829.23 255,045.92
(83,039) (87,175) (94,514) (104,984) (115,507) (126,082)
114,818 111,395 127,049 127,684.25 128,322.67 128,964.28
18,242 36,981 36,273 25,046 26,716 28,651
3,831 6,296 6,204 4,804 5,094 5,246
7,275 3,337 4,610 796 619 406
127,309 137,667 153,985 153,779 169,294 173,679
120,553 129,945 144,520 153,477 168,743 170,151
46,487 58,033 72,433 78,273.44 86,058.83 85,075.45

5,257 5,225 575
41,230 52,808 71,858
2,953 7,138 6,883 (6,594) (4,943) (2,450)
77,869 72,496 74,669 82,100 88,178 91,054
127,309 137,667 153,985 153,779 169,294 173,679
120,553 129,945 144,520 153,477 168,743 170,151
Historical Data
2017 2018 2019 2020 2021 2022
10.2% 8.9% 9.4% 7.0% 5.9% 4.5%
12.7% 9.2% 19.9% 9.1% 6.9% 3.7%
27.0% 26.8% 26.4% 26.0% 26.0% 26.0%

3.8% 3.8% 3.7% 2.7% 2.4% 1.9%
2.0% 1.3% 2.9% 1.4% 1.1% 0.6%
(54.03) (66.03) (67.34) 103.88 28.89 26.27

4.33 4.59 4.10 4.11 4.22 4.26
3.90 3.72 3.39 3.42 3.20 3.16
11.35 11.56 11.73 12.29 9.01 9.01
88.49 81.45 82.98 81.30 66.67 58.82
10.78 10.87 11.10 12.29 11.26 10.81
44.04 43.13 42.28 40.15 54.75 54.75

4.12 4.48 4.40 4.49 5.48 6.21
(14.24) (14.43) (14.21) (1.35) (1.35) (1.35)
33.93 33.19 32.46 43.29 58.87 59.60
8.0 8.3 7.4 3.4 2.9 2.3

0.05 0.04 0.04 0.05 0.05 0.05
0.37 0.42 0.47 0.51 0.51 0.49
0.60 0.80 0.97 0.95 0.98 0.93
62.1% 91.5% 40.6% 0.0% 0.0% 15.0%

-31% 158% -20% 36% 71% -130%
1.87 4.90 0.17 -1.23 0.04 1.03
Historical Data
2017 2018 2019 2020 2021 2022
3.0% 3.0% 1.9% 0.8% 3.0% 1.5%

-4.4% 4.4% -1.6% -26.2% -7.0% -22.6%
-27.7% -32.4% 123.1% -50.1% -18.2% -44.3%
-0.8% -2.7% 11.3% -16.7% -3.3% -10.8%

(0.02) 0.03 (0.75) (3.15) (0.66) (2.94)
11.12% 76.96% -92.42% -469.55% -102.72% 1298.15%
73% -16% 0% -165% 270% 12%

1% -3% 14% 0.50% 0.50% 0.50%
1% 8% 12% 0% 10% 3%
1.2% 24.8% 24.8% 8.1% 9.9% -1.1%
0.1% -6.9% 3.0% 10.0% 7.4% 3.3%
Historical Data
2017 2018 2019 2020 2021 2022

Historical Data
2017 2018 2019 2020 2021 2022
26.5 41.5 19.4 57.7 70.5 126.6

3.352 3.820 3.862 5.218 4.859 4.705
52.5% 54.1% 55.3% 81.6% 79.2% 78.0%
2.3% 2.2% 2.1% 0.0% 0.0% 0.1%
7.1% 11.8% 0.9% -2.1% 0.1% 0.8%
10.305 10.854 11.658 20.576 21.394 24.406

2.3622 2.3770 2.2817 3.2931 2.9913 2.9157
60.5% 63.9% 67.4% 96.4% 93.6% 92.2%
7.2% 6.8% 1.6% -2.3% -0.8% 1.6%
Historical Data
2017 2018 2019 2020 2021 2022
(11,851) (4,070) 7,895
300,731 327,236 351,348 506,404 506,404 506,404

261,000 276,925 288,380 428,432 428,432 428,432
87 95 101 150.05 150.05 150.05
Forecast Period
2019 2020 2021 2022
- (11,851) (4,070) 7,895
635.0 995.6 1094.7 1082.2

Terminal Year
2023 2024 2025
0.60% 0.59% 0.7%

74% 74% 74%
4.00% 3.50% 0.7%
24% 24% 24%
11.30% 11.20% 10.0%

1.20% 1.12% 1.0%
11.5% 11.3% 11.0%
4.7% 4.6% 5.0%
0.5% 0.5% 0.7% appears to be disconnected from revenue growth during the for
50% 50% 50%

5.30% 5.30% 5.3%
8% 8% 8.0%

2023 2024 2025
143,652 146,723 145,511###
10,628 10,681 10,494
6,096 4,671 2,728
2,369 2,968 2,625###
(2,788) (2,338) (2,581)
1,458 1,093 (1,291)
350 262 (310) A function of pretax income & average tax rates
474 467 496

634 364 (1,477)
- - -
24% 24% 24%
2,855 2,855 2,855
2,868 2,868 2,868

2,832 2,832 2,832
- - -
0.22 0.13 (0.52)
0.03 0.02 -
6,096 4,671 2,728

16,724 15,352 13,221

2023 2024 2025
4,633.05 3,550.05 2,072.91

- - -
15,261 14,231 12,566
13,522 (6) 5,228 Connected to Intangibles (& typically a result of M&A)
(11,273) (11,329) (11,405)
- - -
2,249 (11,335) (6,177)
17,510 2,896 6,389
(5,466.58) (215.63) (2,741.75)

(3,207) (3,198) (3,088)
(8,673.23) (3,413.59) (5,829.27)
8,837 (517) 560

(95) (55) - mechanically: growth CAPX = desired growth rate * previous pe
(95) (55) -
8,742 (572) 560
Definition: OCF - Investments - Payments to Creditors - Payment

2023 2024 2025
12,270 11,698 12,258

46,200.76 45,813.09 41,414.74
2,428 2,428 2,428
466 473 512
1,877 1,866 1,841
2,044.28 2,045.23 2,899.03
3,853 3,859 (1,369)
16,123 15,557 10,888
(136,710) (147,391) (157,884)
129,609.10 130,257.15 131,168.95
30,733 29,484 28,126
5,529 5,375 5,210
551 562 587
159,218 158,786 153,303
79,608.87 79,393.24 76,651.49
286 (812) (1,516)

91,593 91,903 90,425
171,487 170,484 165,561
159,218 158,786 153,303

2023 2024 2025
0.7% 0.4% -1.6% Definition: Net Income Available to Common Shareholders / Sha

0.1% 0.1% -0.3% Definition: Net Income Available to Common Shareholders / Rev
34.27 35.73 51.40

4.26 4.27 4.27
3.22 3.26 3.38
11.96 12.13 13.51
83.33 89.29 100.00
11.75 12.02 12.29
41.25 40.88 36.50

4.38 4.09 3.65
(1.35) (1.34) (1.89)
44.27 43.62 38.26
1.4 1.1 0.7

0.05 0.05 0.05
0.46 0.47 0.46
0.87 0.86 0.85
15.0% 15.0% 0.0%

-1367% -937% 395%
13.93 -1.42 -0.38


2023 2024 2025
0.6% 0.6% 0.7%

-40.1% -23.4% -41.6%
-81.3% -42.5% -505.4%
-16.6% -6.7% -11.7%

1.22 (0.83) 1.21
153.61% -105.85% -208.24%
-23% -4% -30%

0.50% 0.50% 0.70%
-1% -1% -3%
-6.4% -0.3% -3.5%
0.6% 0.3% -1.6%

2023 2024 2025
2023 2024 2025
675.5 1175.6 -290.0

4.678 4.662 4.738
77.5% 77.1% 76.6%
0.0% 0.0% 0.0%
2.1% -0.1% 0.1%
30.280 32.986 38.303

2.9530 2.9704 3.0587
91.7% 91.1% 90.5%
3.5% 0.6% 1.3%

17,510 2,896 6,389

528,290
506,404 506,404 506,404

428,432 428,432 428,432
150.05 150.05 150.05
Terminal Year
2023 2024 2025
17,510 2,896 6,389

457,776
1012.6 1009.9 975.0

69857.9
rom revenue growth during the forecast period, and at odds with the new store openings discussed in the paper
e terminal year

& average tax rates

ypically a result of M&A)
CAPX = depreciation


ssed in the paper
WALMART INC
User's Note: this is designed to connect with a WRDS download that begins with the year 2000
Simply copy & paste the ENTIRE WRDS download over the "Raw Financials" tab & data should update
Historic Financial Statements 2000 2001 2002 2003
INCOME STATEMENT
Revenues 192,003 218,529 245,308 257,157
COGS 147,868 168,862 188,738 195,247
Gross Profits 44,135 49,667 56,570 61,910
gross profit margin 23% 23% 23% 24%
SG&A Expenses 31,550.00 36,173.00 41,043.00 44,909.00
Depreciation & Amortization 2,387.00 2,700.00 3,100.00 3,500.00
Operating Income (EBIT) 10,198.00 10,794.00 12,427.00 13,501.00
EBITDA 12,585.00 13,494.00 15,527.00 17,001.00
EBITDA margin 7% 6% 6% 7%
Interest Expense 1,467 1,456 1,187 1,140
Non-Operating Income/Expense 1,385 1,413 1,479 1,832
Special Items - - - -
Net Profits Before Taxes 10,116 10,751 12,719 14,193
Income Taxes 3,692 3,897 4,487 5,118
Minority Interest 129 183 193 214
Net Income From Continuing Operati 6,295 6,671 8,039 8,861
average tax rate 36% 36% 35% 36%
Extraordinary Items - - - -
Discontinued Operations - - - 193
Net Income(Reported) 6,295 6,671 8,039 9,054
Preferred Dividends - - - -
Net to Common 6,295 6,671 8,039 9,054
Common shares Outstanding

average shares outstanding 4,465 4,465 4,430 4,363
diluted shares outstanding 4,484 4,481 4,446 4,373
end period (actual) 4,470 4,453 4,395 4,311
Earnings Per Share

EPS (reported) 1.41 1.49 1.81 2.08
EPS (adjusted) 1.41 1.49 1.81 2.03
EPS (adjusted & diluted) 1.40 1.49 1.81 2.03
CASH FLOW STATEMENT [GAAP]
Net Income From Continuing Operations 6,295 6,671 8,039 8,861
Depreciation & Amortization 2,868 3,290 3,432 3,852
Change in Net Working Capital
Change in Receivables (422) (210) (101) 373
Change in Inventories (1,795) (1,235) (2,236) (1,973)
Change in Payables 2,072 1,493 2,553 4,458
Change in Accrued Income Taxes - - - -
Change in Other Accrued Expenses - - - -
Other (noncash adj & other) 586 251 845 425
Cash From Operations 9,604 10,260 12,532 15,996
Capital Expenditures (8,042) (8,383) (9,355) (10,308)

Asset Sales - - 455 481
Acquisitions (627) - - -
Other Investments (45) 1,237 (809) 1,515
Cash From Investments (8,714) (7,146) (9,709) (8,312)
net debt issuance (retirement) 64 (628) 2,401 941

net equity issuance (retirement) 388 (1,214) (3,232) (5,046)
dividends (1,070) (1,249) (1,328) (1,569)
other 176 113 (63) 111
Cash From Financing (442) (2,978) (2,222) (5,563)
Exchange Rate translation (250) (29) (4) 320

Increase (Decrease) in Cash Balances 198 107 597 2,441
check: WRDS data 198 107 597 2,441
BALANCE SHEET [GAAP]
Assets
Cash & Equiv 2,054 2,161 2,758 5,199

Receivables 1,768 2,000 2,108 1,254
Inventories 21,442 22,614 24,891 26,612
Prepaid Expenses - - - -
other current assets 1,291 1,471 726 1,356
Total Current Assets 26,555 28,246 30,483 34,421
Gross PP&E 52,433 58,618 67,051 75,887

Net of Accumulated Depreciation (11,499) (12,868) (15,147) (17,357)
Net PP&E 40,934 45,750 51,904 58,530
Equity Investments - - - -
Goodwill & Intangibles 9,059 8,595 9,521 9,882
Other assets 1,582 860 2,777 2,079
Total Assets 78,130 83,451 94,685 104,912
Accounts Payable 15,092 15,617 17,140 19,332

Notes Payable 2,286 743 1,079 3,267
Accrued Expenses 6,355 6,787 8,508 9,893
Taxes Payable 841 1,343 739 1,377
Current Portion of Long-term Debt 4,375 2,405 4,714 3,100
Other Current Liabilities - 387 437 449
Total Current Liabilities 28,949 27,282 32,617 37,418
Long-Term Debt 15,655 18,732 19,608 20,099

Deferred Taxes - - - -
Other liabilities 2,183 2,335 3,123 3,772
Total Liabilities 46,787 48,349 55,348 61,289
Preferreds - - - -
Non-Controlling Interest (Non-redee - - - -
Common Shareholder's Equity

Paid-In Capital 1,858 1,929 1,922 2,566
Retained Earnings 29,485 33,173 37,415 41,057
Less treasury stock - - - -
Common Shareholder's Equity 31,343 35,102 39,337 43,623
Total Assets - Total Liabils & Equity [shou - - - -
SIMPLIFIED BALANCE SHEET [Non-GAAP]

Net Assets
Cash & Cash Equivalents 2,054 2,161 2,758 5,199
Net Working Capital [excluding cash] 2,213 1,951 901 (1,829)
Net Working Capital 4,267 4,112 3,659 3,370
Gross PP&E 52,433 58,618 67,051 75,887

Accumulated Depreciation (11,499) (12,868) (15,147) (17,357)
Net PP&E 40,934 45,750 51,904 58,530
Equity Investments - - - -
Goodwill & Intangibles 9,059 8,595 9,521 9,882
Deferred Taxes (net) - - - -
Other (net) (601) (1,475) (346) (1,693)
Net Assets (total) 53,659 56,982 64,738 70,089
Financing
Short-term Debt 2,286 743 1,079 3,267
Long-Term Debt [incl current portion] 20,030 21,137 24,322 23,199
Preferred Stock - - - -
Non-Controlling Interest (Non-redeemable) - - - -
Common Shareholder's Equity 31,343 35,102 39,337 43,623
Total Financing 53,659 56,982 64,738 70,089
modeling check: Net Assets - Total Fin - - - -
Invested Capital = Debt + Preferreds + 53,659 56,982 64,738 70,089

2004 2005 2006 2007 2008 2009 2010
286,103 313,335 345,977 375,376 402,298 406,103 420,016

215,493 235,674 258,693 280,295 299,419 297,500 307,646
70,610 77,661 87,284 95,081 102,879 108,603 112,370
25% 25% 25% 25% 26% 27% 27%
51,105.00 56,733.00 64,001.00 70,297.00 76,299.00 79,347.00 81,020.00
4,300.00 4,717.00 5,459.00 6,317.00 6,739.00 7,157.00 7,641.00
15,205.00 16,211.00 17,824.00 18,467.00 19,841.00 22,099.00 23,709.00
19,505.00 20,928.00 23,283.00 24,784.00 26,580.00 29,256.00 31,350.00
7% 7% 7% 7% 7% 7% 7%
1,307 1,577 1,991 2,253 2,272 2,150 2,268
2,207 2,724 3,135 3,690 3,681 2,377 2,097
- - - 294 (352) (260) -
16,105 17,358 18,968 20,198 20,898 22,066 23,538
5,589 5,803 6,365 6,908 7,145 7,139 7,579
249 324 425 406 499 513 604
10,267 11,231 12,178 12,884 13,254 14,414 15,355
35% 33% 34% 34% 34% 32% 32%
- - - - - - -
- - (894) (153) 146 (79) 1,034
10,267 11,231 11,284 12,731 13,400 14,335 16,389
- - - - - - -
10,267 11,231 11,284 12,731 13,400 14,335 16,389
4,259 4,183 4,164 4,066 3,939 3,866 3,656

4,266 4,188 4,168 4,072 3,951 3,877 3,670
4,234 4,165 4,131 3,973 3,925 3,786 3,516
2.41 2.68 2.71 3.13 3.40 3.71 4.48

2.41 2.68 2.92 3.17 3.36 3.73 4.20
2.41 2.68 2.92 3.16 3.35 3.72 4.18
10,267 11,231 12,178 12,884 13,254 14,414 15,355
4,405 4,717 5,459 6,317 6,739 7,157 7,641
(304) (456) (214) (564) (101) (297) (733)

(2,635) (1,733) (1,274) (775) (220) 2,265 (3,086)
2,670 3,383 2,932 1,899 1,626 2,400 2,124
- - - - - - -
- - - - - - -
641 491 1,083 593 1,849 310 2,342
15,044 17,633 20,164 20,354 23,147 26,249 23,643
(12,893) (14,563) (15,666) (14,937) (11,499) (12,184) (12,699)

953 - 394 957 714 1,002 489
- - - - - - -
(411) 380 809 (1,690) 43 (438) 17
(12,351) (14,183) (14,463) (15,670) (10,742) (11,620) (12,193)
4,041 4,018 (92) 4,477 (2,918) (1,866) 7,456

(4,549) (3,580) (1,718) (7,691) (3,521) (7,276) (14,776)
(2,214) (2,511) (2,802) (3,586) (3,746) (4,217) (4,437)
113 (349) (227) (334) 267 (832) (271)
(2,609) (2,422) (4,839) (7,134) (9,918) (14,191) (12,028)
205 (102) 97 252 (781) 194 66

289 926 959 (2,198) 1,706 632 (512)
289 926 959 (2,198) 1,706 632 (512)
5,488 6,414 7,373 5,569 7,275 7,907 7,395

1,715 2,662 2,840 3,654 3,905 4,144 5,089
29,447 32,191 33,685 35,180 34,511 33,160 36,318
- - - - - - -
1,841 2,557 2,690 3,182 3,258 3,120 3,091
38,491 43,824 46,588 47,585 48,949 48,331 51,893
89,042 102,880 115,190 128,384 131,161 143,517 154,489

(20,475) (23,590) (26,750) (31,367) (35,508) (41,210) (46,611)
68,567 79,290 88,440 97,017 95,653 102,307 107,878
- - - - - - -
10,803 12,188 13,759 16,071 15,260 16,126 16,763
2,362 2,885 2,406 2,841 3,567 3,942 4,129
120,223 138,187 151,193 163,514 163,429 170,706 180,663
21,671 25,373 28,090 30,370 28,849 30,451 33,557

3,812 3,754 2,570 5,040 1,506 523 1,031
11,697 12,975 14,140 15,248 17,571 18,202 18,159
1,281 1,340 706 1,016 677 1,365 157
3,969 4,894 5,713 6,229 6,163 4,396 4,991
458 490 535 551 624 624 589
42,888 48,826 51,754 58,454 55,390 55,561 58,484
23,669 30,171 30,735 33,402 34,549 36,401 43,842

- - - - 3,076 2,722 3,641
4,270 6,019 7,131 7,050 5,129 3,093 3,449
70,827 85,016 89,620 98,906 98,144 97,777 109,416
- - - - - - -
- - - - - 2,180 2,705
2,848 3,013 3,247 3,425 4,313 4,181 3,929

46,548 50,158 58,326 61,183 60,972 66,568 64,613
- - - - - - -
49,396 53,171 61,573 64,608 65,285 70,749 68,542
- - - - - - -
5,488 6,414 7,373 5,569 7,275 7,907 7,395

(2,104) (2,768) (4,256) (5,169) (6,047) (10,218) (7,964)
3,384 3,646 3,117 400 1,228 (2,311) (569)
89,042 102,880 115,190 128,384 131,161 143,517 154,489

(20,475) (23,590) (26,750) (31,367) (35,508) (41,210) (46,611)
68,567 79,290 88,440 97,017 95,653 102,307 107,878
- - - - - - -
10,803 12,188 13,759 16,071 15,260 16,126 16,763
- - - - (3,076) (2,722) (3,641)
(1,908) (3,134) (4,725) (4,209) (1,562) 849 680
80,846 91,990 100,591 109,279 107,503 114,249 121,111
3,812 3,754 2,570 5,040 1,506 523 1,031

27,638 35,065 36,448 39,631 40,712 40,797 48,833
- - - - - - -
- - - - - 2,180 2,705
49,396 53,171 61,573 64,608 65,285 70,749 68,542
80,846 91,990 100,591 109,279 107,503 114,249 121,111
- - - - 0 - -
80,846 91,990 100,591 109,279 107,503 112,069 118,406

2011 2012 2013 2014 2015 2016 2017
444,948 467,231 474,259 483,521 479,962 482,154 496,785

326,997 343,987 349,199 355,913 351,530 351,176 362,867
117,951 123,244 125,060 127,608 128,432 130,978 133,918
27% 26% 26% 26% 27% 27% 27%
85,199.00 88,716.00 90,920.00 92,996.00 96,915.00 101,384.00 104,736.00
8,130.00 8,501.00 8,870.00 9,173.00 9,454.00 10,080.00 10,529.00
24,622.00 26,027.00 25,270.00 25,439.00 22,063.00 19,514.00 18,653.00
32,752.00 34,528.00 34,140.00 34,612.00 31,517.00 29,594.00 29,182.00
7% 7% 7% 7% 7% 6% 6%
2,382 2,325 2,413 2,520 2,587 2,403 2,330
2,224 2,192 2,232 2,302 2,288 3,320 3,323
(66) (157) (433) (422) (126) 66 (4,523)
24,398 25,737 24,656 24,799 21,638 20,497 15,123
7,944 7,981 8,105 7,985 6,558 6,204 4,600
688 757 633 632 386 650 661
15,766 16,999 15,918 16,182 14,694 13,643 9,862
33% 31% 33% 32% 30% 30% 30%
- - - - - - -
(67) - 104 181 - - -
15,699 16,999 16,022 16,363 14,694 13,643 9,862
- - - - - - -
15,699 16,999 16,022 16,363 14,694 13,643 9,862
3,460 3,374 3,269 3,230 3,207 3,101 2,995

3,474 3,389 3,283 3,243 3,217 3,112 3,010
3,418 3,314 3,233 3,228 3,162 3,048 2,952
4.54 5.04 4.90 5.07 4.58 4.40 3.29

4.56 5.04 4.87 5.01 4.58 4.40 3.29
4.54 5.02 4.85 4.99 4.57 4.38 3.28
15,766 16,999 15,918 16,182 14,694 13,643 9,862
8,130 8,501 8,870 9,173 9,454 10,080 10,529
(796) (614) (566) (569) (19) (402) (1,074)

(3,727) (2,759) (1,667) (1,229) (703) 1,021 (140)
2,746 1,332 634 3,927 3,311 5,079 5,014
- 981 (1,224) 166 (472) 492 (557)
- - - - - - -
2,136 1,151 1,292 914 1,124 1,617 4,703
24,255 25,591 23,257 28,564 27,389 31,530 28,337
(13,510) (12,898) (13,115) (12,174) (11,477) (10,619) (10,051)

580 532 727 570 635 456 378
- - - - - - (375)
(3,679) (245) 90 479 167 (3,824) 988
(16,609) (12,611) (12,298) (11,125) (10,675) (13,987) (9,060)
3,130 1,487 3,015 (5,018) (3,158) (3,591) (1,437)

(6,298) (7,600) (6,683) (1,015) (4,112) (8,298) (8,296)
(5,048) (5,361) (6,139) (6,185) (6,294) (6,216) (6,124)
(242) (498) (1,210) (2,853) (2,558) (824) (4,018)
(8,458) (11,972) (11,017) (15,071) (16,122) (18,929) (19,875)
(33) 223 (442) (514) (1,022) (452) 487

(845) 1,231 (500) 1,854 (430) (1,838) (111)
(845) 1,231 (500) 1,854 (430) (1,838) (111)
6,550 7,781 7,281 9,135 8,705 6,867 6,756

5,937 6,768 6,677 6,778 5,624 5,835 5,614
40,714 43,803 44,858 45,141 44,469 43,046 43,783
- - - - - - -
1,774 1,588 2,369 2,224 1,441 1,941 3,511
54,975 59,940 61,185 63,278 60,239 57,689 59,664
160,938 171,724 178,678 182,634 188,054 191,129 197,857

(48,614) (55,043) (60,771) (65,979) (71,538) (76,951) (83,039)
112,324 116,681 117,907 116,655 116,516 114,178 114,818
- - - - - - -
20,651 20,497 19,510 18,102 16,695 17,037 18,242
5,456 5,987 6,149 5,671 6,131 9,921 11,798
193,406 203,105 204,751 203,706 199,581 198,825 204,522
36,608 38,080 37,415 38,410 38,487 41,433 46,092

4,047 6,805 7,670 1,592 2,708 1,099 5,257
17,595 18,117 17,976 18,337 18,863 19,911 19,375
1,164 2,211 966 1,021 521 921 645
2,301 5,914 4,412 5,097 3,296 2,821 4,405
585 691 906 815 744 743 2,747
62,300 71,818 69,345 65,272 64,619 66,928 78,521
47,079 41,417 44,559 43,692 44,030 42,018 36,825

4,617 4,373 5,110 4,671 3,357 4,333 3,831
3,649 3,759 4,398 4,134 3,964 5,011 4,523
117,645 121,367 123,412 117,769 115,970 118,290 123,700
- - - - - - -
4,446 5,395 5,084 4,543 3,065 2,737 2,953
4,034 3,952 2,685 2,785 2,122 2,676 2,943

67,281 72,391 73,570 78,609 78,424 75,122 74,926
- - - - - - -
71,315 76,343 76,255 81,394 80,546 77,798 77,869
- - - - - - -
6,550 7,781 7,281 9,135 8,705 6,867 6,756

(7,527) (6,940) (3,359) (4,440) (7,081) (12,186) (15,951)
(977) 841 3,922 4,695 1,624 (5,319) (9,195)
160,938 171,724 178,678 182,634 188,054 191,129 197,857

(48,614) (55,043) (60,771) (65,979) (71,538) (76,951) (83,039)
112,324 116,681 117,907 116,655 116,516 114,178 114,818
- - - - - - -
20,651 20,497 19,510 18,102 16,695 17,037 18,242
(4,617) (4,373) (5,110) (4,671) (3,357) (4,333) (3,831)
1,807 2,228 1,751 1,537 2,167 4,910 7,275
129,188 135,874 137,980 136,318 133,645 126,473 127,309
4,047 6,805 7,670 1,592 2,708 1,099 5,257

49,380 47,331 48,971 48,789 47,326 44,839 41,230
- - - - - - -
4,446 5,395 5,084 4,543 3,065 2,737 2,953
71,315 76,343 76,255 81,394 80,546 77,798 77,869
129,188 135,874 137,980 136,318 133,645 126,473 127,309
- - - - - - -
124,742 130,479 132,896 131,775 130,580 123,736 124,356

2018 2019
511,729 521,426
374,623 383,618
137,106 137,808
27% 26%
106,957.00 107,669.00
10,678.00 10,987.00
19,471.00 19,152.00
30,149.00 30,139.00
6% 6%
2,346 2,599
(625) 4,685
(5,040) (1,122)
11,460 20,116
4,281 4,915
509 320
6,670 14,881
37% 24%
- -
- -
6,670 14,881
- -
6,670 14,881
2,929 2,850
2,945 2,868
2,878 2,832
2.28 5.22
2.28 5.22
2.26 5.19
6,670 14,881
10,678 10,987
(368) 154
(1,311) (300)
2,014 (88)
(40) (93)
- -
10,110 (286)
27,753 25,255
(10,344) (10,705)
519 321
(14,656) (56)
445 1,312
(24,036) (9,128)
12,035 (1,071)
(7,410) (5,717)
(6,102) (6,048)
(1,060) (1,463)
(2,537) (14,299)
(438) (69)
742 1,759
742 1,759
7,722 9,465
6,283 6,284
44,269 44,435
- -
3,623 1,622
61,897 61,806
198,570 221,563
(87,175) (94,514)
111,395 127,049
- -
36,981 36,273
9,022 11,367
219,295 236,495
47,060 46,973
5,225 575
20,227 20,306
428 280
2,605 7,666
1,932 1,990
77,477 77,790
50,203 64,192
6,296 6,204
5,685 6,757
139,661 154,943
- -
7,138 6,883
3,253 3,531
69,243 71,138
- -
72,496 74,669
- -
7,722 9,465
(15,472) (17,208)
(7,750) (7,743)
198,570 221,563
(87,175) (94,514)
111,395 127,049
- -
36,981 36,273
(6,296) (6,204)
3,337 4,610
137,667 153,985
5,225 575
52,808 71,858
- -
7,138 6,883
72,496 74,669
137,667 153,985
- -
130,529 147,102
NAME: WALMART INC
TICKER SYMBOL: WMT
PRIMARY SIC CODE: 5331
STOCK EXCHANGE: 11 New York Stock Exchange
CUSIP: 931142
STATEMENT OF FINANCIAL POSITION

Fiscal Year: 2000 2001 2002
(FYR Ending): (31JAN2001 ) (31JAN2002 ) (31JAN2003 )
ASSETS
Cash & Equivalents 2,054.000 2,161.000 2,758.000
Receivables - Total (Net) 1,768.000 2,000.000 2,108.000
Inventories - Total 21,442.000 22,614.000 24,891.000
Prepaid Expenses
Current Assets - Other 1,291.000 1,471.000 726.000
Current Assets - Total 26,555.000 28,246.000 30,483.000
Plant, Property & Equip (Gross) 52,433.000 58,618.000 67,051.000

Accumulated Depreciation 11,499.000 12,868.000 15,147.000
Plant, Property & Equip (Net) 40,934.000 45,750.000 51,904.000
Investments at Equity
Investments and Advances - Other .000 .000 .000
Intangibles 9,059.000 8,595.000 9,521.000
Deferred Charges
Assets - Other 1,582.000 860.000 2,777.000
TOTAL ASSETS 78,130.000 83,451.000 94,685.000

LIABILITIES
Accounts Payable 15,092.000 15,617.000 17,140.000
Notes Payable 2,286.000 743.000 1,079.000
Accrued Expenses 6,355.000 6,787.000 8,508.000
Taxes Payable 841.000 1,343.000 739.000
Debt (Long-Term) Due In One Year 4,375.000 2,405.000 4,714.000
Other Current Liabilities .000 387.000 437.000
Total Current Liabilities 28,949.000 27,282.000 32,617.000
Long Term Debt 15,655.000 18,732.000 19,608.000

Deferred Taxes (Balance Sheet)
Investment Tax Credit .000 .000 .000
Liabilities - Other 1,043.000 1,128.000 1,761.000
Noncontrolling Interest - Redeemable 1,140.000 1,207.000 1,362.000
TOTAL LIABILITIES 46,787.000 48,349.000 55,348.000
SHAREHOLDERS' EQUITY
Preferred Stock .000 .000 .000
Common Stock 447.000 445.000 440.000
Capital Surplus 1,411.000 1,484.000 1,482.000
Retained Earnings (Net Other) 29,485.000 33,173.000 37,415.000
Less: Treasury Stock .000 .000 .000
Shareholders Equity - Parent 31,343.000 35,102.000 39,337.000
Noncontrolling Interest - Nonredeemable
TOTAL SHAREHOLDERS EQUITY 31,343.000 35,102.000 39,337.000
TOTAL LIABILITIES AND EQUITY 78,130.000 83,451.000 94,685.000

INCOME STATEMENT
Fiscal Year: 2000 2001 2002
Sales (Net) 192,003.000 218,529.000 245,308.000
Cost of Goods Sold 147,868.000 168,862.000 188,738.000
Gross Profit 44,135.000 49,667.000 56,570.000

Selling, General, & Admin Expenses 31,550.000 36,173.000 41,043.000
Operating Income Before Depreciation 12,585.000 13,494.000 15,527.000

Depreciation, Depletion, & Amortiz 2,387.000 2,700.000 3,100.000
Operating Income After Depreciation 10,198.000 10,794.000 12,427.000

Interest Expense 1,467.000 1,456.000 1,187.000
Non-Operating Income/Expense 1,385.000 1,413.000 1,479.000
Special Items .000 .000 .000
Pretax Income 10,116.000 10,751.000 12,719.000

Income Taxes - Total 3,692.000 3,897.000 4,487.000
Minority Interest 129.000 183.000 193.000
Income Before EI&DO 6,295.000 6,671.000 8,039.000
Extraordinary Items .000 .000 .000
Discontinued Operations .000 .000 .000
Net Income (Loss) 6,295.000 6,671.000 8,039.000

Income Before EI&DO 6,295.000 6,671.000 8,039.000
Preferred Dividends .000 .000 .000
Available for Common Before EI&DO 6,295.000 6,671.000 8,039.000

Common Stock Equivalents - Savings .000 .000 .000
Adjusted Available for Common 6,295.000 6,671.000 8,039.000
EARNINGS PER SHARE

EPS - Primary, Excluding EI&DO 1.410 1.490 1.810
EPS - Primary, Including EI&DO 1.410 1.490 1.810
EPS - Fully Diluted, Excluding EI&DO 1.400 1.490 1.810
EPS - Fully Diluted, Including EI&DO 1.400 1.490 1.810
COMMON SHARES
Common Shares for Primary EPS Calculation 4,465.000 4,465.000 4,430.000
Common Shares for Fully Diluted EPS Calc. 4,484.000 4,481.000 4,446.000
Common Shares Outstanding at Fiscal Yr End 4,470.000 4,453.000 4,395.000
STATEMENT OF RETAINED EARNINGS

Fiscal Year: 2000 2001 2002
Retained Rearnings - Beginning Balance 24,674.000 29,485.000 33,173.000
Net Income 6,295.000 6,671.000 8,039.000
Cash Dividends 1,070.000 1,249.000 1,328.000
Retained Earnings After Dividends 29,899.000 34,907.000 39,884.000

Change - Foreign Currency Translation
Adj. to Long-Term Marketable Securities .000 .000 .000
Other CMP Adj,(Stock Splits/Retirement) .000 970.000 616.000
Non-Compustat Adjustments (Plug Calculation) -414.000 -2,704.000 -3,085.000
Retained Earnings - Ending Balance 29,485.000 33,173.000 37,415.000

Retroactive Adjustments (Acct'g Chgs) .000 .000 .000
Retained Earnings - After Adjustments 29,485.000 33,173.000 37,415.000
STATEMENT OF CASH FLOWS

Fiscal Year: 2000 2001 2002
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items 6,295.000 6,671.000 8,039.000
Depreciation and Amortizations 2,868.000 3,290.000 3,432.000
Extraordinary Items and Disc. Operations .000 .000 .000
Deferred Taxes 342.000 185.000 520.000
Equity in Net Loss (Earnings)
Sale of PPEq and Investments - Loss (Gain) .000 .000 .000
Funds from Operations - Other 244.000 66.000 325.000
Receivables - Decrease (Increase) -422.000 -210.000 -101.000
Inventory - Decrease (Increase) -1,795.000 -1,235.000 -2,236.000
Accounts/P and Accrued Liabs - Inc(Dec) 2,072.000 1,493.000 2,553.000
Income Taxes - Accrued - Increase(Decrease)
Other Assets and Liabilities - Net Change .000 .000 .000
Operating Actiities - Net Cash Flow 9,604.000 10,260.000 12,532.000
INVESTING ACTIVITIES
Investments - Increase .000 .000
Sale of Investments .000 .000 .000
Short term Investments - Change .000 .000 .000
Capital Expenditures 8,042.000 8,383.000 9,355.000
Sale of Property Plant and Equipment .000 .000 455.000
Acquisitions 627.000 .000
Investing Activities - Other -45.000 1,237.000 -809.000
Investing Activites - Net Cash Flow -8,714.000 -7,146.000 -9,709.000
FINANCING ACTIVITIES
Sale of Common and Preferred Stock 581.000 .000 .000
Purchase of Common and Preferred Stock 193.000 1,214.000 3,232.000
Cash Dividends 1,070.000 1,249.000 1,328.000
Long Term Debt - Issuance 3,778.000 4,591.000 2,044.000
Long Term Debt - Reduction 3,714.000 3,686.000 1,479.000
Current Debt - Changes -1,533.000 1,836.000
Financing Activities - Other 176.000 113.000 -63.000
Financing Activities - Net Cash Flow -442.000 -2,978.000 -2,222.000
Exchange Rate Effect -250.000 -29.000 -4.000
Cash and Cash Equivalents - Change 198.000 107.000 597.000
OTHER INFORMATION
Interest Paid - Net< 1,319.000 1,312.000 1,082.000
Income Taxes Paid 3,509.000 3,196.000 4,462.000
ADDITIONAL SCHEDULES
Fiscal Year: 2000 2001 2002
Receivables - Trade 1,768.000 2,000.000 2,108.000
Income Tax Refund .000 .000 .000
Receivables - Other - Current .000 .000 .000

Inventories - Raw Materials
Inventories - Work In Process
Inventories - Finished Goods
Inventories - Other
LESS: Debt (Long Term) Due In One Year -4,375.000 -2,405.000 -4,714.000
Debt - Convertible Subordinated .000 .000 .000
Debt - Senior Convertible .000 .000 .000
Debt - Subordinated .000 .000 .000
Debt - Notes 11,510.000 14,828.000 15,141.000
Debt - Debentures 200.000 .000 .000
Debt - Long Term - Other 791.000 859.000 1,466.000
Debt - Capitalized Lease Obligations 3,154.000 3,045.000 3,001.000
Long Term Debt Total 15,655.000 18,732.000 19,608.000
Property, Plant and Equipment (Cost)

Beginning Balance
Retirements
Other Changes
Ending Balance 52,433.000 58,618.000 67,051.000
Accumulated Depreciation on PPE

Beginning Balance
Depreciation Expense
Depletion Expense
Retirements
Other Changes
Ending Balance 11,499.000 12,868.000 15,147.000
Deferred Taxes - Federal 457.000 230.000 348.000

Deferred Taxes - Foreign -149.000 -62.000 143.000
Deferred Taxes - State 34.000 17.000 29.000
Income Taxes - Federal 2,641.000 3,021.000 3,377.000
Income Taxes - Foreign 412.000 381.000 355.000
Income Taxes - State 297.000 310.000 235.000
Income Taxes - Other .000 .000 .000
Common Shares Reserved For Conversion

Convertible Debt
Preferred Stock
Stock Options
Warrants and Other
Total
ADDITIONAL DATA
Fiscal Year: 2000 2001 2002
Acquisitions - Income Contribution .000
Acquisitions - Sales Contribution .000
Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000
Advertising Expense 574.000 618.000 676.000
Average Short Term Borrowing Rate 6.400 3.700 1.700
Average Short term Borrowing 4,528.000 2,606.000 1,549.000
Common Shareholders (# of) 362.000 324.000 330.000
Common Shares Traded (Calendar Yr) 2,038,999,600.000 1,866,457,800.000 2,289,654,800.000
Compensating Balance
Convertible Debt and Preferred Stock .000 .000 .000
Debt (Long Term) Maturing Due in 2 Years 1,783.000 3,998.000 2,815.000
Debt (Long Term) Maturing Due in 4 Years Years 2,345.000 1,123.000 2,475.000
Debt - Long-Term Debt - Tied to Prime .000
Debt - Martgages and Other Securities 3,309.000 3,206.000 3,084.000
Debt - Unamortized Debt Discount and Other .000 .000 .000
Dividends (Cash)per Share Ex-Date .240 .280 .300
Dividends (Cash) - Common 1,070.000 1,249.000 1,328.000
Dividends (Cash) - Preferred .000 .000 .000
Employees (# of) 1,244.000 1,383.000 1,400.000
Equity in Earnings - Unconsolidated Subs 78,130.000 83,451.000 94,685.000
Foreign Currency Translation Adj - Bal. Sheet -684.000 -2,238.000 -1,125.000
Foreign Currency Translation Adj - Inc. Stmnt.
Interest Capitalized (in fiscal yr) 93.000 130.000 124.000
Interest Capitalized - Net Income Effect
Interest Expense on Long Term Debt
Labor Related Expenses
LIFO Reserve 202.000 135.000 165.000
Order Backlog .000 .000 .000
Preferred Stock - Dividends In Arrears .000 .000 .000
Preferred Stock - Liquidation Value .000 .000 .000
Preferred Stock - Redemption Value .000 .000 .000
Present Value - Noncapitalized Leases 4,620.000 4,626.000 4,814.000
Price - Calendar Year Close 53.125 57.550 50.510
Price - Calendar Year High 69.000 58.750 63.940
Price - Calendar Year Low 41.438 41.500 43.720
Price - Fiscal Year Close 56.800 59.980 47.800
Receivables - Estimated Doubtful
Rental Commitments - Minimum Year+1 564.000 623.000 589.000
Rental Expense 893.000 1,043.000 1,091.000
Rental Income
Research and Development Expense .000 .000 .000
Tax Loss Carry Forward
Treasury Stock ($) - Common .000 .000 .000
Treasury Stock ($) - Preferred .000 .000 .000
Treasury Stock - # Shares .000 .000 .000
INPUTS INTO FINANCIAL STATEMENTS AND MARKET

RELATIONS
Fiscal Year: 2000 2001 2002
Cash & Equivalents 2,054.000 2,161.000 2,758.000
Prepaid Expenses
Current Assets - Other 1,291.000 1,471.000 726.000
Current Assets - Total 26,555.000 28,246.000 30,483.000
Plant, Property & Equip (Gross) 52,433.000 58,618.000 67,051.000
Accumulated Depreciation 11,499.000 12,868.000 15,147.000
Plant, Property & Equip (Net) 40,934.000 45,750.000 51,904.000
Investments at Equity
Investments and Advances - Other .000 .000 .000
Intangibles 9,059.000 8,595.000 9,521.000
Deferred Charges
Assets - Other 1,582.000 860.000 2,777.000
TOTAL ASSETS 78,130.000 83,451.000 94,685.000
Accounts Payable 15,092.000 15,617.000 17,140.000
Notes Payable 2,286.000 743.000 1,079.000
Accrued Expenses 6,355.000 6,787.000 8,508.000
Taxes Payable 841.000 1,343.000 739.000
Debt (Long-Term) Due In One Year 4,375.000 2,405.000 4,714.000
Other Current Liabilities 6,355.000 7,174.000 8,945.000
Total Current Liabilities 28,949.000 27,282.000 32,617.000
Long Term Debt 15,655.000 18,732.000 19,608.000
Deferred Taxes (Balance Sheet)
Liabilities - Other 1,043.000 1,128.000 1,761.000
TOTAL LIABILITIES 46,787.000 48,349.000 55,348.000
Noncontrolling Interest - Redeemable 1,140.000 1,207.000 1,362.000
Preferred Stock .000 .000 .000
Common Stock 447.000 445.000 440.000
Capital Surplus 1,411.000 1,484.000 1,482.000
Retained Earnings (Net Other) 29,485.000 33,173.000 37,415.000
Less: Treasury Stock .000 .000 .000
Shareholders Equity - Parent 31,343.000 35,102.000 39,337.000
Noncontrolling Interest - Nonredeemable
TOTAL SHAREHOLDERS EQUITY 31,343.000 35,102.000 39,337.000
Sales (Net) 192,003.000 218,529.000 245,308.000
Cost of Goods Sold 147,868.000 168,862.000 188,738.000
Gross Profit 44,135.000 49,667.000 56,570.000
Selling, General, & Admin Expenses 31,550.000 36,173.000 41,043.000
Operating Income Before Depreciation 12,585.000 13,494.000 15,527.000
Depreciation, Depletion, & Amortization 2,387.000 2,700.000 3,100.000
Operating Income After Depreciation 10,198.000 10,794.000 12,427.000
Interest Expense 1,467.000 1,456.000 1,187.000
Non-Operating Income/Expense 1,385.000 1,413.000 1,479.000
Special Items .000 .000 .000
Pretax Income 10,116.000 10,751.000 12,719.000
Minority Interest 129.000 183.000 193.000
INCOME BEFORE EI&DO 6,295.000 6,671.000 8,039.000
Extraordinary Items .000 .000 .000
Discontinued Operations .000 .000 .000
Net Income (Loss) 6,295.000 6,671.000 8,039.000
Preferred Dividends .000 .000 .000
EPS - Primary - Excluding EI&DO 1.410 1.490 1.810
EPS - Primary - Including EI&DO 1.410 1.490 1.810
EPS - Fully Diluted - Excluding EI&DO 1.400 1.490 1.810
EPS - Fully Diluted - Including EI&DO 1.400 1.490 1.810
SHARES - for Primary EPS Calculation 4,465.000 4,465.000 4,430.000
STATEMENT OF CASH FLOWS
SHARES - for Fully Diluted EPS Calculation 4,484.000 4,481.000 4,446.000
SHARES - Outstanding at Fiscal Year End 4,470.000 4,453.000 4,395.000
Operating Activities - Net Cash Flow 9,604.000 10,260.000 12,532.000
Sale of Property Plant and Equipment .000 .000 455.000
Acquisitions 627.000 .000
Investing Activites - Net Cash Flow -8,714.000 -7,146.000 -9,709.000
Cash Dividends 1,070.000 1,249.000 1,328.000
CASH STATEMENT - SOURCE & USE
Interest Paid - Net 1,319.000 1,312.000 1,082.000
Income Taxes Paid 3,509.000 3,196.000 4,462.000
Funds From Operations - Total
Current Debt - Changes -1,533.000 1,836.000
Working Capital Changes - Other - Inc(Dec)
Adjustmnet Factor-Cum, Ex-Date 1.000 1.000 1.000
Advertising Expense 574.000 618.000 676.000
Dividends (Cash)per Share Ex-Date .240 .280 .300
Dividends (Cash) - Common 1,070.000 1,249.000 1,328.000
Dividends (Cash) - Preferred .000 .000 .000
Preferred Stock - Liquidation Value .000 .000 .000
Preferred Stock - Redemption Value .000 .000 .000
Price - Calendar Year Close 53.125 57.550 50.510
Price - Fiscal Year Close 56.800 59.980 47.800
Receivables - Estimated Doubtful
Rental Expense 893.000 1,043.000 1,091.000
Research and Development Expense .000 .000 .000
2003 2004 2005 2006 2007
(31JAN2004 ) (31JAN2005 ) (31JAN2006 ) (31JAN2007 ) (31JAN2008 )
5,199.000 5,488.000 6,414.000 7,373.000 5,569.000

1,254.000 1,715.000 2,662.000 2,840.000 3,654.000
26,612.000 29,447.000 32,191.000 33,685.000 35,180.000
1,356.000 1,841.000 2,557.000 2,690.000 3,182.000
34,421.000 38,491.000 43,824.000 46,588.000 47,585.000
75,887.000 89,042.000 102,880.000 115,190.000 128,384.000

17,357.000 20,475.000 23,590.000 26,750.000 31,367.000
58,530.000 68,567.000 79,290.000 88,440.000 97,017.000
.000 .000 .000 .000 .000

9,882.000 10,803.000 12,188.000 13,759.000 16,071.000
2,079.000 2,362.000 2,885.000 2,406.000 2,841.000
104,912.000 120,223.000 138,187.000 151,193.000 163,514.000

19,332.000 21,671.000 25,373.000 28,090.000 30,370.000
3,267.000 3,812.000 3,754.000 2,570.000 5,040.000
9,893.000 11,697.000 12,975.000 14,140.000 15,248.000
1,377.000 1,281.000 1,340.000 706.000 1,016.000
3,100.000 3,969.000 4,894.000 5,713.000 6,229.000
449.000 458.000 490.000 535.000 551.000
37,418.000 42,888.000 48,826.000 51,754.000 58,454.000
20,099.000 23,669.000 30,171.000 30,735.000 33,402.000
.000 .000 .000 .000 .000

2,288.000 2,947.000 4,552.000 4,971.000 5,111.000
1,484.000 1,323.000 1,467.000 2,160.000 1,939.000
61,289.000 70,827.000 85,016.000 89,620.000 98,906.000
.000 .000 .000 .000 .000

431.000 423.000 417.000 413.000 397.000
2,135.000 2,425.000 2,596.000 2,834.000 3,028.000
41,057.000 46,548.000 50,158.000 58,326.000 61,183.000
.000 .000 .000 .000 .000
43,623.000 49,396.000 53,171.000 61,573.000 64,608.000
43,623.000 49,396.000 53,171.000 61,573.000 64,608.000
104,912.000 120,223.000 138,187.000 151,193.000 163,514.000

2003 2004 2005 2006 2007
257,157.000 286,103.000 313,335.000 345,977.000 375,376.000
195,247.000 215,493.000 235,674.000 258,693.000 280,295.000
61,910.000 70,610.000 77,661.000 87,284.000 95,081.000

44,909.000 51,105.000 56,733.000 64,001.000 70,297.000
17,001.000 19,505.000 20,928.000 23,283.000 24,784.000

3,500.000 4,300.000 4,717.000 5,459.000 6,317.000
13,501.000 15,205.000 16,211.000 17,824.000 18,467.000

1,140.000 1,307.000 1,577.000 1,991.000 2,253.000
1,832.000 2,207.000 2,724.000 3,135.000 3,690.000
.000 .000 .000 294.000
14,193.000 16,105.000 17,358.000 18,968.000 20,198.000

5,118.000 5,589.000 5,803.000 6,365.000 6,908.000
214.000 249.000 324.000 425.000 406.000
8,861.000 10,267.000 11,231.000 12,178.000 12,884.000
.000 .000 .000 .000 .000
193.000 .000 .000 -894.000 -153.000
9,054.000 10,267.000 11,231.000 11,284.000 12,731.000

8,861.000 10,267.000 11,231.000 12,178.000 12,884.000
.000 .000 .000 .000 .000
8,861.000 10,267.000 11,231.000 12,178.000 12,884.000

.000 .000 .000 .000 .000
8,861.000 10,267.000 11,231.000 12,178.000 12,884.000
2.030 2.410 2.680 2.920 3.170

2.080 2.410 2.680 2.710 3.130
2.030 2.410 2.680 2.920 3.160
2.070 2.410 2.680 2.710 3.130
4,363.000 4,259.000 4,183.000 4,164.000 4,066.000

4,373.000 4,266.000 4,188.000 4,168.000 4,072.000
4,311.000 4,234.000 4,165.000 4,131.000 3,973.000
2003 2004 2005 2006 2007

37,415.000 41,057.000 46,548.000 50,158.000 58,326.000
9,054.000 10,267.000 11,231.000 11,284.000 12,731.000
1,569.000 2,214.000 2,511.000 2,802.000 3,586.000
44,900.000 49,110.000 55,268.000 58,640.000 67,471.000
.000 .000 .000 .000 .000

291.000 4.000 283.000 -367.000 -229.000
-4,134.000 -2,566.000 -5,393.000 53.000 -6,059.000
41,057.000 46,548.000 50,158.000 58,326.000 61,183.000

.000 .000 .000 .000 .000
41,057.000 46,548.000 50,158.000 58,326.000 61,183.000
2003 2004 2005 2006 2007

8,861.000 10,267.000 11,231.000 12,178.000 12,884.000

3,852.000 4,405.000 4,717.000 5,459.000 6,317.000
50.000 .000 .000 -45.000 .000
177.000 263.000 -129.000 89.000 -8.000
.000 .000 .000 .000 .000

198.000 378.000 620.000 1,039.000 601.000
373.000 -304.000 -456.000 -214.000 -564.000
-1,973.000 -2,635.000 -1,733.000 -1,274.000 -775.000
4,458.000 2,670.000 3,383.000 2,932.000 1,899.000
.000 .000 .000 .000 .000
15,996.000 15,044.000 17,633.000 20,164.000 20,354.000
38.000 315.000 601.000 68.000 1,338.000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
10,308.000 12,893.000 14,563.000 15,666.000 14,937.000
481.000 953.000 394.000 957.000
.000 .000 .000 .000 .000
1,553.000 -96.000 981.000 877.000 -352.000
-8,312.000 -12,351.000 -14,183.000 -14,463.000 -15,670.000
.000 .000 .000 .000 .000

5,046.000 4,549.000 3,580.000 1,718.000 7,691.000
1,569.000 2,214.000 2,511.000 2,802.000 3,586.000
4,099.000 5,832.000 7,691.000 7,199.000 11,167.000
3,846.000 2,335.000 2,969.000 6,098.000 9,066.000
688.000 544.000 -704.000 -1,193.000 2,376.000
111.000 113.000 -349.000 -227.000 -334.000
-5,563.000 -2,609.000 -2,422.000 -4,839.000 -7,134.000
320.000 205.000 -102.000 97.000 252.000
2,441.000 289.000 926.000 959.000 -2,198.000
1,024.000 1,163.000 1,390.000 1,553.000 1,622.000

4,358.000 5,593.000 5,962.000 6,665.000 6,299.000
2003 2004 2005 2006 2007

1,254.000 1,715.000 2,662.000 2,840.000 3,654.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
1,254.000 1,715.000 2,662.000 2,840.000 3,654.000

26,612.000 29,447.000 32,191.000 33,685.000 35,180.000
-3,100.000 -3,969.000 -4,894.000 -5,713.000 -6,229.000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
15,839.000 22,718.000 30,152.000 31,891.000 34,852.000
.000 .000 .000 .000 .000
1,263.000 1,008.000 612.000 409.000 520.000
2,997.000 3,912.000 4,301.000 4,148.000 4,259.000
20,099.000 23,669.000 30,171.000 30,735.000 33,402.000
10,308.000 12,893.000 14,563.000 15,666.000 14,937.000
75,887.000 89,042.000 102,880.000 115,190.000 128,384.000

17,357.000 20,475.000 23,590.000 26,750.000 31,367.000
31.000 311.000 -62.000 -15.000 12.000

144.000 23.000 -123.000 100.000 -26.000
2.000 -71.000 56.000 4.000 6.000
4,039.000 4,116.000 4,646.000 4,871.000 5,145.000
569.000 570.000 837.000 883.000 1,247.000
333.000 640.000 449.000 522.000 524.000
.000 .000 .000 .000 .000
5,118.000 5,589.000 5,803.000 6,365.000 6,908.000
2003 2004 2005 2006 2007

.000 .000 .000
.000 .000 .000
1.000 1.000 1.000 1.000 1.000
966.000 1,400.000 1,600.000 1,900.000 2,000.000
1.100 1.600 3.400 4.700 4.900
1,498.000 4,823.000 5,719.000 4,741.000 5,657.000
335.000 331.000 312.663 312.423 303.823
2,102,915,985.000 2,523,860,900.000 3,322,710,600.000 3,356,984,500.000 4,370,618,619.000
.000 .000 .000 .000 .000

3,240.000 3,914.000 3,608.000 5,039.000 5,362.000
2,712.000 2,077.000 3,408.000 5,141.000 3,563.000
1,983.000 1,527.000 5,165.000 3,380.000 3,108.000
1,434.000 5,242.000 3,391.000 3,003.000 1,086.000
6,726.000 7,513.000 4,688.000
3,059.000 3,980.000 5,401.000 4,481.000 5,359.000
.000 .000 .000 .000 .000
.360 .520 .600 .670 .880
1,569.000 2,214.000 2,511.000 2,802.000 3,586.000
.000 .000 .000 .000 .000
1,500.000 1,700.000 1,800.000 1,900.000 2,100.000
104,912.000 120,223.000 138,187.000 151,193.000 163,514.000
560.000 2,690.000 770.000 2,875.000 4,093.000
144.000 120.000 157.000 182.000 150.000
.000 .000 .000 .000 .000
.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
5,092.000 4,997.000 5,578.000 5,392.000 5,736.000
53.050 52.820 46.800 46.180 47.530
60.200 61.310 54.600 52.150 51.440
46.250 51.080 42.310 42.310 42.090
53.850 52.400 46.110 47.690 50.740
665.000 730.000 797.000 842.000 1,094.000

651.000 700.000 751.000 826.000 1,051.000
599.000 626.000 710.000 768.000 994.000
553.000 578.000 634.000 698.000 866.000
519.000 530.000 586.000 634.000 788.000
1,100.000 1,200.000 1,300.000 1,400.000 1,600.000
.000 .000 .000 .000 .000

4,700.000 2,300.000 2,900.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
2003 2004 2005 2006 2007

5,199.000 5,488.000 6,414.000 7,373.000 5,569.000
1,254.000 1,715.000 2,662.000 2,840.000 3,654.000
26,612.000 29,447.000 32,191.000 33,685.000 35,180.000
1,356.000 1,841.000 2,557.000 2,690.000 3,182.000

34,421.000 38,491.000 43,824.000 46,588.000 47,585.000
75,887.000 89,042.000 102,880.000 115,190.000 128,384.000
17,357.000 20,475.000 23,590.000 26,750.000 31,367.000
58,530.000 68,567.000 79,290.000 88,440.000 97,017.000
.000 .000 .000 .000 .000
9,882.000 10,803.000 12,188.000 13,759.000 16,071.000
2,079.000 2,362.000 2,885.000 2,406.000 2,841.000

104,912.000 120,223.000 138,187.000 151,193.000 163,514.000
19,332.000 21,671.000 25,373.000 28,090.000 30,370.000
3,267.000 3,812.000 3,754.000 2,570.000 5,040.000
9,893.000 11,697.000 12,975.000 14,140.000 15,248.000
1,377.000 1,281.000 1,340.000 706.000 1,016.000
3,100.000 3,969.000 4,894.000 5,713.000 6,229.000
10,342.000 12,155.000 13,465.000 14,675.000 15,799.000
37,418.000 42,888.000 48,826.000 51,754.000 58,454.000
20,099.000 23,669.000 30,171.000 30,735.000 33,402.000
.000 .000 .000 .000 .000

2,288.000 2,947.000 4,552.000 4,971.000 5,111.000
61,289.000 70,827.000 85,016.000 89,620.000 98,906.000
1,484.000 1,323.000 1,467.000 2,160.000 1,939.000
.000 .000 .000 .000 .000
431.000 423.000 417.000 413.000 397.000
2,135.000 2,425.000 2,596.000 2,834.000 3,028.000
41,057.000 46,548.000 50,158.000 58,326.000 61,183.000
.000 .000 .000 .000 .000
43,623.000 49,396.000 53,171.000 61,573.000 64,608.000
43,623.000 49,396.000 53,171.000 61,573.000 64,608.000

257,157.000 286,103.000 313,335.000 345,977.000 375,376.000
195,247.000 215,493.000 235,674.000 258,693.000 280,295.000
61,910.000 70,610.000 77,661.000 87,284.000 95,081.000
44,909.000 51,105.000 56,733.000 64,001.000 70,297.000
17,001.000 19,505.000 20,928.000 23,283.000 24,784.000
3,500.000 4,300.000 4,717.000 5,459.000 6,317.000
13,501.000 15,205.000 16,211.000 17,824.000 18,467.000
1,140.000 1,307.000 1,577.000 1,991.000 2,253.000
1,832.000 2,207.000 2,724.000 3,135.000 3,690.000
.000 .000 .000 294.000
14,193.000 16,105.000 17,358.000 18,968.000 20,198.000
5,118.000 5,589.000 5,803.000 6,365.000 6,908.000
214.000 249.000 324.000 425.000 406.000
8,861.000 10,267.000 11,231.000 12,178.000 12,884.000
.000 .000 .000 .000 .000
193.000 .000 .000 -894.000 -153.000
9,054.000 10,267.000 11,231.000 11,284.000 12,731.000
.000 .000 .000 .000 .000
2.030 2.410 2.680 2.920 3.170
2.080 2.410 2.680 2.710 3.130
2.030 2.410 2.680 2.920 3.160
2.070 2.410 2.680 2.710 3.130
4,363.000 4,259.000 4,183.000 4,164.000 4,066.000
4,373.000 4,266.000 4,188.000 4,168.000 4,072.000

4,311.000 4,234.000 4,165.000 4,131.000 3,973.000
15,996.000 15,044.000 17,633.000 20,164.000 20,354.000
10,308.000 12,893.000 14,563.000 15,666.000 14,937.000
481.000 953.000 394.000 957.000
.000 .000 .000 .000 .000
-8,312.000 -12,351.000 -14,183.000 -14,463.000 -15,670.000
1,569.000 2,214.000 2,511.000 2,802.000 3,586.000
1,024.000 1,163.000 1,390.000 1,553.000 1,622.000

4,358.000 5,593.000 5,962.000 6,665.000 6,299.000
688.000 544.000 -704.000 -1,193.000 2,376.000
1.000 1.000 1.000 1.000 1.000

966.000 1,400.000 1,600.000 1,900.000 2,000.000
.360 .520 .600 .670 .880
1,569.000 2,214.000 2,511.000 2,802.000 3,586.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
53.050 52.820 46.800 46.180 47.530
53.850 52.400 46.110 47.690 50.740
1,100.000 1,200.000 1,300.000 1,400.000 1,600.000

.000 .000 .000 .000 .000
2008 2009 2010 2011 2012
7,275.000 7,907.000 7,395.000 6,550.000 7,781.000

3,905.000 4,144.000 5,089.000 5,937.000 6,768.000
34,511.000 33,160.000 36,318.000 40,714.000 43,803.000
3,258.000 3,120.000 3,091.000 1,774.000 1,588.000
48,949.000 48,331.000 51,893.000 54,975.000 59,940.000
131,161.000 143,517.000 154,489.000 160,938.000 171,724.000

35,508.000 41,210.000 46,611.000 48,614.000 55,043.000
95,653.000 102,307.000 107,878.000 112,324.000 116,681.000
.000 .000 .000 .000 .000

15,260.000 16,126.000 16,763.000 20,651.000 20,497.000
3,567.000 3,942.000 4,129.000 5,456.000 5,987.000
163,429.000 170,706.000 180,663.000 193,406.000 203,105.000

28,849.000 30,451.000 33,557.000 36,608.000 38,080.000
1,506.000 523.000 1,031.000 4,047.000 6,805.000
17,571.000 18,202.000 18,159.000 17,595.000 18,117.000
677.000 1,365.000 157.000 1,164.000 2,211.000
6,163.000 4,396.000 4,991.000 2,301.000 5,914.000
624.000 624.000 589.000 585.000 691.000
55,390.000 55,561.000 58,484.000 62,300.000 71,818.000
34,549.000 36,401.000 43,842.000 47,079.000 41,417.000

3,076.000 2,722.000 3,641.000 4,617.000 4,373.000
.000 .000 .000 .000 .000
2,938.000 2,786.000 3,041.000 3,245.000 3,240.000
2,191.000 307.000 408.000 404.000 519.000
98,144.000 97,777.000 109,416.000 117,645.000 121,367.000
.000 .000 .000 .000 .000

393.000 378.000 352.000 342.000 332.000
3,920.000 3,803.000 3,577.000 3,692.000 3,620.000
60,972.000 66,568.000 64,613.000 67,281.000 72,391.000
.000 .000 .000 .000 .000
65,285.000 70,749.000 68,542.000 71,315.000 76,343.000
2,180.000 2,705.000 4,446.000 5,395.000
65,285.000 72,929.000 71,247.000 75,761.000 81,738.000
163,429.000 170,706.000 180,663.000 193,406.000 203,105.000

2008 2009 2010 2011 2012
402,298.000 406,103.000 420,016.000 444,948.000 467,231.000
299,419.000 297,500.000 307,646.000 326,997.000 343,987.000
102,879.000 108,603.000 112,370.000 117,951.000 123,244.000

76,299.000 79,347.000 81,020.000 85,199.000 88,716.000
26,580.000 29,256.000 31,350.000 32,752.000 34,528.000

6,739.000 7,157.000 7,641.000 8,130.000 8,501.000
19,841.000 22,099.000 23,709.000 24,622.000 26,027.000

2,272.000 2,150.000 2,268.000 2,382.000 2,325.000
3,681.000 2,377.000 2,097.000 2,224.000 2,192.000
-352.000 -260.000 .000 -66.000 -157.000
20,898.000 22,066.000 23,538.000 24,398.000 25,737.000

7,145.000 7,139.000 7,579.000 7,944.000 7,981.000
499.000 513.000 604.000 688.000 757.000
13,254.000 14,414.000 15,355.000 15,766.000 16,999.000
.000 .000 .000 .000 .000
146.000 -79.000 1,034.000 -67.000 .000
13,400.000 14,335.000 16,389.000 15,699.000 16,999.000

13,254.000 14,414.000 15,355.000 15,766.000 16,999.000
.000 .000 .000 .000 .000
13,254.000 14,414.000 15,355.000 15,766.000 16,999.000

.000 .000 .000 .000 .000
13,254.000 14,414.000 15,355.000 15,766.000 16,999.000
3.360 3.730 4.200 4.560 5.040

3.400 3.710 4.480 4.540 5.040
3.350 3.720 4.180 4.540 5.020
3.390 3.700 4.470 4.520 5.020
3,939.000 3,866.000 3,656.000 3,460.000 3,374.000

3,951.000 3,877.000 3,670.000 3,474.000 3,389.000
3,925.000 3,786.000 3,516.000 3,418.000 3,314.000
2008 2009 2010 2011 2012

61,183.000 60,972.000 66,568.000 64,613.000 67,281.000
13,400.000 14,335.000 16,389.000 15,699.000 16,999.000
3,746.000 4,217.000 4,437.000 5,048.000 5,361.000
70,837.000 71,090.000 78,520.000 75,264.000 78,919.000
.000 .000 .000 .000 .000

-292.000 -418.000 -580.000 -604.000 -587.000
-9,573.000 -4,104.000 -13,327.000 -7,379.000 -5,941.000
60,972.000 66,568.000 64,613.000 67,281.000 72,391.000

.000 .000 .000 .000 .000
60,972.000 66,568.000 64,613.000 67,281.000 72,391.000
2008 2009 2010 2011 2012

13,254.000 14,927.000 15,959.000 16,454.000 17,756.000

6,739.000 7,157.000 7,641.000 8,130.000 8,501.000
.000 .000 .000 .000 .000
581.000 -504.000 651.000 1,050.000 -133.000
.000 .000 .000 .000 .000

1,268.000 301.000 1,087.000 398.000 527.000
-101.000 -297.000 -733.000 -796.000 -614.000
-220.000 2,265.000 -3,086.000 -3,727.000 -2,759.000
1,626.000 2,400.000 2,124.000 2,746.000 1,332.000
981.000
.000 .000 .000 .000 .000
23,147.000 26,249.000 23,643.000 24,255.000 25,591.000
1,576.000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
11,499.000 12,184.000 12,699.000 13,510.000 12,898.000
714.000 1,002.000 489.000 580.000 532.000
.000 .000
1,619.000 -438.000 17.000 -3,679.000 -245.000
-10,742.000 -11,620.000 -12,193.000 -16,609.000 -12,611.000
.000 .000 .000 .000 .000

3,521.000 7,276.000 14,776.000 6,298.000 7,600.000
3,746.000 4,217.000 4,437.000 5,048.000 5,361.000
6,566.000 5,546.000 11,396.000 5,050.000 211.000
5,739.000 6,379.000 4,443.000 4,939.000 1,478.000
-3,745.000 -1,033.000 503.000 3,019.000 2,754.000
267.000 -832.000 -271.000 -242.000 -498.000
-9,918.000 -14,191.000 -12,028.000 -8,458.000 -11,972.000
-781.000 194.000 66.000 -33.000 223.000
1,706.000 632.000 -512.000 -845.000 1,231.000
1,787.000 2,141.000 2,163.000 2,346.000 2,262.000

6,596.000 7,389.000 6,984.000 5,899.000 7,304.000
2008 2009 2010 2011 2012

3,905.000 4,144.000 5,089.000 5,937.000 6,768.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
3,905.000 4,144.000 5,089.000 5,937.000 6,768.000

34,511.000 33,160.000 36,318.000 40,714.000 43,803.000
-6,163.000 -4,396.000 -4,991.000 -2,301.000 -5,914.000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
36,472.000 36,651.000 43,543.000 44,660.000 42,882.000
.000 .000 .000 .000 .000
394.000 630.000 1,537.000 1,202.000 1,099.000
3,846.000 3,516.000 3,486.000 3,335.000 3,350.000
34,549.000 36,401.000 43,842.000 47,079.000 41,417.000
11,499.000 12,184.000 12,699.000 13,510.000 12,898.000
131,161.000 143,517.000 154,489.000 160,938.000 171,724.000

35,508.000 41,210.000 46,611.000 48,614.000 55,043.000
614.000 -449.000 818.000 1,444.000 38.000

-74.000 -133.000 19.000 -299.000 -48.000
41.000 78.000 39.000 57.000 -8.000
4,771.000 5,798.000 4,600.000 4,596.000 5,611.000
1,229.000 1,246.000 1,466.000 1,403.000 1,766.000
564.000 599.000 637.000 743.000 622.000
.000 .000 .000 .000 .000
7,145.000 7,139.000 7,579.000 7,944.000 7,981.000
2008 2009 2010 2011 2012

.000 .000 .000
.000 .000 .000
1.000 1.000 1.000 1.000 1.000
2,300.000 2,400.000 2,500.000 2,300.000 2,300.000
2.100 .500 .200 .100
4,520.000 1,596.000 4,020.000 6,040.000
298.263 292.983 283.633 275.525 263.499
6,010,490,126.000 4,848,710,919.000 3,375,909,769.000 3,053,548,886.000 2,304,338,349.000
.000 .000 .000 .000 .000

3,633.000 5,179.000 2,318.000 5,748.000 4,337.000
6,001.000 1,973.000 5,658.000 4,459.000 5,097.000
1,140.000 4,654.000 3,328.000 5,247.000 1,617.000
5,535.000 3,204.000 5,124.000 1,587.000 1,577.000
.000 .000 2,742.000 1,771.000 1,556.000
4,512.000 4,413.000 3,789.000 3,654.000 3,977.000
.000 .000 267.000 183.000 .000
.950 1.090 1.210 1.460 1.590
3,746.000 4,217.000 4,437.000 5,048.000 5,361.000
.000 .000 .000 .000 .000
2,100.000 2,100.000 2,100.000 2,200.000 2,200.000
163,429.000 170,706.000 180,663.000 193,406.000 203,105.000
-2,396.000 348.000 1,226.000 -806.000
88.000 85.000 63.000 60.000 74.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
5,341.000 5,669.000 5,905.000 5,936.000 5,899.000
56.060 53.450 53.930 59.760 68.230
63.850 57.510 56.270 60.000 77.600
43.110 46.250 47.770 48.310 57.180
47.120 53.430 56.070 61.360 69.950
1,161.000 1,275.000 1,406.000 1,644.000 1,722.000

1,138.000 1,212.000 1,336.000 1,590.000 1,598.000
997.000 1,106.000 1,271.000 1,525.000 1,480.000
888.000 1,043.000 1,205.000 1,428.000 1,384.000
816.000 986.000 1,120.000 1,312.000 1,246.000
1,800.000 1,800.000 2,000.000 2,400.000 2,600.000
.000 .000 .000 .000 .000

4,100.000 4,600.000 4,100.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
2008 2009 2010 2011 2012

7,275.000 7,907.000 7,395.000 6,550.000 7,781.000
3,905.000 4,144.000 5,089.000 5,937.000 6,768.000
34,511.000 33,160.000 36,318.000 40,714.000 43,803.000
3,258.000 3,120.000 3,091.000 1,774.000 1,588.000

48,949.000 48,331.000 51,893.000 54,975.000 59,940.000
131,161.000 143,517.000 154,489.000 160,938.000 171,724.000
35,508.000 41,210.000 46,611.000 48,614.000 55,043.000
95,653.000 102,307.000 107,878.000 112,324.000 116,681.000
.000 .000 .000 .000 .000
15,260.000 16,126.000 16,763.000 20,651.000 20,497.000
3,567.000 3,942.000 4,129.000 5,456.000 5,987.000

163,429.000 170,706.000 180,663.000 193,406.000 203,105.000
28,849.000 30,451.000 33,557.000 36,608.000 38,080.000
1,506.000 523.000 1,031.000 4,047.000 6,805.000
17,571.000 18,202.000 18,159.000 17,595.000 18,117.000
677.000 1,365.000 157.000 1,164.000 2,211.000
6,163.000 4,396.000 4,991.000 2,301.000 5,914.000
18,195.000 18,826.000 18,748.000 18,180.000 18,808.000
55,390.000 55,561.000 58,484.000 62,300.000 71,818.000
34,549.000 36,401.000 43,842.000 47,079.000 41,417.000
3,076.000 2,722.000 3,641.000 4,617.000 4,373.000
.000 .000 .000 .000 .000
2,938.000 2,786.000 3,041.000 3,245.000 3,240.000
98,144.000 97,777.000 109,416.000 117,645.000 121,367.000
2,191.000 307.000 408.000 404.000 519.000
.000 .000 .000 .000 .000
393.000 378.000 352.000 342.000 332.000
3,920.000 3,803.000 3,577.000 3,692.000 3,620.000
60,972.000 66,568.000 64,613.000 67,281.000 72,391.000
.000 .000 .000 .000 .000
65,285.000 70,749.000 68,542.000 71,315.000 76,343.000
2,180.000 2,705.000 4,446.000 5,395.000
65,285.000 72,929.000 71,247.000 75,761.000 81,738.000
402,298.000 406,103.000 420,016.000 444,948.000 467,231.000
299,419.000 297,500.000 307,646.000 326,997.000 343,987.000
102,879.000 108,603.000 112,370.000 117,951.000 123,244.000
76,299.000 79,347.000 81,020.000 85,199.000 88,716.000
26,580.000 29,256.000 31,350.000 32,752.000 34,528.000
6,739.000 7,157.000 7,641.000 8,130.000 8,501.000
19,841.000 22,099.000 23,709.000 24,622.000 26,027.000
2,272.000 2,150.000 2,268.000 2,382.000 2,325.000
3,681.000 2,377.000 2,097.000 2,224.000 2,192.000
-352.000 -260.000 .000 -66.000 -157.000
20,898.000 22,066.000 23,538.000 24,398.000 25,737.000
7,145.000 7,139.000 7,579.000 7,944.000 7,981.000
499.000 513.000 604.000 688.000 757.000
13,254.000 14,414.000 15,355.000 15,766.000 16,999.000
.000 .000 .000 .000 .000
146.000 -79.000 1,034.000 -67.000 .000
13,400.000 14,335.000 16,389.000 15,699.000 16,999.000
.000 .000 .000 .000 .000
3.360 3.730 4.200 4.560 5.040
3.400 3.710 4.480 4.540 5.040
3.350 3.720 4.180 4.540 5.020
3.390 3.700 4.470 4.520 5.020
3,939.000 3,866.000 3,656.000 3,460.000 3,374.000
3,951.000 3,877.000 3,670.000 3,474.000 3,389.000

3,925.000 3,786.000 3,516.000 3,418.000 3,314.000
23,147.000 26,249.000 23,643.000 24,255.000 25,591.000
11,499.000 12,184.000 12,699.000 13,510.000 12,898.000
714.000 1,002.000 489.000 580.000 532.000
.000 .000
-10,742.000 -11,620.000 -12,193.000 -16,609.000 -12,611.000
3,746.000 4,217.000 4,437.000 5,048.000 5,361.000
1,787.000 2,141.000 2,163.000 2,346.000 2,262.000

6,596.000 7,389.000 6,984.000 5,899.000 7,304.000
-3,745.000 -1,033.000 503.000 3,019.000 2,754.000
1.000 1.000 1.000 1.000 1.000

2,300.000 2,400.000 2,500.000 2,300.000 2,300.000
.950 1.090 1.210 1.460 1.590
3,746.000 4,217.000 4,437.000 5,048.000 5,361.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
56.060 53.450 53.930 59.760 68.230
47.120 53.430 56.070 61.360 69.950
1,800.000 1,800.000 2,000.000 2,400.000 2,600.000

.000 .000 .000 .000 .000
2013 2014 2015 2016 2017
7,281.000 9,135.000 8,705.000 6,867.000 6,756.000

6,677.000 6,778.000 5,624.000 5,835.000 5,614.000
44,858.000 45,141.000 44,469.000 43,046.000 43,783.000
2,369.000 2,224.000 1,441.000 1,941.000 3,511.000
61,185.000 63,278.000 60,239.000 57,689.000 59,664.000
178,678.000 182,634.000 188,054.000 191,129.000 197,857.000

60,771.000 65,979.000 71,538.000 76,951.000 83,039.000
117,907.000 116,655.000 116,516.000 114,178.000 114,818.000
.000 .000 .000

19,510.000 18,102.000 16,695.000 17,037.000 18,242.000
6,149.000 5,671.000 6,131.000 9,921.000 11,798.000
204,751.000 203,706.000 199,581.000 198,825.000 204,522.000

37,415.000 38,410.000 38,487.000 41,433.000 46,092.000
7,670.000 1,592.000 2,708.000 1,099.000 5,257.000
17,976.000 18,337.000 18,863.000 19,911.000 19,375.000
966.000 1,021.000 521.000 921.000 645.000
4,412.000 5,097.000 3,296.000 2,821.000 4,405.000
906.000 815.000 744.000 743.000 2,747.000
69,345.000 65,272.000 64,619.000 66,928.000 78,521.000
44,559.000 43,692.000 44,030.000 42,018.000 36,825.000

5,110.000 4,671.000 3,357.000 4,333.000 3,831.000
.000 .000 .000 .000 .000
2,907.000 4,134.000 3,964.000 5,011.000 4,523.000
1,491.000 .000 .000 .000 .000
123,412.000 117,769.000 115,970.000 118,290.000 123,700.000
.000 .000 .000 .000 .000

323.000 323.000 317.000 305.000 295.000
2,362.000 2,462.000 1,805.000 2,371.000 2,648.000
73,570.000 78,609.000 78,424.000 75,122.000 74,926.000
.000 .000 .000 .000 .000
76,255.000 81,394.000 80,546.000 77,798.000 77,869.000
5,084.000 4,543.000 3,065.000 2,737.000 2,953.000
81,339.000 85,937.000 83,611.000 80,535.000 80,822.000
204,751.000 203,706.000 199,581.000 198,825.000 204,522.000

2013 2014 2015 2016 2017
474,259.000 483,521.000 479,962.000 482,154.000 496,785.000
349,199.000 355,913.000 351,530.000 351,176.000 362,867.000
125,060.000 127,608.000 128,432.000 130,978.000 133,918.000

90,920.000 92,996.000 96,915.000 101,384.000 104,736.000
34,140.000 34,612.000 31,517.000 29,594.000 29,182.000

8,870.000 9,173.000 9,454.000 10,080.000 10,529.000
25,270.000 25,439.000 22,063.000 19,514.000 18,653.000

2,413.000 2,520.000 2,587.000 2,403.000 2,330.000
2,232.000 2,302.000 2,288.000 3,320.000 3,323.000
-433.000 -422.000 -126.000 66.000 -4,523.000
24,656.000 24,799.000 21,638.000 20,497.000 15,123.000

8,105.000 7,985.000 6,558.000 6,204.000 4,600.000
633.000 632.000 386.000 650.000 661.000
15,918.000 16,182.000 14,694.000 13,643.000 9,862.000
.000 .000 .000 .000 .000
104.000 181.000 .000 .000 .000
16,022.000 16,363.000 14,694.000 13,643.000 9,862.000

15,918.000 16,182.000 14,694.000 13,643.000 9,862.000
.000 .000 .000 .000 .000
15,918.000 16,182.000 14,694.000 13,643.000 9,862.000

.000 .000 .000 .000 .000
15,918.000 16,182.000 14,694.000 13,643.000 9,862.000
4.870 5.010 4.580 4.400 3.290

4.900 5.070 4.580 4.400 3.290
4.850 4.990 4.570 4.380 3.280
4.880 5.050 4.570 4.380 3.280
3,269.000 3,230.000 3,207.000 3,101.000 2,995.000

3,283.000 3,243.000 3,217.000 3,112.000 3,010.000
3,233.000 3,228.000 3,162.000 3,048.000 2,952.000
2013 2014 2015 2016 2017

72,391.000 73,570.000 78,609.000 78,424.000 75,122.000
16,022.000 16,363.000 14,694.000 13,643.000 9,862.000
6,139.000 6,185.000 6,294.000 6,216.000 6,124.000
82,274.000 83,748.000 87,009.000 85,851.000 78,860.000
.000 .000 .000 .000 1,646.000

-2,996.000 -7,168.000 -11,597.000 -14,232.000 -11,827.000
-5,708.000 2,029.000 3,012.000 3,503.000 7,893.000
73,570.000 78,609.000 78,424.000 75,122.000 74,926.000

.000 .000 .000 .000 .000
73,570.000 78,609.000 78,424.000 75,122.000 74,926.000
2013 2014 2015 2016 2017

16,551.000 16,814.000 15,080.000 14,293.000 10,523.000

8,870.000 9,173.000 9,454.000 10,080.000 10,529.000
.000 .000 .000 .000 .000
-279.000 -503.000 -672.000 761.000 -304.000
.000 .000 .000 .000 .000

938.000 785.000 1,410.000 206.000 4,346.000
-566.000 -569.000 -19.000 -402.000 -1,074.000
-1,667.000 -1,229.000 -703.000 1,021.000 -140.000
634.000 3,927.000 3,311.000 5,079.000 5,014.000
-1,224.000 166.000 -472.000 492.000 -557.000
.000 .000 .000 .000 .000
23,257.000 28,564.000 27,389.000 31,530.000 28,337.000
.000 .000 .000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
13,115.000 12,174.000 11,477.000 10,619.000 10,051.000
727.000 570.000 635.000 456.000 378.000
375.000
90.000 479.000 167.000 -3,824.000 988.000
-12,298.000 -11,125.000 -10,675.000 -13,987.000 -9,060.000
.000 .000 .000 .000 .000

6,683.000 1,015.000 4,112.000 8,298.000 8,296.000
6,139.000 6,185.000 6,294.000 6,216.000 6,124.000
7,072.000 5,174.000 39.000 137.000 7,476.000
4,968.000 3,904.000 4,432.000 2,055.000 13,061.000
911.000 -6,288.000 1,235.000 -1,673.000 4,148.000
-1,210.000 -2,853.000 -2,558.000 -824.000 -4,018.000
-11,017.000 -15,071.000 -16,122.000 -18,929.000 -19,875.000
-442.000 -514.000 -1,022.000 -452.000 487.000
-500.000 1,854.000 -430.000 -1,838.000 -111.000
2,362.000 2,433.000 2,540.000 2,351.000 2,450.000

8,641.000 8,169.000 8,111.000 4,507.000 6,179.000
2013 2014 2015 2016 2017

6,677.000 6,778.000 5,624.000 5,835.000 5,614.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
6,677.000 6,778.000 5,624.000 5,835.000 5,614.000

44,858.000 45,141.000 44,469.000 43,046.000 43,783.000
-4,412.000 -5,097.000 -3,296.000 -2,821.000 -4,405.000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
45,073.000 45,443.000 40,776.000 38,132.000 33,897.000
.000 .000 .000 .000 .000
801.000 453.000 183.000 139.000 .000
3,097.000 2,893.000 6,367.000 6,568.000 7,447.000
44,559.000 43,692.000 44,030.000 42,018.000 36,825.000
13,115.000 12,174.000 11,477.000 10,619.000 10,051.000
178,678.000 182,634.000 188,054.000 191,129.000 197,857.000

60,771.000 65,979.000 71,538.000 76,951.000 83,039.000
-72.000 -387.000 -704.000 1,054.000 -22.000

-479.000 -77.000 -216.000 -360.000 -146.000
37.000 -55.000 -106.000 51.000 -12.000
6,377.000 6,165.000 5,562.000 3,454.000 2,998.000
1,523.000 1,529.000 1,400.000 1,510.000 1,377.000
719.000 810.000 622.000 495.000 405.000
.000 .000 .000 .000 .000
8,105.000 7,985.000 6,558.000 6,204.000 4,600.000
2013 2014 2015 2016 2017

1.000 1.000 1.000 1.000 1.000

2,400.000 2,400.000 2,500.000 2,900.000 3,100.000
255.758 249.876 243.327 236.471 229.858
1,749,930,918.000 1,638,334,925.000 2,273,312,360.000 2,358,729,939.000 2,229,198,787.000
.000 .000 .000 .000 .000

5,038.000 2,788.000 2,277.000 4,335.000 2,901.000
2,915.000 1,967.000 4,207.000 1,328.000 4,278.000
1,586.000 3,926.000 1,153.000 4,054.000 1,450.000
3,969.000 884.000 3,976.000 1,735.000 3,630.000
957.000 755.000 500.000 500.000 800.000
3,669.000 3,032.000 6,498.000 6,650.000 7,457.000
.000 .000 .000 .000 -114.000
1.880 1.920 1.960 2.000 2.040
6,139.000 6,185.000 6,294.000 6,216.000 6,124.000
.000 .000 .000 .000 .000
2,200.000 2,200.000 2,300.000 2,300.000 2,300.000
204,751.000 203,706.000 199,581.000 198,825.000 204,522.000
78.000 59.000 39.000 36.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
5,589.000 5,239.000 11,096.000 11,637.000 12,703.000
78.690 85.880 61.300 69.120 98.750
81.370 88.090 90.970 75.190 100.130
67.720 72.270 56.300 60.200 65.280
74.680 84.980 66.360 66.740 106.600
1,734.000 1,759.000 2,057.000 2,270.000 1,933.000

1,632.000 1,615.000 1,989.000 1,787.000 1,718.000
1,462.000 1,482.000 1,794.000 1,679.000 1,532.000
1,314.000 1,354.000 1,697.000 1,524.000 1,381.000
1,192.000 1,236.000 1,530.000 1,342.000 1,158.000
2,800.000 2,800.000 2,500.000 2,600.000 2,900.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000

.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
2013 2014 2015 2016 2017

7,281.000 9,135.000 8,705.000 6,867.000 6,756.000
6,677.000 6,778.000 5,624.000 5,835.000 5,614.000
44,858.000 45,141.000 44,469.000 43,046.000 43,783.000
2,369.000 2,224.000 1,441.000 1,941.000 3,511.000

61,185.000 63,278.000 60,239.000 57,689.000 59,664.000
178,678.000 182,634.000 188,054.000 191,129.000 197,857.000
60,771.000 65,979.000 71,538.000 76,951.000 83,039.000
117,907.000 116,655.000 116,516.000 114,178.000 114,818.000
.000 .000 .000
19,510.000 18,102.000 16,695.000 17,037.000 18,242.000
6,149.000 5,671.000 6,131.000 9,921.000 11,798.000

204,751.000 203,706.000 199,581.000 198,825.000 204,522.000
37,415.000 38,410.000 38,487.000 41,433.000 46,092.000
7,670.000 1,592.000 2,708.000 1,099.000 5,257.000
17,976.000 18,337.000 18,863.000 19,911.000 19,375.000
966.000 1,021.000 521.000 921.000 645.000
4,412.000 5,097.000 3,296.000 2,821.000 4,405.000
18,882.000 19,152.000 19,607.000 20,654.000 22,122.000
69,345.000 65,272.000 64,619.000 66,928.000 78,521.000
44,559.000 43,692.000 44,030.000 42,018.000 36,825.000
5,110.000 4,671.000 3,357.000 4,333.000 3,831.000
.000 .000 .000 .000 .000
2,907.000 4,134.000 3,964.000 5,011.000 4,523.000
123,412.000 117,769.000 115,970.000 118,290.000 123,700.000
1,491.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
323.000 323.000 317.000 305.000 295.000
2,362.000 2,462.000 1,805.000 2,371.000 2,648.000
73,570.000 78,609.000 78,424.000 75,122.000 74,926.000
.000 .000 .000 .000 .000
76,255.000 81,394.000 80,546.000 77,798.000 77,869.000
5,084.000 4,543.000 3,065.000 2,737.000 2,953.000
81,339.000 85,937.000 83,611.000 80,535.000 80,822.000
474,259.000 483,521.000 479,962.000 482,154.000 496,785.000
349,199.000 355,913.000 351,530.000 351,176.000 362,867.000
125,060.000 127,608.000 128,432.000 130,978.000 133,918.000
90,920.000 92,996.000 96,915.000 101,384.000 104,736.000
34,140.000 34,612.000 31,517.000 29,594.000 29,182.000
8,870.000 9,173.000 9,454.000 10,080.000 10,529.000
25,270.000 25,439.000 22,063.000 19,514.000 18,653.000
2,413.000 2,520.000 2,587.000 2,403.000 2,330.000
2,232.000 2,302.000 2,288.000 3,320.000 3,323.000
-433.000 -422.000 -126.000 66.000 -4,523.000
24,656.000 24,799.000 21,638.000 20,497.000 15,123.000
8,105.000 7,985.000 6,558.000 6,204.000 4,600.000
633.000 632.000 386.000 650.000 661.000
15,918.000 16,182.000 14,694.000 13,643.000 9,862.000
.000 .000 .000 .000 .000
104.000 181.000 .000 .000 .000
16,022.000 16,363.000 14,694.000 13,643.000 9,862.000
.000 .000 .000 .000 .000
4.870 5.010 4.580 4.400 3.290
4.900 5.070 4.580 4.400 3.290
4.850 4.990 4.570 4.380 3.280
4.880 5.050 4.570 4.380 3.280
3,269.000 3,230.000 3,207.000 3,101.000 2,995.000
3,283.000 3,243.000 3,217.000 3,112.000 3,010.000

3,233.000 3,228.000 3,162.000 3,048.000 2,952.000
23,257.000 28,564.000 27,389.000 31,530.000 28,337.000
13,115.000 12,174.000 11,477.000 10,619.000 10,051.000
727.000 570.000 635.000 456.000 378.000
375.000
-12,298.000 -11,125.000 -10,675.000 -13,987.000 -9,060.000
6,139.000 6,185.000 6,294.000 6,216.000 6,124.000
2,362.000 2,433.000 2,540.000 2,351.000 2,450.000

8,641.000 8,169.000 8,111.000 4,507.000 6,179.000
911.000 -6,288.000 1,235.000 -1,673.000 4,148.000
1.000 1.000 1.000 1.000 1.000

2,400.000 2,400.000 2,500.000 2,900.000 3,100.000
1.880 1.920 1.960 2.000 2.040
6,139.000 6,185.000 6,294.000 6,216.000 6,124.000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
.000 .000 .000 .000 .000
78.690 85.880 61.300 69.120 98.750
74.680 84.980 66.360 66.740 106.600
2,800.000 2,800.000 2,500.000 2,600.000 2,900.000

.000 .000 .000 .000 .000
2018 2019 2020
(31JAN2019 ) (31JAN2020 ) ( N/A )
7,722.000 9,465.000
6,283.000 6,284.000
44,269.000 44,435.000
3,623.000 1,622.000
61,897.000 61,806.000
198,570.000 221,563.000
87,175.000 94,514.000
111,395.000 127,049.000
.000
36,981.000 36,273.000
9,022.000 11,367.000
219,295.000 236,495.000
47,060.000 46,973.000
5,225.000 575.000
20,227.000 20,306.000
428.000 280.000
2,605.000 7,666.000
1,932.000 1,990.000
77,477.000 77,790.000
50,203.000 64,192.000
6,296.000 6,204.000
.000 .000
5,685.000 6,757.000
.000 .000
139,661.000 154,943.000
.000 .000
288.000 284.000
2,965.000 3,247.000
69,243.000 71,138.000
.000 .000
72,496.000 74,669.000
7,138.000 6,883.000
79,634.000 81,552.000
219,295.000 236,495.000
2018 2019 2020
(31JAN2019 ) (31JAN2020 ) ( N/A )
511,729.000 521,426.000
374,623.000 383,618.000
137,106.000 137,808.000
106,957.000 107,669.000
30,149.000 30,139.000
10,678.000 10,987.000
19,471.000 19,152.000
2,346.000 2,599.000
-625.000 4,685.000
-5,040.000 -1,122.000
11,460.000 20,116.000
4,281.000 4,915.000
509.000 320.000
6,670.000 14,881.000
.000 .000
.000 .000
6,670.000 14,881.000
6,670.000 14,881.000
.000 .000
6,670.000 14,881.000
.000 .000
6,670.000 14,881.000
2.280 5.220
2.280 5.220
2.260 5.190
2.260 5.190
2,929.000 2,850.000
2,945.000 2,868.000
2,878.000 2,832.493
2018 2019 2020

(31JAN2019 ) (31JAN2020 ) ( N/A )
74,926.000 69,243.000
6,670.000 14,881.000
6,102.000 6,048.000
75,494.000 78,076.000
.000 .000
-11,542.000 -12,805.000
5,291.000 5,867.000
69,243.000 71,138.000
.000 .000
69,243.000 71,138.000
2018 2019 2020

(31JAN2019 ) (31JAN2020 ) ( N/A )
7,179.000 15,201.000
10,678.000 10,987.000
.000 .000
-499.000 320.000
4,850.000 15.000
5,250.000 -941.000
-368.000 154.000
-1,311.000 -300.000
2,014.000 -88.000
-40.000 -93.000
.000 .000
27,753.000 25,255.000
.000 .000
.000 .000
10,344.000 10,705.000
519.000 321.000
14,656.000 56.000
445.000 1,312.000
-24,036.000 -9,128.000
.000 .000
7,410.000 5,717.000
6,102.000 6,048.000
15,872.000 5,492.000
3,784.000 1,907.000
-53.000 -4,656.000
-1,060.000 -1,463.000
-2,537.000 -14,299.000
-438.000 -69.000
742.000 1,759.000
2,348.000 2,464.000
3,982.000 3,616.000
2018 2019 2020

(31JAN2019 ) (31JAN2020 ) ( N/A )
6,283.000 6,284.000
.000 .000
.000 .000
6,283.000 6,284.000
44,269.000 44,435.000
-2,605.000 -7,666.000
.000 .000
.000 .000
.000 .000
45,661.000 49,180.000
.000 .000
.000 17,964.000
7,412.000 4,818.000
50,203.000 64,192.000
10,344.000 10,705.000
198,570.000 221,563.000
87,175.000 94,514.000
-361.000 663.000
-93.000 -369.000
-16.000 35.000
2,763.000 2,794.000
1,495.000 1,205.000
493.000 587.000
.000 .000
4,281.000 4,915.000
2018 2019 2020

(31JAN2019 ) (31JAN2020 ) ( N/A )
1.000 1.000
3,500.000 3,700.000
223.968 217.840
2,354,476,548.000 1,515,368,398.000
.000 .000
6,203.000 3,766.000
3,874.000 3,470.000
3,511.000 5,204.000
5,188.000 4,859.000
1,800.000 1,500.000
7,420.000 4,818.000
-265.000 -104.000
2.080 2.120
6,102.000 6,048.000
.000 .000
2,200.000 2,200.000
219,295.000 236,495.000
.000 .000
.000 .000
.000 .000
.000 .000
.000 .000
12,760.000 26,535.000
93.150 118.840
109.980 125.380
81.780 91.640
95.830 114.490
1,856.000 2,587.000
1,655.000 2,358.000
1,420.000 2,138.000
1,233.000 1,932.000
1,063.000 1,728.000
3,000.000 3,361.000
.000 .000
.000 .000
.000 .000
.000 .000
2018 2019 2020

(31JAN2019 ) (31JAN2020 ) ( N/A )
7,722.000 9,465.000
6,283.000 6,284.000
44,269.000 44,435.000
3,623.000 1,622.000
61,897.000 61,806.000
198,570.000 221,563.000
87,175.000 94,514.000
111,395.000 127,049.000
.000
36,981.000 36,273.000
9,022.000 11,367.000
219,295.000 236,495.000
47,060.000 46,973.000
5,225.000 575.000
20,227.000 20,306.000
428.000 280.000
2,605.000 7,666.000
22,159.000 22,296.000
77,477.000 77,790.000
50,203.000 64,192.000
6,296.000 6,204.000
.000 .000
5,685.000 6,757.000
139,661.000 154,943.000
.000 .000
.000 .000
288.000 284.000
2,965.000 3,247.000
69,243.000 71,138.000
.000 .000
72,496.000 74,669.000
7,138.000 6,883.000
79,634.000 81,552.000
511,729.000 521,426.000
374,623.000 383,618.000
137,106.000 137,808.000
106,957.000 107,669.000
30,149.000 30,139.000
10,678.000 10,987.000
19,471.000 19,152.000
2,346.000 2,599.000
-625.000 4,685.000
-5,040.000 -1,122.000
11,460.000 20,116.000
4,281.000 4,915.000
509.000 320.000
6,670.000 14,881.000
.000 .000
.000 .000
6,670.000 14,881.000
.000 .000
2.280 5.220
2.280 5.220
2.260 5.190
2.260 5.190
2,929.000 2,850.000
2,945.000 2,868.000
2,878.000 2,832.493
27,753.000 25,255.000
10,344.000 10,705.000
519.000 321.000
14,656.000 56.000
-24,036.000 -9,128.000
6,102.000 6,048.000
2,348.000 2,464.000
3,982.000 3,616.000
-53.000 -4,656.000
1.000 1.000
3,500.000 3,700.000
2.080 2.120
6,102.000 6,048.000
.000 .000
.000 .000
.000 .000
93.150 118.840
95.830 114.490
3,000.000 3,361.000
.000 .000
EV/EBITDA P/E
CostCo Inc 20.72 36.42
Target 10.03 19
Kroger 6.74 19.77
Median 12.50 25.06
EBITDA EPS
Walmart 33,702.00 5.26
Walmart EV 421,162.66 380,987.73
Price per Share 145.76 131.85
Bear Neutral Bull
Average Revenue Growth 1.19% 1.29% 1.39%
Terminal Growth 0.60% 0.70% 0.80%
Average COGS/Revenue 74.02% 73.92% 73.82%
WACC 2.12% 1.91% 1.65%
Share Price $ 86.7 $ 150.05 $ 274.9
Upside/Downside -30% 20.93% 122%
Current Share Price $ 124.08

Walmart Valuation Model

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Walmart Valuation Model

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Company Name

Current Share Price $124.06

Notes: Key Modeling Assumptions

INCOME STATEMENT ($m) 2015 2016

Revenues 479,962 482,154

SG&A 96,915 101,384

Income Taxes 6558 6204

Minority Interest Rate 386 650

Average shares outstanding 3,162 3,105

Earnings Per Share

Dividend Per Share

Key Non-GAAP Measures

CASH FLOW [Non-GAAP] 2015 2016

Plus Depreciation 9,454 10,080

Step 2: Estimate Investment Spending

Step 3: Estimate FCF to the Firm 21,894

Step 4: Estimate Cash paid to Creditors

Step 5: Estimate FCF Available to Shareholders (4,961) 16,627

Step 6: Estimate Cash paid to Shareholders

Step 7: Change in Cash Balance N/A (1,838)

Cash change in WRDS Overlay (430) (1,838)

investment spending predicted in cash flow statement

Net Working Capital Investment

BALANCE SHEET ($m) 2015 2016

Key Non-GAAP Measures (for forecasting)

Gross PP&E 188,054 191,129

Goodwill & Intangibles 16,695 17,037

Interest Bearing Debt 50,034 45,938

Reminder: Dupont Formulas

Growth Rates 2015 2016

Cash Flow Statement

Cost of Capital Estimates 2015 2016

Cost of Equity 3.03%

Cost of Debt 1.08%

Market Value of Equity 354,222 58.87%

Weighted Average Cost of Capital 2.119%

Valuation Ratios 2015 2016

DCF Model 2015 2016

Adjusted Present Value

Value of Unlevered Firm

Value of "Tax Shield"

Value lost due to increased risk

Putting the Pieces Together

3.03% 3.01% 1.89% 0.65% 2.90% 1.40%

12.1% 11.8% 11.6% 11.00% 15.00% 15.00%

38.56% 44.66% 50.12% 51% 51% 50%

62.10% 91.48% 40.64% 0.0% 0.0% 15.0%

9.2% 9.6% 8.6% 8.2% 8.2% 8.2%

496,785 511,729 521,426 524,815 540,035 547,595

104,736 106,957 107,669 111,976 117,015 122,046

4600 4281 4915 2,348 1,891 996

661 509 320 505 529 505

3,000 2,915 2,855 2,855 2,855 2,855

3,010 2,945 2,868 2,868 2,868 2,868

3.29 2.29 5.21 2.43 1.91 0.93

2.04 2.09 2.12 - - 0.14

18,653 19,471 19,152 13,481 12,332 9,206

12,979.27 12,197.41 14,472.54 10,245.78 9,372.25 6,996.44

10,529 10,678 10,987 10,470.11 10,522.46 10,575.07

3,765 (479) 1,736 (21,956) (13,409) 822

21,533 22,128 5,515 (12,346) (4,675) 7,177

(1,437) 12,035 (1,071) 5,836.82 7,777.76 (992.37)

18,475 32,694 2,480 (9,662) (363) 2,759