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Wal-Mart Stores Inc.

(WMT) FY 01/00 FY 01/01 FY 01/02 FY 01/03 FY 01/04 FY 01/05 FY 01/06 FY 01/07 CAGR
Revenue 166,809.0 193,116.0 205,823.0 231,577.0 258,681.0 284,310.0 312,101.0 348,650.0 13.1%
Growth 15.8% 6.6% 12.5% 11.7% 9.9% 9.8% 11.7%
Cost Of Goods Sold 129,664.0 150,255.0 159,097.0 178,299.0 198,747.0 216,832.0 237,649.0 264,152.0
Gross profit 37,145.0 42,861.0 46,726.0 53,278.0 59,934.0 67,478.0 74,452.0 84,498.0 14.7%
Growth 15.4% 9.0% 14.0% 12.5% 12.6% 10.3% 13.5%
Margin 22.3% 22.2% 22.7% 23.0% 23.2% 23.7% 23.9% 24.2%
Selling General & Admin Exp. 27,040.0 31,550.0 35,147.0 39,983.0 44,909.0 49,974.0 55,495.0 63,730.0
EBIT 10,105.0 11,311.0 11,579.0 13,295.0 15,025.0 17,504.0 18,957.0 20,768.0 12.8%
Growth 11.9% 2.4% 14.8% 13.0% 16.5% 8.3% 9.6%
Margin 6.1% 5.9% 5.6% 5.7% 5.8% 6.2% 6.1% 6.0%
Interest Expense (1,022.0) (1,383.0) (1,354.0) (1,059.0) (996.0) (1,184.0) (1,420.0) (1,809.0)
Interest and Invest. Income 188.0 171.0 132.0 164.0 204.0 242.0 280.0
EBT 9,083.0 10,116.0 10,396.0 12,368.0 14,193.0 16,524.0 17,779.0 19,239.0
Income Tax Expense 3,338.0 3,692.0 3,765.0 4,357.0 5,118.0 5,589.0 5,803.0 6,365.0
Minority Int. in Earnings (170.0) (129.0) (183.0) (193.0) (214.0) (249.0) (324.0) (425.0)
Net income 5,575.0 6,295.0 6,448.0 7,818.0 8,861.0 10,686.0 11,652.0 12,449.0 14.3%
Growth 12.9% 2.4% 21.2% 13.3% 20.6% 9.0% 6.8%
Margin 3.3% 3.3% 3.1% 3.4% 3.4% 3.8% 3.7% 3.6%
Shares Out 4,457.0 4,470.0 4,453.0 4,395.0 4,311.0 4,234.0 4,165.0 4,131.0
Growth 0.3% -0.4% -1.3% -1.9% -1.8% -1.6% -0.8%
EPS $1.25 $1.41 $1.45 $1.78 $2.06 $2.52 $2.80 $3.01
Dividends per Share $0.20 $0.24 $0.28 $0.30 $0.36 $0.52 $0.60 $0.67
Same Store Sales Growth % 8.0% 5.0% 6.0% NA NA NA 3.4% 2.0%

Advertising Exp. 523.0 574.0 618.0 676.0 966.0 1,400.0 1,600.0 1,900.0
Growth 9.8% 7.7% 9.4% 42.9% 44.9% 14.3% 18.8%
Margin 0.3% 0.3% 0.3% 0.3% 0.4% 0.5% 0.5% 0.5%
Net Rental Exp. 762.0 893.0 1,000.0 1,100.0 1,100.0 1,100.0 1,000.0 1,400.0
Growth 17.2% 12.0% 10.0% 0.0% 0.0% -9.1% 40.0%
Margin 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.3% 0.4%
Other Revenue 1,796.0 1,787.0 1,812.0 1,961.0 2,352.0

Depreciation & Amort. 2,000.0 2,400.0 2,700.0 3,200.0 3,852.0 4,185.0 4,645.0 5,459.0
Amort. of Intangibles 375.0 468.0 528.0 164.0
EBITDA 12,480.0 14,179.0 14,807.0 16,659.0 18,877.0 21,689.0 23,602.0 26,227.0
Growth 13.6% 4.4% 12.5% 13.3% 14.9% 8.8% 11.1%
Margin 7.5% 7.3% 7.2% 7.2% 7.3% 7.6% 7.6% 7.5%
EBITDA - capex 6,297.0 6,421.0 6,770.0 7,725.0 9,050.0 9,811.0 10,114.0 10,955.0
Margin 3.8% 3.3% 3.3% 3.3% 3.5% 3.5% 3.2% 3.1%

Total Assets 70,349.0 78,130.0 83,527.0 94,808.0 105,405.0 120,154.0 138,187.0 151,193.0
Operating assets 59,101.0 67,017.0 72,800.0 82,683.0 90,324.0 103,863.0 119,897.0 130,061.0

PP & E 35,969.0 40,934.0 45,750.0 51,374.0 59,023.0 68,118.0 77,865.0 88,440.0


CA excl cash 22,500.0 24,501.0 25,717.0 27,986.0 29,222.0 33,366.0 37,632.0 39,215.0
CL excl debt 20,058.0 21,919.0 23,956.0 26,728.0 31,473.0 35,388.0 40,192.0 43,471.0
Capital invested 38,411.0 43,516.0 47,511.0 52,632.0 56,772.0 66,096.0 75,305.0 84,184.0

Net working capital 2,442.0 2,582.0 1,761.0 1,258.0 (2,251.0) (2,022.0) (2,560.0) (4,256.0)
NWC / sales 1.5% 1.3% 0.9% 0.5% -0.9% -0.7% -0.8% -1.2%

Cash 1,856.0 2,054.0 2,161.0 2,736.0 5,199.0 5,488.0 6,193.0 7,373.0


Debt 22,082.0 22,316.0 21,880.0 25,388.0 26,466.0 31,052.0 38,729.0 39,018.0
Growth 1.1% -2.0% 16.0% 4.2% 17.3% 24.7% 0.7%
SHE 25,834.0 31,343.0 35,102.0 39,461.0 43,623.0 49,396.0 53,171.0 61,573.0
Minority Interest 1,279.0 1,140.0 1,207.0 1,362.0 1,484.0 1,340.0 1,465.0 2,160.0
Capital Expenditure (6,183.0) (8,042.0) (8,285.0) (9,245.0) (10,308.0) (12,803.0) (14,530.0) (15,666.0)
Sale of Property, Plant, & Equip 284.0 248.0 311.0 481.0 925.0 1,042.0 394.0
Net capex (6,183.0) (7,758.0) (8,037.0) (8,934.0) (9,827.0) (11,878.0) (13,488.0) (15,272.0)
Growth 25.5% 3.6% 11.2% 10.0% 20.9% 13.6% 13.2%

TBV 16,442.0 22,284.0 26,536.0 30,072.0 33,741.0 38,593.0 41,074.0 47,814.0


TBV/share $3.69 $4.99 $5.96 $6.84 $7.83 $9.12 $9.86 $11.57
Growth 35.1% 19.5% 14.8% 14.4% 16.5% 8.2% 17.4%

FCF1 1,629.0 1,747.0 1,815.0 3,489.0 3,286.0 3,305.0 2,947.0 3,448.0


FCF1/share $0.37 $0.39 $0.41 $0.79 $0.76 $0.78 $0.71 $0.83
Growth 6.9% 4.3% 94.8% -4.0% 2.4% -9.4% 18.0%

FCF2 2,011.0 1,846.0 2,482.0 4,071.0 6,169.0 3,166.0 4,147.0 4,892.0


FCF2/share $0.45 $0.41 $0.56 $0.93 $1.43 $0.75 $1.00 $1.18

Hist price (year end) $54.75 $56.80 $59.98 $47.80 $53.85 $52.40 $46.11 $47.69
Hist m cap 244,020.8 253,896.0 267,090.9 210,081.0 232,147.4 221,861.6 192,048.2 197,007.4 -3.5%
Growth 4.0% 5.2% -21.3% 10.5% -4.4% -13.4% 2.6%
Hist EV 265,525.8 275,298.0 288,016.9 234,095.0 254,898.4 248,765.6 226,049.2 230,812.4

EV/Sales 1.6 1.4 1.4 1.0 1.0 0.9 0.7 0.7


EV/EBITDA 21.3 19.4 19.5 14.1 13.5 11.5 9.6 8.8
EV/EBIT 26.3 24.3 24.9 17.6 17.0 14.2 11.9 11.1
EV/(EBITDA-capex) 42.2 42.9 42.5 30.3 28.2 25.4 22.4 21.1

PE 43.8 40.3 41.4 26.9 26.2 20.8 16.5 15.8


P/FCF1 149.8 145.3 147.2 60.2 70.6 67.1 65.2 57.1
P/FCF2 121.3 137.5 107.6 51.6 37.6 70.1 46.3 40.3
P/TBV 14.8 11.4 10.1 7.0 6.9 5.7 4.7 4.1

ROOA 17.1% 16.9% 15.9% 16.1% 16.6% 16.9% 15.8% 16.0%


ROCI 26.3% 26.0% 24.4% 25.3% 26.5% 26.5% 25.2% 24.7%

Div yield 0.4% 0.4% 0.5% 0.6% 0.7% 1.0% 1.3% 1.4%
Net debt/EBITDA 1.6 1.4 1.3 1.4 1.1 1.2 1.4 1.2
EBIT/Interest exp 9.9 8.2 8.6 12.6 15.1 14.8 13.4 11.5
Wal-Mart Stores Inc. (WMT) FY 01/00 FY 01/01 FY 01/02 FY 01/03 FY 01/04 FY 01/05 FY 01/06 FY 01/07
Net Income 5,377.0 6,295.0 6,448.0 7,955.0 9,054.0 10,267.0 11,231.0 11,284.0
Depreciation & Amort. 2,000.0 2,400.0 2,700.0 3,200.0 3,852.0 4,185.0 4,645.0 5,459.0
Amort. of Goodwill and Intangibles 375.0 468.0 528.0 164.0
Net Cash From Discontinued Ops. 36.0 82.0 50.0 (135.0) (102.0) (45.0)
Other Operating Activities 60.0 342.0 140.0 1,022.0 157.0 866.0 661.0 2,022.0
(A) 7,812.0 9,505.0 9,852.0 12,423.0 13,113.0 15,183.0 16,435.0 18,720.0
Changes in working capital
Change in Acc. Receivable (255.0) (422.0) (212.0) (159.0) 373.0 (302.0) (466.0) (214.0)
Change In Inventories (2,088.0) (1,795.0) (1,125.0) (2,219.0) (1,973.0) (2,515.0) (1,761.0) (1,274.0)
Change in Acc. Payable 1,849.0 2,061.0 416.0 1,748.0 2,587.0 1,681.0 2,425.0 2,344.0
Change In Other Working Capital 876.0 255.0 1,588.0 1,212.0 1,896.0 997.0 1,002.0 588.0
(B) 382.0 99.0 667.0 582.0 2,883.0 (139.0) 1,200.0 1,444.0
Cash from operation (A) + (B) 8,194.0 9,604.0 10,519.0 13,005.0 15,996.0 15,044.0 17,635.0 20,164.0

Capital Expenditure (6,183.0) (8,042.0) (8,285.0) (9,245.0) (10,308.0) (12,803.0) (14,530.0) (15,666.0)
Sale of PP & E 284.0 248.0 311.0 481.0 925.0 1,042.0 394.0
Net capex (6,183.0) (7,758.0) (8,037.0) (8,934.0) (9,827.0) (11,878.0) (13,488.0) (15,272.0)

FCF1 1,629.0 1,747.0 1,815.0 3,489.0 3,286.0 3,305.0 2,947.0 3,448.0


FCF2 2,011.0 1,846.0 2,482.0 4,071.0 6,169.0 3,166.0 4,147.0 4,892.0

Hist price $54.75 $56.80 $59.98 $47.80 $53.85 $52.40 $46.11 $47.69
O/S 4,457.0 4,470.0 4,453.0 4,395.0 4,311.0 4,234.0 4,165.0 4,131.0

FCF1/share $0.37 $0.39 $0.41 $0.79 $0.76 $0.78 $0.71 $0.83


Growth 6.9% 4.3% 94.8% -4.0% 2.4% -9.4% 18.0%
FCF2/share $0.45 $0.41 $0.56 $0.93 $1.43 $0.75 $1.00 $1.18
Growth -8.5% 35.0% 66.2% 54.5% -47.7% 33.2% 18.9%

P/FCF1 149.8 145.3 147.2 60.2 70.6 67.1 65.2 57.1


P/FCF2 121.3 137.5 107.6 51.6 37.6 70.1 46.3 40.3

Other Investing Activities


Cash Acquisitions (10,419.0) (627.0) (749.0) (38.0) (315.0) (601.0) (68.0)
Divestitures 1,500.0 610.0
Other Investing Activities (244.0) (329.0) 814.0 (156.0) 53.0 (158.0) (97.0) 267.0
Total (10,663.0) (956.0) 814.0 (905.0) 1,515.0 (473.0) (698.0) 809.0

Debt (repaid)/rised
Short Term Debt Issued 4,316.0 1,836.0 688.0 544.0
Long-Term Debt Issued 6,000.0 3,778.0 4,591.0 2,044.0 4,099.0 5,832.0 7,691.0 7,199.0
Short Term Debt Repaid (2,022.0) (1,533.0) (704.0) (1,193.0)
Long-Term Debt Repaid (996.0) (1,692.0) (3,686.0) (1,477.0) (3,846.0) (2,335.0) (2,969.0) (6,098.0)
Total 9,320.0 64.0 (628.0) 2,403.0 941.0 4,041.0 4,018.0 (92.0)

Amt (paid to)/rised from shareholders


Issuance of Common Stock 581.0
Repurchase of Common (101.0) (193.0) (1,214.0) (3,383.0) (5,046.0) (4,549.0) (3,580.0) (1,718.0)
Common Dividends Paid (890.0) (1,070.0) (1,249.0) (1,328.0) (1,569.0) (2,214.0) (2,511.0) (2,802.0)
Total (991.0) (682.0) (2,463.0) (4,711.0) (6,615.0) (6,763.0) (6,091.0) (4,520.0)

Other Financing Activities 224.0 176.0 113.0 (62.0) 111.0 113.0 (349.0) (227.0)
Foreign Exchange Rate Adj. 76.0 (250.0) (211.0) (199.0) 320.0 205.0 (101.0) 97.0
Total 300.0 (74.0) (98.0) (261.0) 431.0 318.0 (450.0) (130.0)

Total money rised:


FCF1 2,011.0 1,846.0 2,482.0 4,071.0 6,169.0 3,166.0 4,147.0 4,892.0
Other investing activities - - 814.0 - 1,515.0 - - 809.0
Debt 9,320.0 64.0 - 2,403.0 941.0 4,041.0 4,018.0 -
From shareholders - - - - - - - -
Other financing activities 300.0 - - - 431.0 318.0 - -
Total money inflow 11,631.0 1,910.0 3,296.0 6,474.0 9,056.0 7,525.0 8,165.0 5,701.0
From business 17.3% 96.6% 75.3% 62.9% 68.1% 42.1% 50.8% 85.8%
From borrowing 80.1% 3.4% 0.0% 37.1% 10.4% 53.7% 49.2% 0.0%
From shareholders 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
From investing activities 0.0% 0.0% 24.7% 0.0% 16.7% 0.0% 0.0% 14.2%
From others 2.6% 0.0% 0.0% 0.0% 4.8% 4.2% 0.0% 0.0%

Total money spent:


Other investing activities (10,663.0) (956.0) - (905.0) - (473.0) (698.0) -
Debt - - (628.0) - - - - (92.0)
From shareholders (991.0) (682.0) (2,463.0) (4,711.0) (6,615.0) (6,763.0) (6,091.0) (4,520.0)
Other financing activities - (74.0) (98.0) (261.0) - - (450.0) (130.0)
Total money outflow (11,654.0) (1,712.0) (3,189.0) (5,877.0) (6,615.0) (7,236.0) (7,239.0) (4,742.0)
For repayment of debt 0.0% 0.0% 19.7% 0.0% 0.0% 0.0% 0.0% 1.9%
For shareholders 8.5% 39.8% 77.2% 80.2% 100.0% 93.5% 84.1% 95.3%
For investing activities 91.5% 55.8% 0.0% 15.4% 0.0% 6.5% 9.6% 0.0%
For others 0.0% 4.3% 3.1% 4.4% 0.0% 0.0% 6.2% 2.7%

Surplus/(deficit) (23.0) 198.0 107.0 597.0 2,441.0 289.0 926.0 959.0

Cash flow for shareholders 968.0 880.0 2,570.0 5,308.0 9,056.0 7,052.0 7,017.0 5,479.0
Growth -9.1% 192.0% 106.5% 70.6% -22.1% -0.5% -21.9%
Amt returned to shareholders 102% 78% 96% 89% 73% 96% 87% 82%
Net income (NI) 5,575.0 6,295.0 6,448.0 7,818.0 8,861.0 10,686.0 11,652.0 12,449.0
Cash flow to shareholders /NI 17.4% 14.0% 39.9% 67.9% 102.2% 66.0% 60.2% 44.0%