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StockValuation_Walmart.xlsxDividend
| Date | Dividends | Annual Dividend | Growth rate | ||
| 12/7/18 | 0.52 | ||||
| 8/10/18 | 0.52 | ||||
| 5/11/18 | 0.52 | ||||
| 3/9/18 | 0.52 | 2018 | $ 2.08 | 2% | |
| 12/8/17 | 0.51 | 2017 | $ 2.04 | 2% | |
| 8/11/17 | 0.51 | 2016 | $ 2.00 | 2% | |
| 5/12/17 | 0.51 | 2015 | $ 1.96 | 2% | |
| 3/10/17 | 0.51 | 2014 | $ 1.92 | 2% | |
| 12/9/16 | 0.5 | 2013 | $ 1.88 | ||
| 8/12/16 | 0.5 | Average dividend growth rate | 2.04% | ||
| 5/13/16 | 0.5 | Geometric Average growth rate | 2.04% | ||
| 3/11/16 | 0.5 | ||||
| 12/4/15 | 0.49 | Ri=Rf + beta*(Rm - Rf) | 0.076154 | ||
| 8/7/15 | 0.49 | ||||
| 5/8/15 | 0.49 | Beta | 0.26 | (Yahoo Finance) | |
| 3/13/15 | 0.49 | Rf | 6.76% | (1968-2017) Geometric Return | |
| 12/5/14 | 0.48 | ||||
| 8/8/14 | 0.48 | P0= | D0*(1+g)/(k-g) | ||
| 5/9/14 | 0.48 | P0= | $38.09 | ||
| 3/11/14 | 0.48 | ||||
| 12/8/13 | 0.47 | ||||
| 8/9/13 | 0.47 | ||||
| 5/7/13 | 0.47 | ||||
| 3/7/12 | 0.47 |
FCF
| FCF | 2017 | 2016 | 2015 | 2014 | |
| EBIT | 22,249,000,000 | 22,764,000,000 | 24,105,000,000 | 27,147,000,000 | |
| Tax | 4,600,000,000 | 6,204,000,000 | 6,558,000,000 | 7,985,000,000 | |
| Depreciation | 10,529,000,000 | 10,080,000,000 | 9,454,000,000 | 9,173,000,000 | |
| Capital expenditure | 10,051,000,000 | 10,619,000,000 | 11,477,000,000 | 12,174,000,000 | |
| Change in NWC | (9,618,000,000) | (4,859,000,000) | (2,405,000,000) | ||
| FCF | 27,745,000,000 | 20,880,000,000 | 17,929,000,000 | ||
| NWC | (18,857,000,000) | (9,239,000,000) | (4,380,000,000) | (1,975,000,000) | |
| g= | 1.62% | industry average | |||
| K= | 6.61% | industry average | WACC | Cost of Capital | |
| EV0 | FCF0*(1+g)/(k-g) | ||||
| EV0= | 565,019,418,837.68 | Debt | 123,700,000,000.00 | ||
| Equity value | 448,075,418,837.68 | Cash | 6,756,000,000.00 | ||
| # of shares outstanding (B) | 2.93 | Yahoo Finance | |||
| MC($B) | 448.08 | ||||
| P0= | 152.93 |
Multiple Approaches
| PE_trailing | 21.02 | Industry average | ||
| EPS_trailing | 1.748 | Yahoo Finance | ||
| P0 | 36.74296 | |||
| PE_forward | 19.62 | Industry average | ||
| EPS_forward | 4.77 | Nasdaq.com | ||
| P0 | 93.5874 | |||
| P/S | 0.58 | Industry average | ||
| Sales per share | 172.44 | Yahoo Finance | ||
| P0 | 100.0152 | |||
| P/BV | 4 | Industry average | ||
| BV per share | 24.25 | Yahoo Finance | ||
| P0 | 97 | |||
| EV/EBITDA | 9.47 | Industry average | ||
| EBITDA ($Billion) | $32.64 | (Yahoo Finance) | ||
| EV ($billion) | $309.10 | |||
| # shares outstanding (Billion) | 2.93 | (Yahoo Finance) | ||
| Debt ($billion) | 54.16 | (Yahoo Finance) | ||
| Cash ($billion) | 15.84 | (Yahoo Finance) | ||
| MC ($billion) | $270.78 | |||
| P0 | $92.42 | |||
| PEG = PE Ratio/earning growth rate | ||||
| Earning growth rate | -25.11% | 4.76 | EPS this year (2018 | 3.28 |
| PEG(industry average) | 2.93 | |||
| P0 | 241.32 | EPs last year( 2017) | 4.38 |
Summary
| Aprroach | Stock valuations | ||
| Discounted dividend growth model | $ 38.09 | ||
| Discounted free cash flows model | $ 152.93 | ||
| PE approach | $ 36.74 | ||
| P/S approach | $ 100.02 | ||
| P/BV approach | $ 97.00 | ||
| PEG Aproach | $ 241.32 |
Links
| 1. Link for Walmart Dividend History |
| https://www.nasdaq.com/symbol/wmt/dividend-history |
| 2. Walmart Industry Cost of Capital |
| http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/wacc.htm |
| 3. Walmart EV/EBITDA Multiple (Industry is Retail (General) |
| http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/vebitda.html |
| 4. Walmart P/S Multiple (Industry is Retail (General) |
| http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/psdata.html |
| 5. Walmart P/BV Multiple (Industry is Retail (General) |
| http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/pbvdata.html |
| 6. Walmart Trailing P/E and Forward P/E Industry ratio |
| http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/pedata.html |
| 7. Walmart Forward EPS forecast |
| https://www.nasdaq.com/symbol/wmt/earnings-forecast |
| 8. Risk Free rate Return Data |
| http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html |
