Capital Budgeting Investment, Model, and Analysis

profilevartfs
wmt_eval.xls
Home>Business & Finance homework help>Capital Budgeting Investment, Model, and Analysis

Intro

STEPS:
1) enter financial data on the Financial Statements Sheet,
2) examine the Ratio Analysis and Cash Flow Analysis,
3) enter forecasts on the Forecasting Assumptions Sheet to create future Financial Statement predictions,
4) enter cost of capital assumptions on the Valuation Parameters Sheet to determine the company's value,
5) evaluate the details of the resulting valuation for either the Residual Income of Discounted Cash Flow models.
Other Useful Links: Where to buy the latest 'Equity Valuation and Analysis' textbook
Check here for updated versions of eVal
Supplements to the textbook cases
© 2012, Russell Lundholm and Richard Sloan.
version 4.00
Russell Lundholm
Richard Sloan

Financial Statements

Financial Statements ($000s) Data can be entered manually in financial statements or as a block cut-and-paste from the Case Data Sheet to the Raw Data Input section below.
Jump to Raw Data Input
Company Name and Ticker Wal-Mart Stores Inc. WMT Link to Form 10-Ks
Common Shares Outstanding 3,228,000 (in 000s at most recent fiscal year end)
Estimated Price/Share=$74.04
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End (YYYY-MM-DD) 2007/01/30 2008/01/30 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
Income Statement
Sales (Net) 421,849,000 446,509,000 468,651,000 476,294,000 485,651,000 495,648,978 506,319,348 517,696,041 529,815,682 542,717,781 556,444,947 571,043,114 586,561,796 603,054,360 620,578,321 639,195,670 658,371,541
Cost of Goods Sold (307,305,000) (326,887,000) (343,819,000) (349,199,000) (355,913,000) (363,240,093) (371,059,954) (379,397,450) (388,279,420) (397,734,821) (407,794,878) (418,493,255) (429,866,238) (441,952,938) (454,795,505) (468,439,370) (482,492,551)
Gross Profit 114,544,000 119,622,000 124,832,000 127,095,000 129,738,000 132,408,884 135,259,393 138,298,591 141,536,262 144,982,960 148,650,069 152,549,859 156,695,558 161,101,422 165,782,816 170,756,300 175,878,989
R&D Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expense (81,361,000) (85,025,000) (88,629,000) (91,353,000) (93,418,000) (95,341,173) (97,393,686) (99,582,064) (101,913,352) (104,395,151) (107,035,657) (109,843,706) (112,828,821) (116,001,269) (119,372,112) (122,953,275) (126,641,874)
EBITDA 33,183,000 34,597,000 36,203,000 35,742,000 36,320,000 37,067,711 37,865,707 38,716,527 39,622,909 40,587,809 41,614,411 42,706,153 43,866,736 45,100,153 46,410,704 47,803,025 49,237,115
Depreciation & Amortization (7,641,000) (8,106,000) (8,478,000) (8,870,000) (9,173,000) (9,191,233) (9,384,821) (9,591,322) (9,811,398) (10,045,761) (10,295,181) (10,560,487) (10,842,573) (11,142,403) (11,461,015) (11,799,528) (12,153,514)
EBIT 25,542,000 26,491,000 27,725,000 26,872,000 27,147,000 27,876,478 28,480,887 29,125,205 29,811,511 30,542,047 31,319,230 32,145,666 33,024,163 33,957,750 34,949,689 36,003,497 37,083,602
Net Interest Expense (2,004,000) (2,159,000) (2,063,000) (2,216,000) (2,348,000) (2,245,276) (2,292,567) (2,343,012) (2,396,773) (2,454,024) (2,514,953) (2,579,764) (2,648,673) (2,721,917) (2,799,749) (2,882,442) (2,968,915)
Non-Operating Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBT 23,538,000 24,332,000 25,662,000 24,656,000 24,799,000 25,631,202 26,188,320 26,782,193 27,414,739 28,088,023 28,804,277 29,565,902 30,375,491 31,235,834 32,149,940 33,121,055 34,114,686
Income Taxes (7,579,000) (7,924,000) (7,958,000) (8,105,000) (7,985,000) (8,252,960) (8,432,345) (8,623,566) (8,827,239) (9,044,029) (9,274,654) (9,519,889) (9,780,567) (10,057,588) (10,351,920) (10,664,608) (10,984,547)
Other Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income Before Ext. Items 15,959,000 16,408,000 17,704,000 16,551,000 16,814,000 17,378,242 17,755,975 18,158,627 18,587,500 19,043,995 19,529,623 20,046,013 20,594,923 21,178,245 21,798,020 22,456,446 23,130,140
Ext. Items & Disc. Ops. 1,034,000 (21,000) 52,000 144,000 285,000 0 0 0 0 0 0 0 0 0 0 0 0
Minority Interest in Earnings (604,000) (688,000) (757,000) (673,000) (736,000) (760,699) (777,233) (794,858) (813,632) (833,614) (854,871) (877,475) (901,503) (927,036) (954,166) (982,987) (1,012,477)
Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income (available to common) 16,389,000 15,699,000 16,999,000 16,022,000 16,363,000 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
0
Balance Sheet
Operating Cash and Market. Sec. 7,395,000 6,552,000 7,810,000 7,286,000 9,135,000 9,323,060 9,523,768 9,737,761 9,965,729 10,208,415 10,466,620 10,741,209 11,033,112 11,343,334 11,672,956 12,023,145 12,383,839
Receivables 5,089,000 5,937,000 6,768,000 6,677,000 6,778,000 6,917,537 7,066,458 7,225,237 7,394,385 7,574,454 7,766,037 7,969,777 8,186,364 8,416,543 8,661,116 8,920,950 9,188,578
Inventories 36,437,000 40,714,000 43,803,000 44,858,000 45,141,000 46,070,307 47,062,112 48,119,569 49,246,084 50,445,327 51,721,259 53,078,151 54,520,604 56,053,579 57,682,422 59,412,895 61,195,282
Other Current Assets 3,091,000 1,772,000 1,559,000 2,364,000 2,224,000 2,269,785 2,318,649 2,370,748 2,426,249 2,485,333 2,548,195 2,615,046 2,686,113 2,761,639 2,841,889 2,927,146 3,014,960
Total Current Assets 52,012,000 54,975,000 59,940,000 61,185,000 63,278,000 64,580,689 65,970,987 67,453,315 69,032,447 70,713,528 72,502,112 74,404,184 76,426,194 78,575,096 80,858,384 83,284,135 85,782,659
PP&E (Net) 107,878,000 112,324,000 116,681,000 117,907,000 116,655,000 119,056,548 121,619,606 124,352,326 127,263,505 130,362,632 133,659,944 137,166,472 140,894,112 144,855,681 149,064,995 153,536,945 158,143,053
Investments 738,000 588,000 581,000 716,000 512,000 522,540 533,790 545,784 558,561 572,163 586,635 602,025 618,386 635,773 654,248 673,875 694,091
Intangibles 16,763,000 20,651,000 20,497,000 19,510,000 18,521,000 18,902,287 19,309,217 19,743,084 20,205,284 20,697,324 21,220,829 21,777,551 22,369,378 22,998,346 23,666,648 24,376,647 25,107,946
Other Assets 3,391,000 4,868,000 5,406,000 5,433,000 4,740,000 4,837,581 4,941,725 5,052,763 5,171,052 5,296,977 5,430,956 5,573,435 5,724,899 5,885,868 6,056,903 6,238,611 6,425,769
Total Assets 180,782,000 193,406,000 203,105,000 204,751,000 203,706,000 207,899,645 212,375,325 217,147,272 222,230,847 227,642,625 233,400,475 239,523,667 246,032,969 252,950,764 260,301,178 268,110,213 276,153,520
Current Debt 6,022,000 6,348,000 12,719,000 12,082,000 6,689,000 6,826,705 6,973,671 7,130,365 7,297,292 7,474,996 7,664,064 7,865,128 8,078,871 8,306,028 8,547,390 8,803,811 9,067,926
Accounts Payable 33,676,000 36,608,000 38,080,000 37,415,000 38,410,000 39,200,737 40,044,654 40,944,433 41,902,972 42,923,396 44,009,073 45,163,638 46,391,006 47,695,398 49,081,364 50,553,804 52,070,419
Income Taxes Payable 157,000 1,164,000 2,211,000 966,000 1,021,000 1,042,019 1,064,452 1,088,369 1,113,849 1,140,973 1,169,832 1,200,523 1,233,148 1,267,821 1,304,662 1,343,802 1,384,116
Other Current Liabilities 18,748,000 18,180,000 18,808,000 18,882,000 19,152,000 19,546,278 19,967,071 20,415,719 20,893,666 21,402,470 21,943,811 22,519,500 23,131,491 23,781,887 24,472,957 25,207,146 25,963,360
Total Current Liabilities 58,603,000 62,300,000 71,818,000 69,345,000 65,272,000 66,615,739 68,049,847 69,578,887 71,207,779 72,941,835 74,786,780 76,748,789 78,834,516 81,051,134 83,406,372 85,908,564 88,485,820
Long-Term Debt 40,710,000 44,180,000 38,485,000 41,772,000 41,696,000 42,554,385 43,470,499 44,447,256 45,487,798 46,595,519 47,774,077 49,027,416 50,359,786 51,775,770 53,280,306 54,878,715 56,525,076
Other Liabilities 6,173,000 6,144,000 6,172,000 5,694,000 6,130,000 6,256,197 6,390,881 6,534,480 6,687,457 6,850,310 7,023,578 7,207,839 7,403,720 7,611,893 7,833,084 8,068,077 8,310,119
Deferred Taxes 3,641,000 4,617,000 4,373,000 5,110,000 4,671,000 4,767,161 4,869,789 4,979,210 5,095,777 5,219,869 5,351,897 5,492,303 5,641,562 5,800,188 5,968,733 6,147,795 6,332,229
Total Liabilities 109,127,000 117,241,000 120,848,000 121,921,000 117,769,000 120,193,481 122,781,016 125,539,832 128,478,811 131,607,534 134,936,333 138,476,347 142,239,584 146,238,984 150,488,495 155,003,150 159,653,245
Minority Interest 3,113,000 4,850,000 5,914,000 6,575,000 4,543,000 4,636,526 4,736,341 4,842,764 4,956,136 5,076,829 5,205,239 5,341,797 5,486,965 5,641,244 5,805,171 5,979,327 6,158,706
Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Paid in Common Capital (Net) 3,929,000 4,034,000 3,952,000 2,685,000 2,785,000 (5,875,691) (14,648,361) (23,542,144) (32,566,499) (41,731,232) (51,046,530) (60,522,991) (70,171,661) (80,004,062) (90,032,236) (100,268,783) (110,812,426)
Retained Earnings 64,613,000 67,281,000 72,391,000 73,570,000 78,609,000 88,945,329 99,506,329 110,306,820 121,362,399 132,689,494 144,305,434 156,228,515 168,478,080 181,074,597 194,039,747 207,396,519 221,153,995
Total Common Equity 68,542,000 71,315,000 76,343,000 76,255,000 81,394,000 83,069,638 84,857,968 86,764,676 88,795,900 90,958,262 93,258,904 95,705,523 98,306,419 101,070,535 104,007,511 107,127,737 110,341,569
Total Liabilities and Equity 180,782,000 193,406,000 203,105,000 204,751,000 203,706,000 207,899,645 212,375,325 217,147,272 222,230,847 227,642,625 233,400,475 239,523,667 246,032,969 252,950,764 260,301,178 268,110,213 276,153,520
Statement of Retained Earnings
Beg. Retained Earnings 64,613,000 67,281,000 72,391,000 73,570,000 78,609,000 88,945,329 99,506,329 110,306,820 121,362,399 132,689,494 144,305,434 156,228,515 168,478,080 181,074,597 194,039,747 207,396,519
+Net Income 15,699,000 16,999,000 16,022,000 16,363,000 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
-Common Dividends (4,437,000) (5,048,000) (5,361,000) (6,139,000) (6,185,000) (6,281,214) (6,417,742) (6,563,278) (6,718,290) (6,883,286) (7,058,812) (7,245,457) (7,443,855) (7,654,692) (7,878,704) (8,116,687) (8,360,187)
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=End. Retained Earnings 67,281,000 72,391,000 73,570,000 78,609,000 88,945,329 99,506,329 110,306,820 121,362,399 132,689,494 144,305,434 156,228,515 168,478,080 181,074,597 194,039,747 207,396,519 221,153,995
Values for Dupont Analysis and Valuation
Net Operating Income 18,351,732 17,842,896 19,179,247 18,182,549 18,690,970 18,900,564 19,310,360 19,747,216 20,212,539 20,707,851 21,234,789 21,795,122 22,390,753 23,023,735 23,696,281 24,410,774 25,143,098
Net Financial Expense (1,962,732) (2,143,896) (2,180,247) (2,160,549) (2,327,970) (2,283,021) (2,331,619) (2,383,447) (2,438,670) (2,497,469) (2,560,038) (2,626,584) (2,697,332) (2,772,526) (2,852,427) (2,937,315) (3,025,435)
Net Income 16,389,000 15,699,000 16,999,000 16,022,000 16,363,000 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
Effective Tax Rate 0.3220 0.3257 0.3101 0.3287 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220 0.3220
Net Operating Assets 118,387,000 126,693,000 133,461,000 136,684,000 134,322,000 137,087,254 140,038,479 143,185,060 146,537,127 150,105,606 153,902,284 157,939,864 162,232,042 166,793,578 171,640,378 176,789,589 182,093,277
Net Financial Obligations 49,845,000 55,378,000 57,118,000 60,429,000 52,928,000 54,017,616 55,180,511 56,420,384 57,741,227 59,147,344 60,643,380 62,234,341 63,925,623 65,723,042 67,632,867 69,661,853 71,751,708
Total Common Equity 68,542,000 71,315,000 76,343,000 76,255,000 81,394,000 83,069,638 84,857,968 86,764,676 88,795,900 90,958,262 93,258,904 95,705,523 98,306,419 101,070,535 104,007,511 107,127,737 110,341,569
Raw Data Inputs cut-and-paste raw data block from DataMaker file here
Company Name and Ticker Wal-Mart Stores Inc. WMT A Windows vs Macintosh issue can cause the fiscal year end dates to be off by roughly 4 years. If this occurs, select and copy the 1462 cell below, select the cells with the dates, choose Paste Special Values and select Subtract or Add.
Common Shares Outstanding 3,228,000
Fiscal Year End (YYYY-MM-DD) 2007/01/30 2008/01/30 2009/01/30 2010/01/30 2011/01/30
Sales (Net) 421,849,000 446,509,000 468,651,000 476,294,000 485,651,000
Cost of Goods Sold (307,305,000) (326,887,000) (343,819,000) (349,199,000) (355,913,000)
R&D Expense 0 0 0 0 0 1462
SG&A Expense (81,361,000) (85,025,000) (88,629,000) (91,353,000) (93,418,000)
Depreciation & Amortization (7,641,000) (8,106,000) (8,478,000) (8,870,000) (9,173,000)
Interest Expense (2,004,000) (2,159,000) (2,063,000) (2,216,000) (2,348,000)
Non-Operating Income (Loss) 0 0 0 0 0
Income Taxes (7,579,000) (7,924,000) (7,958,000) (8,105,000) (7,985,000)
Minority Interest in Earnings (604,000) (688,000) (757,000) (673,000) (736,000)
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 1,034,000 (21,000) 52,000 144,000 285,000
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 7,395,000 6,552,000 7,810,000 7,286,000 9,135,000
Receivables 5,089,000 5,937,000 6,768,000 6,677,000 6,778,000
Inventories 36,437,000 40,714,000 43,803,000 44,858,000 45,141,000
Other Current Assets 3,091,000 1,772,000 1,559,000 2,364,000 2,224,000
PP&E (Net) 107,878,000 112,324,000 116,681,000 117,907,000 116,655,000
Investments 738,000 588,000 581,000 716,000 512,000
Intangibles 16,763,000 20,651,000 20,497,000 19,510,000 18,521,000
Other Assets 3,391,000 4,868,000 5,406,000 5,433,000 4,740,000
Current Debt 6,022,000 6,348,000 12,719,000 12,082,000 6,689,000
Accounts Payable 33,676,000 36,608,000 38,080,000 37,415,000 38,410,000
Income Taxes Payable 157,000 1,164,000 2,211,000 966,000 1,021,000
Other Current Liabilities 18,748,000 18,180,000 18,808,000 18,882,000 19,152,000
Long-Term Debt 40,710,000 44,180,000 38,485,000 41,772,000 41,696,000
Other Liabilities 6,173,000 6,144,000 6,172,000 5,694,000 6,130,000
Deferred Taxes 3,641,000 4,617,000 4,373,000 5,110,000 4,671,000
Minority Interest 3,113,000 4,850,000 5,914,000 6,575,000 4,543,000
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,929,000 4,034,000 3,952,000 2,685,000 2,785,000
Retained Earnings 64,613,000 67,281,000 72,391,000 73,570,000 78,609,000
Common Dividends 4,437,000 5,048,000 5,361,000 6,139,000 6,185,000

Ratio Analysis

Ratio Analysis
Company Name Wal-Mart Stores Inc.
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2007/01/30 2008/01/30 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
Annual Growth Rates
Sales 5.8% 5.0% 1.6% 2.0% 2.1% 2.2% 2.2% 2.3% 2.4% 2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0%
Assets 7.0% 5.0% 0.8% -0.5% 2.1% 2.2% 2.2% 2.3% 2.4% 2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0%
Common Equity 4.0% 7.1% -0.1% 6.7% 2.1% 2.2% 2.2% 2.3% 2.4% 2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0%
Earnings -4.2% 8.3% -5.7% 2.1% 1.6% 2.2% 2.3% 2.4% 2.5% 2.6% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0%
Free Cash Flow to Investors 278.6% 6.3% 154.4% 1.4% 1.4% 1.5% 1.6% 1.7% 1.7% 1.8% 1.9% 2.0% 2.1% 2.2% 3.0%
Sustainable Growth Rate 15.8% 13.0% 12.9% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.6% 12.7% 12.7%
Profitability
Return on Equity 0.225 0.230 0.210 0.208 0.202 0.202 0.202 0.202 0.203 0.203 0.203 0.203 0.203 0.203 0.203 0.203
Return on Equity (b4 non-recurring) 0.225 0.230 0.208 0.204 0.202 0.202 0.202 0.202 0.203 0.203 0.203 0.203 0.203 0.203 0.203 0.203
Return on Net Operating Assets 0.146 0.147 0.135 0.138 0.139 0.139 0.139 0.140 0.140 0.140 0.140 0.140 0.140 0.140 0.140 0.140
Basic Dupont Model
Net Profit Margin 0.039 0.035 0.036 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034 0.034
x Total Asset Turnover 2.387 2.364 2.336 2.378 2.408 2.409 2.411 2.412 2.413 2.414 2.415 2.416 2.417 2.418 2.419 2.419
x Total Leverage 2.676 2.685 2.673 2.591 2.503 2.503 2.503 2.503 2.503 2.503 2.503 2.503 2.503 2.503 2.503 2.503
= Return on Equity 0.225 0.230 0.210 0.208 0.202 0.202 0.202 0.202 0.203 0.203 0.203 0.203 0.203 0.203 0.203 0.203
Advanced Dupont Model
Net Operating Margin 0.044 0.040 0.041 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038
x Net Operating Asset Turnover 3.644 3.603 3.526 3.584 3.652 3.654 3.656 3.657 3.659 3.661 3.662 3.664 3.666 3.667 3.669 3.669
= Return on Net Operating Assets 0.146 0.147 0.135 0.138 0.139 0.139 0.139 0.140 0.140 0.140 0.140 0.140 0.140 0.140 0.140 0.140
Net Borrowing Cost (NBC) 0.041 0.039 0.037 0.041 0.043 0.043 0.043 0.043 0.043 0.043 0.043 0.043 0.043 0.043 0.043 0.043
Spread (RNOA - NBC) 0.105 0.109 0.098 0.097 0.097 0.097 0.097 0.097 0.097 0.097 0.097 0.097 0.097 0.097 0.097 0.097
Financial Leverage (LEV) 0.752 0.762 0.770 0.719 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.650 0.650
ROE = RNOA + LEV*Spread 0.225 0.230 0.210 0.208 0.202 0.202 0.202 0.202 0.203 0.203 0.203 0.203 0.203 0.203 0.203 0.203
Margin Analysis
Gross Margin 0.272 0.268 0.266 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267 0.267
EBITDA Margin 0.079 0.077 0.077 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075
EBIT Margin 0.061 0.059 0.059 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056 0.056
Net Operating Margin (b4 non-rec.) 0.041 0.040 0.041 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038
Net Operating Margin 0.044 0.040 0.041 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038 0.038
Turnover Analysis
Net Operating Asset Turnover 3.644 3.603 3.526 3.584 3.652 3.654 3.656 3.657 3.659 3.661 3.662 3.664 3.666 3.667 3.669 3.669
Net Working Capital Turnover (577.631) (6891.926) 199.997 112.719 104.494 104.542 104.589 104.637 104.684 104.732 104.779 104.827 104.874 104.921 104.969 104.969
Avge Days to Collect Receivables 4.507 4.948 5.152 5.056 5.043 5.040 5.038 5.036 5.034 5.031 5.029 5.027 5.024 5.022 5.020 5.020
Avge Inventory Holding Period 43.073 44.862 46.336 46.148 45.827 45.806 45.785 45.764 45.743 45.723 45.702 45.681 45.660 45.640 45.619 45.619
Avge Days to Pay Payables 38.733 39.292 39.337 38.850 38.894 38.872 38.850 38.827 38.805 38.783 38.761 38.740 38.718 38.696 38.674 38.674
PP&E Turnover 4.055 4.093 4.061 4.141 4.206 4.207 4.209 4.211 4.213 4.215 4.217 4.219 4.221 4.223 4.225 4.225
Analysis of Leverage
- Long-Term Capital Structure
Debt to Equity Ratio 0.682 0.709 0.671 0.706 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594
FFO to Total Debt 0.523 0.512 0.492 0.514 0.548 0.549 0.549 0.549 0.550 0.550 0.551 0.551 0.552 0.552 0.552 0.552
CFO to Total Debt 0.514 0.500 0.423 0.535 0.550 0.550 0.551 0.552 0.552 0.553 0.553 0.554 0.554 0.555 0.555 0.555
Analysis of Leverage
- Short-Term Liquidity
Current Ratio 0.888 0.882 0.835 0.882 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969
Quick Ratio 0.213 0.200 0.203 0.201 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244
EBIT Interest Coverage 12.746 12.270 13.439 12.126 11.562 12.416 12.423 12.431 12.438 12.446 12.453 12.461 12.468 12.476 12.483 12.491 12.491
EBITDA Interest Coverage 16.558 16.025 17.549 16.129 15.468 16.509 16.517 16.524 16.532 16.539 16.547 16.554 16.562 16.569 16.577 16.584 16.584
Fiscal Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Cash Flow Analysis

Cash Flow Analysis ($000)
Company Name Wal-Mart Stores Inc.
Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2008/01/30 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
Pro Forma Statement of Cash Flows
Operating:
Net Income 15,699,000 16,999,000 16,022,000 16,363,000 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
+Depreciation & Amortization 8,106,000 8,478,000 8,870,000 9,173,000 9,191,233 9,384,821 9,591,322 9,811,398 10,045,761 10,295,181 10,560,487 10,842,573 11,142,403 11,461,015 11,799,528 12,153,514
+Increase in Deferred Taxes 976,000 (244,000) 737,000 (439,000) 96,161 102,628 109,421 116,567 124,093 132,028 140,405 149,259 158,626 168,546 179,062 184,434
+Increase in Other Liabilities (29,000) 28,000 (478,000) 436,000 126,197 134,684 143,599 152,977 162,853 173,267 184,261 195,880 208,173 221,192 234,993 242,042
+Minority Interest in Earnings 688,000 757,000 673,000 736,000 760,699 777,233 794,858 813,632 833,614 854,871 877,475 901,503 927,036 954,166 982,987 1,012,477
+Preferred Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Funds From Operations 25,440,000 26,018,000 25,824,000 26,269,000 26,791,833 27,378,107 28,002,970 28,668,442 29,376,702 30,130,099 30,931,167 31,782,636 32,687,447 33,648,772 34,670,029 35,710,130
-Increase in Receivables (848,000) (831,000) 91,000 (101,000) (139,537) (148,921) (158,779) (169,148) (180,068) (191,584) (203,740) (216,587) (230,179) (244,574) (259,833) (267,628)
-Increase in Inventory (4,277,000) (3,089,000) (1,055,000) (283,000) (929,307) (991,805) (1,057,458) (1,126,514) (1,199,243) (1,275,933) (1,356,892) (1,442,453) (1,532,975) (1,628,843) (1,730,473) (1,782,387)
-Increase in Other Current Assets 1,319,000 213,000 (805,000) 140,000 (45,785) (48,864) (52,099) (55,501) (59,084) (62,862) (66,851) (71,067) (75,526) (80,250) (85,257) (87,814)
+Increase in Accounts Payable 2,932,000 1,472,000 (665,000) 995,000 790,737 843,917 899,779 958,539 1,020,423 1,085,678 1,154,565 1,227,368 1,304,392 1,385,965 1,472,441 1,516,614
+Increase in Taxes Payable 1,007,000 1,047,000 (1,245,000) 55,000 21,019 22,433 23,918 25,480 27,125 28,859 30,690 32,625 34,673 36,841 39,140 40,314
+Increase in Other Curr. Liabilities (568,000) 628,000 74,000 270,000 394,278 420,794 448,648 477,947 508,804 541,341 575,689 611,991 650,396 691,070 734,189 756,214
=Cash From Operations 25,005,000 25,458,000 22,219,000 27,345,000 26,883,238 27,475,660 28,106,980 28,779,244 29,494,658 30,255,598 31,064,629 31,924,513 32,838,228 33,808,982 34,840,235 35,885,443
Investing:
-Capital Expenditures (12,552,000) (12,835,000) (10,096,000) (7,921,000) (11,592,781) (11,947,880) (12,324,042) (12,722,576) (13,144,889) (13,592,492) (14,067,016) (14,570,213) (15,103,972) (15,670,329) (16,271,478) (16,759,622)
-Increase in Investments 150,000 7,000 (135,000) 204,000 (10,540) (11,249) (11,994) (12,777) (13,602) (14,472) (15,390) (16,361) (17,387) (18,475) (19,627) (20,216)
-Purchases of Intangibles (3,888,000) 154,000 987,000 989,000 (381,287) (406,930) (433,867) (462,200) (492,040) (523,505) (556,722) (591,827) (628,968) (668,301) (709,999) (731,299)
-Increase in Other Assets (1,477,000) (538,000) (27,000) 693,000 (97,581) (104,144) (111,038) (118,289) (125,926) (133,978) (142,480) (151,464) (160,969) (171,036) (181,707) (187,158)
=Cash From Investing (17,767,000) (13,212,000) (9,271,000) (6,035,000) (12,082,190) (12,470,203) (12,880,940) (13,315,842) (13,776,457) (14,264,448) (14,781,608) (15,329,864) (15,911,296) (16,528,141) (17,182,812) (17,698,296)
Financing:
+Increase in Debt 3,796,000 676,000 2,650,000 (5,469,000) 996,090 1,063,080 1,133,450 1,207,470 1,285,425 1,367,626 1,454,403 1,546,113 1,643,140 1,745,897 1,854,831 1,910,476
-Dividends Paid to Minority Interest 1,049,000 307,000 (12,000) (2,768,000) (667,173) (677,418) (688,436) (700,259) (712,922) (726,461) (740,917) (756,334) (772,757) (790,239) (808,832) (833,097)
-Dividends Paid on Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Increase in Pref. Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
-Dividends Paid on Common (5,048,000) (5,361,000) (6,139,000) (6,185,000) (6,281,214) (6,417,742) (6,563,278) (6,718,290) (6,883,286) (7,058,812) (7,245,457) (7,443,855) (7,654,692) (7,878,704) (8,116,687) (8,360,187)
+/-Net Issuance of Common Stock 105,000 (82,000) (1,267,000) 100,000 (8,660,691) (8,772,670) (8,893,784) (9,024,355) (9,164,733) (9,315,298) (9,476,462) (9,648,669) (9,832,401) (10,028,174) (10,236,547) (10,543,644)
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=Cash From Financing (8,081,000) (10,988,000) (13,472,000) (19,461,000) (14,612,988) (14,804,749) (15,012,046) (15,235,434) (15,475,515) (15,732,945) (16,008,433) (16,302,745) (16,616,710) (16,951,220) (17,307,235) (17,826,452)
Net Change in Cash (843,000) 1,258,000 (524,000) 1,849,000 188,060 200,708 213,993 227,968 242,686 258,205 274,589 291,903 310,222 329,622 350,189 360,694
+ Beginning Cash Balance 7,395,000 6,552,000 7,810,000 7,286,000 9,135,000 9,323,060 9,523,768 9,737,761 9,965,729 10,208,415 10,466,620 10,741,209 11,033,112 11,343,334 11,672,956 12,023,145
= Ending Cash Balance 6,552,000 7,810,000 7,286,000 9,135,000 9,323,060 9,523,768 9,737,761 9,965,729 10,208,415 10,466,620 10,741,209 11,033,112 11,343,334 11,672,956 12,023,145 12,383,839
Free Cash Flow to Common Equity
Net Income 15,699,000 16,999,000 16,022,000 16,363,000 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
- Increase in Common Equity (2,773,000) (5,028,000) 88,000 (5,139,000) (1,675,638) (1,788,330) (1,906,708) (2,031,224) (2,162,362) (2,300,642) (2,446,620) (2,600,896) (2,764,116) (2,936,976) (3,120,225) (3,213,832)
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Common Equity 4,943,000 5,443,000 7,406,000 6,085,000 14,941,905 15,190,412 15,457,061 15,742,645 16,048,019 16,374,110 16,721,919 17,092,525 17,487,093 17,906,878 18,353,234 18,903,831
Computation based on SCF:
+Cash From Operations 25,005,000 25,458,000 22,219,000 27,345,000 26,883,238 27,475,660 28,106,980 28,779,244 29,494,658 30,255,598 31,064,629 31,924,513 32,838,228 33,808,982 34,840,235 35,885,443
-Increase in Cash 843,000 (1,258,000) 524,000 (1,849,000) (188,060) (200,708) (213,993) (227,968) (242,686) (258,205) (274,589) (291,903) (310,222) (329,622) (350,189) (360,694)
+Cash From Investing (17,767,000) (13,212,000) (9,271,000) (6,035,000) (12,082,190) (12,470,203) (12,880,940) (13,315,842) (13,776,457) (14,264,448) (14,781,608) (15,329,864) (15,911,296) (16,528,141) (17,182,812) (17,698,296)
+Increase in Debt 3,796,000 676,000 2,650,000 (5,469,000) 996,090 1,063,080 1,133,450 1,207,470 1,285,425 1,367,626 1,454,403 1,546,113 1,643,140 1,745,897 1,854,831 1,910,476
-Dividends Paid to Minority Interest 1,049,000 307,000 (12,000) (2,768,000) (667,173) (677,418) (688,436) (700,259) (712,922) (726,461) (740,917) (756,334) (772,757) (790,239) (808,832) (833,097)
-Dividends Paid on Preferred 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Increase in Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Common Equity 4,943,000 5,443,000 7,406,000 6,085,000 14,941,905 15,190,412 15,457,061 15,742,645 16,048,019 16,374,110 16,721,919 17,092,525 17,487,093 17,906,878 18,353,234 18,903,831
Financing Flows:
+Dividends Paid 5,048,000 5,361,000 6,139,000 6,185,000 6,281,214 6,417,742 6,563,278 6,718,290 6,883,286 7,058,812 7,245,457 7,443,855 7,654,692 7,878,704 8,116,687 8,360,187
-Net Issuance of Common Stock (105,000) 82,000 1,267,000 (100,000) 8,660,691 8,772,670 8,893,784 9,024,355 9,164,733 9,315,298 9,476,462 9,648,669 9,832,401 10,028,174 10,236,547 10,543,644
= Free Cash Flow to Common Equity 4,943,000 5,443,000 7,406,000 6,085,000 14,941,905 15,190,412 15,457,061 15,742,645 16,048,019 16,374,110 16,721,919 17,092,525 17,487,093 17,906,878 18,353,234 18,903,831
Free Cash Flow to all Investors
Net Operating Income 17,842,896 19,179,247 18,182,549 18,690,970 18,900,564 19,310,360 19,747,216 20,212,539 20,707,851 21,234,789 21,795,122 22,390,753 23,023,735 23,696,281 24,410,774 25,143,098
- Increase in Net Operating Assets (8,306,000) (6,768,000) (3,223,000) 2,362,000 (2,765,254) (2,951,225) (3,146,581) (3,352,066) (3,568,480) (3,796,678) (4,037,580) (4,292,178) (4,561,535) (4,846,800) (5,149,211) (5,303,688)
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 1,553,896 5,883,247 6,255,549 15,913,970 16,135,310 16,359,135 16,600,635 16,860,473 17,139,371 17,438,111 17,757,541 18,098,575 18,462,200 18,849,481 19,261,563 19,839,410
Computation based on SCF:
Cash From Operations 25,005,000 25,458,000 22,219,000 27,345,000 26,883,238 27,475,660 28,106,980 28,779,244 29,494,658 30,255,598 31,064,629 31,924,513 32,838,228 33,808,982 34,840,235 35,885,443
-Increase in Operating Cash 843,000 (1,258,000) 524,000 (1,849,000) (188,060) (200,708) (213,993) (227,968) (242,686) (258,205) (274,589) (291,903) (310,222) (329,622) (350,189) (360,694)
+Cash from Investing (17,767,000) (13,212,000) (9,271,000) (6,035,000) (12,082,190) (12,470,203) (12,880,940) (13,315,842) (13,776,457) (14,264,448) (14,781,608) (15,329,864) (15,911,296) (16,528,141) (17,182,812) (17,698,296)
+Interest Expense 2,159,000 2,063,000 2,216,000 2,348,000 2,245,276 2,292,567 2,343,012 2,396,773 2,454,024 2,514,953 2,579,764 2,648,673 2,721,917 2,799,749 2,882,442 2,968,915
-Tax Shield on Interest (703,104) (639,753) (728,451) (756,030) (722,954) (738,181) (754,423) (771,734) (790,168) (809,787) (830,655) (852,843) (876,427) (901,488) (928,114) (955,957)
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 1,553,896 5,883,247 6,255,549 15,913,970 16,135,310 16,359,135 16,600,635 16,860,473 17,139,371 17,438,111 17,757,541 18,098,575 18,462,200 18,849,481 19,261,563 19,839,410
Financing Flows:
+Dividends on Common Stock 5,048,000 5,361,000 6,139,000 6,185,000 6,281,214 6,417,742 6,563,278 6,718,290 6,883,286 7,058,812 7,245,457 7,443,855 7,654,692 7,878,704 8,116,687 8,360,187
+Interest Expense 2,159,000 2,063,000 2,216,000 2,348,000 2,245,276 2,292,567 2,343,012 2,396,773 2,454,024 2,514,953 2,579,764 2,648,673 2,721,917 2,799,749 2,882,442 2,968,915
-Tax Shield on Interest (703,104) (639,753) (728,451) (756,030) (722,954) (738,181) (754,423) (771,734) (790,168) (809,787) (830,655) (852,843) (876,427) (901,488) (928,114) (955,957)
+Dividends on Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Dividends Paid to Minority Interest (1,049,000) (307,000) 12,000 2,768,000 667,173 677,418 688,436 700,259 712,922 726,461 740,917 756,334 772,757 790,239 808,832 833,097
-Net Issuance of Common Stock (105,000) 82,000 1,267,000 (100,000) 8,660,691 8,772,670 8,893,784 9,024,355 9,164,733 9,315,298 9,476,462 9,648,669 9,832,401 10,028,174 10,236,547 10,543,644
-Net Issuance of Debt (3,796,000) (676,000) (2,650,000) 5,469,000 (996,090) (1,063,080) (1,133,450) (1,207,470) (1,285,425) (1,367,626) (1,454,403) (1,546,113) (1,643,140) (1,745,897) (1,854,831) (1,910,476)
-Net Issuance of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 1,553,896 5,883,247 6,255,549 15,913,970 16,135,310 16,359,135 16,600,635 16,860,473 17,139,371 17,438,111 17,757,541 18,098,575 18,462,200 18,849,481 19,261,563 19,839,410
Traditional Computation of FCF:
EBIT 26,491,000 27,725,000 26,872,000 27,147,000 27,876,478 28,480,887 29,125,205 29,811,511 30,542,047 31,319,230 32,145,666 33,024,163 33,957,750 34,949,689 36,003,497 37,083,602
-Taxes on EBIT (8,627,104) (8,597,753) (8,833,451) (8,741,030) (8,975,913) (9,170,526) (9,377,990) (9,598,973) (9,834,197) (10,084,441) (10,350,544) (10,633,410) (10,934,015) (11,253,408) (11,592,722) (11,940,504)
+Increase in Deferred Taxes 976,000 (244,000) 737,000 (439,000) 96,161 102,628 109,421 116,567 124,093 132,028 140,405 149,259 158,626 168,546 179,062 184,434
= NOPLAT 18,839,896 18,883,247 18,775,549 17,966,970 18,996,725 19,412,988 19,856,637 20,329,106 20,831,943 21,366,817 21,935,527 22,540,012 23,182,361 23,864,827 24,589,836 25,327,531
+Depreciation & Amortization 8,106,000 8,478,000 8,870,000 9,173,000 9,191,233 9,384,821 9,591,322 9,811,398 10,045,761 10,295,181 10,560,487 10,842,573 11,142,403 11,461,015 11,799,528 12,153,514
+Non-Operating Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Other Income (Loss) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
+Ext. Items & Disc. Ops. (21,000) 52,000 144,000 285,000 0 0 0 0 0 0 0 0 0 0 0 0
=Gross Cash Flow 26,924,896 27,413,247 27,789,549 27,424,970 28,187,958 28,797,809 29,447,959 30,140,504 30,877,704 31,661,998 32,496,014 33,382,585 34,324,764 35,325,841 36,389,364 37,481,045
-Increase in Working Capital 408,000 (1,818,000) (3,081,000) (773,000) (96,655) (103,155) (109,983) (117,166) (124,730) (132,706) (141,127) (150,026) (159,441) (169,412) (179,982) (185,381)
-Capital Expenditures (12,552,000) (12,835,000) (10,096,000) (7,921,000) (11,592,781) (11,947,880) (12,324,042) (12,722,576) (13,144,889) (13,592,492) (14,067,016) (14,570,213) (15,103,972) (15,670,329) (16,271,478) (16,759,622)
-Increase in Investments 150,000 7,000 (135,000) 204,000 (10,540) (11,249) (11,994) (12,777) (13,602) (14,472) (15,390) (16,361) (17,387) (18,475) (19,627) (20,216)
-Purchases of Intangibles (3,888,000) 154,000 987,000 989,000 (381,287) (406,930) (433,867) (462,200) (492,040) (523,505) (556,722) (591,827) (628,968) (668,301) (709,999) (731,299)
-Increase in Other Assets (1,477,000) (538,000) (27,000) 693,000 (97,581) (104,144) (111,038) (118,289) (125,926) (133,978) (142,480) (151,464) (160,969) (171,036) (181,707) (187,158)
+Increase in Other Liabilities (29,000) 28,000 (478,000) 436,000 126,197 134,684 143,599 152,977 162,853 173,267 184,261 195,880 208,173 221,192 234,993 242,042
+/-Clean Surplus Plug (Ignore) (7,983,000) (6,528,000) (8,704,000) (5,139,000) 0 0 0 0 0 0 0 0 0 0 0 0
=Free Cash Flow to Investors 1,553,896 5,883,247 6,255,549 15,913,970 16,135,310 16,359,135 16,600,635 16,860,473 17,139,371 17,438,111 17,757,541 18,098,575 18,462,200 18,849,481 19,261,563 19,839,410
Analysis of Earnings Quality
(Red Shading = Quality Flag)
Current Op. Accruals/NOA 0.004 0.005 0.029 (0.008) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001) (0.001)
+ Non-Current Op. Accruals/NOA 0.094 0.050 0.006 (0.040) 0.022 0.023 0.024 0.025 0.026 0.027 0.028 0.029 0.030 0.031 0.032 0.032
= Operating Accruals/NOA 0.082 0.046 0.030 (0.033) 0.021 0.022 0.022 0.023 0.024 0.025 0.026 0.027 0.028 0.029 0.030 0.030
Sales Growth 0.058 0.050 0.016 0.020 0.021 0.022 0.022 0.023 0.024 0.025 0.026 0.027 0.028 0.029 0.030 0.030
- NOA Turnover Growth 0.023 (0.004) 0.013 (0.051) 0.000 (0.000) 0.000 0.000 0.000 (0.000) 0.000 (0.000) (0.000) 0.000 (0.000) (0.000)
- Interaction 0.001 (0.000) 0.000 (0.001) 0.000 (0.000) 0.000 0.000 0.000 (0.000) 0.000 (0.000) (0.000) 0.000 (0.000) (0.000)
= Operating Accruals/NOA 0.082 0.046 0.030 (0.033) 0.021 0.022 0.022 0.023 0.024 0.025 0.026 0.027 0.028 0.029 0.030 0.030
Fiscal Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Credit Analysis

Credit Analysis
Company Name Wal-Mart Stores Inc.
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2007/01/30 2008/01/30 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
Analysis of Leverage
- Long-Term Capital Structure
Debt to Equity Ratio 0.682 0.709 0.671 0.706 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594 0.594
FFO to Total Debt 0.523 0.512 0.492 0.514 0.548 0.549 0.549 0.549 0.550 0.550 0.551 0.551 0.552 0.552 0.552 0.552
CFO to Total Debt 0.514 0.500 0.423 0.535 0.550 0.550 0.551 0.552 0.552 0.553 0.553 0.554 0.554 0.555 0.555 0.555
Analysis of Leverage
- Short-Term Liquidity
Current Ratio 0.888 0.882 0.835 0.882 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969 0.969
Quick Ratio 0.213 0.200 0.203 0.201 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244
EBIT Interest Coverage 12.746 12.270 13.439 12.126 11.562 12.416 12.423 12.431 12.438 12.446 12.453 12.461 12.468 12.476 12.483 12.491 12.491
EBITDA Interest Coverage 16.558 16.025 17.549 16.129 15.468 16.509 16.517 16.524 16.532 16.539 16.547 16.554 16.562 16.569 16.577 16.584 16.584
Analysis of Credit Risk
Net Income to Total Assets 0.088 0.085 0.087 0.081 0.083 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084 0.084
implied default probability 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Total Liabilities to Total Assets 0.604 0.606 0.595 0.595 0.578 0.578 0.578 0.578 0.578 0.578 0.578 0.578 0.578 0.578 0.578 0.578 0.578
implied default probability 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
Quick Ratio 0.213 0.200 0.203 0.201 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244 0.244
implied default probability 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0% 9.0%
EBIT to Interest Expense 12.75 12.27 13.44 12.13 11.56 12.42 12.42 12.43 12.44 12.45 12.45 12.46 12.47 12.48 12.48 12.49 12.49
implied default probability 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Inventory Holding Period 43.28 45.46 46.50 46.89 46.29 46.29 46.29 46.29 46.29 46.29 46.29 46.29 46.29 46.29 46.29 46.29 46.29
implied default probability 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2%
Annual Sales Growth 0.0% 5.8% 5.0% 1.6% 2.0% 2.1% 2.2% 2.2% 2.3% 2.4% 2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0%
implied default probability 4.2% 3.0% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
Average Implied Default Probability 4.2% 4.0% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1% 4.1%
Fiscal Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Lookup Table of default probability decile 1 min decile 2 min decile 3 min decile 4 min decile 5 min decile 6 min decile 7 min decile 8 min decile 9 min decile 10
NI to TA thresholds -0.448 -0.161 -0.049 0.001 0.022 0.038 0.056 0.079 0.118
NI to TA default rates 0.083 0.08 0.072 0.055 0.045 0.030 0.025 0.020 0.020 0.020
TL to TA thresholds 0.175 0.283 0.385 0.476 0.558 0.633 0.709 0.816 1.030
TL to TA default rates 0.02 0.022 0.025 0.030 0.035 0.045 0.055 0.070 0.090 0.100
Quick Ratio thresholds 0.382 0.522 0.809 0.994 1.200 1.470 1.890 2.530 4.550
Quick Ratio default rates 0.09 0.065 0.05 0.042 0.040 0.035 0.025 0.020 0.015 0.010
EBIT to Int thresholds -17.4 -3.6 -0.139 1.25 2.210 3.380 5.210 9.160 23.800
EBIT to Int default rates 0.075 0.09 0.085 0.070 0.050 0.030 0.021 0.018 0.015 0.010
Inv Holding thresholds 0.365 2.56 14.24 31.39 50 70.080 91.980 121.540 174.470
Inv Holding default rates 0.03 0.035 0.039 0.040 0.042 0.045 0.049 0.055 0.060 0.070
Sales Growth thresholds -0.203 -0.063 0.003 0.05 0.098 0.158 0.244 0.398 0.797
Sales Growth default rates 0.069 0.055 0.042 0.032 0.030 0.030 0.032 0.042 0.050 0.065

Forecasting Assumptions

Forecasting Assumptions
Company Name Wal-Mart Stores Inc.
TERMINAL
Estimated Price/Share=$74.04 YEAR
Actual Actual Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year End Date 2007/01/30 2008/01/30 2009/01/30 2010/01/30 2011/01/30 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
Implied Return on Equity 0.225 0.230 0.210 0.208 0.202 0.202 0.202 0.202 0.203 0.203 0.203 0.203 0.203 0.203 0.203 0.203
Income Statement Assumptions
Sales Growth 5.8% 5.0% 1.6% 2.0% 2.1% 2.2% 2.2% 2.3% 2.4% 2.5% 2.6% 2.7% 2.8% 2.9% 3.0% 3.0%
Cost of Goods Sold/Sales 72.8% 73.2% 73.4% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3% 73.3%
R&D/Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SG&A/Sales 19.3% 19.0% 18.9% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2% 19.2%
Dep&Amort/Avge PP&E and Intang. 6.3% 6.3% 6.5% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7% 6.7%
Net Interest Expense/Avge Net Debt 4.4% 4.1% 4.2% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%
Non-Operating Income/Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Effective Tax Rate 32.2% 32.6% 31.0% 32.9% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2% 32.2%
Minority Interest/After Tax Income 3.8% 4.2% 4.3% 4.1% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% 4.4%
Other Income/Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Ext. Items & Disc. Ops./Sales 0.2% -0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Pref. Dividends/Avge Pref. Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Balance Sheet Assumptions
Working Capital Assumptions
Ending Operating Cash/Sales 1.8% 1.5% 1.7% 1.5% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9% 1.9%
Ending Receivables/Sales 1.2% 1.3% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% 1.4%
Ending Inventories/COGS 11.9% 12.5% 12.7% 12.8% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7% 12.7%
Ending Other Current Assets/Sales 0.7% 0.4% 0.3% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%
Ending Accounts Payable/COGS 11.0% 11.2% 11.1% 10.7% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8% 10.8%
Ending Taxes Payable/Sales 0.0% 0.3% 0.5% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Ending Other Current Liabs/Sales 4.4% 4.1% 4.0% 4.0% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9%
Other Operating Asset Assumptions
Ending Net PP&E/Sales 25.6% 25.2% 24.9% 24.8% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0% 24.0%
Ending Investments/Sales 0.2% 0.1% 0.1% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Ending Intangibles/Sales 4.0% 4.6% 4.4% 4.1% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8% 3.8%
Ending Other Assets/Sales 0.8% 1.1% 1.2% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Other Operating Liability Assumptions
Other Liabilities/Sales 1.5% 1.4% 1.3% 1.2% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%
Deferred Taxes/Sales 0.9% 1.0% 0.9% 1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
Financing Assumptions
Current Debt/Total Assets 3.3% 3.3% 6.3% 5.9% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3% 3.3%
Long-Term Debt/Total Assets 22.5% 22.8% 18.9% 20.4% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5% 20.5%
Minority Interest/Total Assets 1.7% 2.5% 2.9% 3.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
Preferred Stock/Total Assets 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividend Payout Ratio 27.1% 32.2% 31.5% 38.3% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8% 37.8%

Valuation Parameters

Valuation Parameters
Estimated Price/Share=$74.04
Company Name: Wal-Mart Stores Inc.
Required Valuation Parameters (to compute value of common equity):
Enter Cost of Equity Capital: 10.00%
Enter Value of Contingent Claims on Common Equity ($000): 0
Enter Date of Valuation: 2012/06/23
Enter Dilution Factor for Splits Occurring Since Latest Fiscal Year End: 1.00
Optional Valuation Parameters (to compute value to all investors):
Enter Cost of Net Debt: 8.00%
Enter Cost of Preferred Stock: 9.00%
Enter Cost of Minority Interest: 10.00%
Adjust the Weighted Average Cost of Capital Input 9.3720% up
such that the two equity values below are approximately equal:
Equity Value computed directly Equity Value computed indirectly approximate weighted average
from flows to equityholders: as the Entity Value less non-equity claims: cost of capital to use as starting point:
74.04 76.21 9.65%

Residual Income Valuations

Residual Income Valuation ($000)
Company Name Wal-Mart Stores Inc.
Most Recent Fiscal Year End 1/30/11
Date of Valuation 6/23/12
Cost of Common Equity 10.00%
Teriminal Growth Rate 3.00%
Fiscal Year of Forecast 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
(14,678,581)
Valuation to Common Equity
Net Income 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
Common Equity at Beginning of Year 81,394,000 83,069,638 84,857,968 86,764,676 88,795,900 90,958,262 93,258,904 95,705,523 98,306,419 101,070,535 104,007,511 107,127,737
Residual Income 8,478,143 8,671,778 8,877,972 9,097,401 9,330,791 9,578,925 9,842,648 10,122,868 10,420,567 10,736,801 11,072,708 11,404,889
Present Value of Residual Income 7,707,403 7,166,758 6,670,152 6,213,647 5,793,687 5,407,054 5,050,835 4,722,393 4,419,338 4,139,501 3,880,917 3,633,949
Present Value Beyond 10 Years 60,985,833
Present Value of First 10 Years 57,290,768
Common Equity as of
1/30/11 81,394,000
Forecast Equity Value Before Time Adj. 199,670,601
Forecasted Value as of Valuation Date 239,005,709
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 239,005,709
Common Shares Outstanding at BS Date 3,228,000
Equivalent Shares at Valuation Date 3,228,000
Forecast Price/Share $74.04
Valuation to All Investors
Cost of Debt 8.00%
Cost of Preferred Stock 9.00%
Cost of Minority Interest 10.00%
After Tax Weighted Average Cost of Capital 9.37%
Net Interest Expense to Net Debtholders 2,245,276 2,292,567 2,343,012 2,396,773 2,454,024 2,514,953 2,579,764 2,648,673 2,721,917 2,799,749 2,882,442 2,968,915
Beginning Book Value of Debt 48,385,000 49,381,090 50,444,170 51,577,620 52,785,090 54,070,515 55,438,141 56,892,544 58,438,658 60,081,798 61,827,695 63,682,526
Residual Interest Expense (1,625,524) (1,657,921) (1,692,522) (1,729,437) (1,768,783) (1,810,688) (1,855,288) (1,902,731) (1,953,176) (2,006,795) (2,063,774) (2,125,687)
Present Value of Residual Interest Income (1,505,115) (1,421,400) (1,343,579) (1,271,188) (1,203,804) (1,141,040) (1,082,543) (1,027,986) (977,074) (929,535) (885,117) (844,139)
Value of Debt 17,363,208
Dividends to Preferred Stockholders 0 0 0 0 0 0 0 0 0 0 0 0
Beginning Book Value of Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Residual Income to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of Preferred Residual Income 0 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Minority Interest in Earnings 760,699 777,233 794,858 813,632 833,614 854,871 877,475 901,503 927,036 954,166 982,987 1,012,477
Beginning Book Value of Minority Interest 4,543,000 4,636,526 4,736,341 4,842,764 4,956,136 5,076,829 5,205,239 5,341,797 5,486,965 5,641,244 5,805,171 5,979,327
Residual Income to Minority Interest 306,399 313,581 321,224 329,355 338,000 347,188 356,951 367,323 378,340 390,041 402,470 414,544
Present Value of MI Residual Income 278,544 259,157 241,341 224,954 209,871 195,979 183,172 171,359 160,453 150,378 141,063 132,086
Value of Minority Interest 8,834,917
Net Operating Income 18,900,564 19,310,360 19,747,216 20,212,539 20,707,851 21,234,789 21,795,122 22,390,753 23,023,735 23,696,281 24,410,774 25,143,098
Beginning Net Operating Assets 134,322,000 137,087,254 140,038,479 143,185,060 146,537,127 150,105,606 153,902,284 157,939,864 162,232,042 166,793,578 171,640,378 176,789,589
Residual Income to all Investors 6,311,907 6,462,543 6,622,809 6,793,235 6,974,391 7,166,892 7,371,400 7,588,629 7,819,348 8,064,387 8,324,638 8,574,377
Present Value of Residual Investor Income 5,771,044 5,402,455 5,062,019 4,747,359 4,456,311 4,186,913 3,937,376 3,706,074 3,491,525 3,292,379 3,107,404 2,926,367
Entity Value 231,712,390
Less Value of Debt (17,363,208)
Less Value of Preferred Stock 0
Less Value of Minority Interest (8,834,917)
Forecast Equity Value Before Time Adj. 205,514,266
Forecasted Value as of Valuation Date 246,000,576
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 246,000,576
Common Shares Outstanding at BS Date 3,228,000
Equivalent Shares at Valuation Date 3,228,000
Forecast Price/Share $76.21

DCF Valuations

DCF Valuations ($000)
Company Name Wal-Mart Stores Inc.
Most Recent Fiscal Year End 1/30/11
Date of Valuation 6/23/12
Cost of Common Equity 10.00%
Terminal Growth Rate 3.00%
Fiscal Year of Forecast 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
-14678581.3392
Valuation to Common Equity
Free Cash Flow to Common Equity 14,941,905 15,190,412 15,457,061 15,742,645 16,048,019 16,374,110 16,721,919 17,092,525 17,487,093 17,906,878 18,353,234 18,903,831
Present Value of FCF 13,583,550 12,554,059 11,613,119 10,752,438 9,964,557 9,242,758 8,580,988 7,973,789 7,416,234 6,903,877 6,432,697 6,023,343
Present Value Beyond 10 Years 101,085,231
Present Value of First 10 Years 98,585,370
Forecast Equity Value Before Time Adj. 199,670,601
Forecasted Value as of Valuation Date 239,005,709
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 239,005,709
Common Shares Outstanding at BS Date 3,228,000
Equivalent Shares at Valuation Date 3,228,000
Forecast Price/Share $74.04
Valuation to All Investors
Cost of Net Debt 8.00%
Cost of Preferred Stock 9.00%
Cost of Minority Interest 10.00%
After Tax Weighted Average Cost of Capital 9.37%
Free Cash Flow to Debt 1,249,186 1,229,487 1,209,561 1,189,303 1,168,599 1,147,328 1,125,361 1,102,560 1,078,776 1,053,851 1,027,611 1,058,440
Present Value of FCF to Debt 1,156,654 1,054,087 960,189 874,173 795,329 723,011 656,637 595,679 539,657 488,137 440,725 420,321
Value of Debt 17,363,208
Free Cash Flow to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Present Value of FCF to Preferred Stock 0 0 0 0 0 0 0 0 0 0 0 0
Value of Preferred Stock 0
Free Cash Flow to Minority Interest 667,173 677,418 688,436 700,259 712,922 726,461 740,917 756,334 772,757 790,239 808,832 833,097
Present Value of FCF to Minority Interest 606,521 559,849 517,232 478,286 442,668 410,068 380,208 352,835 327,725 304,671 283,491 265,450
Value of Minority Interest 8,834,917
Free Cash Flows to Investors 16,135,310 16,359,135 16,600,635 16,860,473 17,139,371 17,438,111 17,757,541 18,098,575 18,462,200 18,849,481 19,261,563 19,839,410
Present Value of FCF to Investors 14,752,688 13,675,652 12,688,381 11,782,708 10,951,260 10,187,380 9,485,053 8,838,838 8,243,812 7,695,518 7,189,916 6,771,033
Entity Value 231,712,390
Less Value of Net Debt (17,363,208)
Less Value of Preferred Stock 0
Less Value of Minority Interest (8,834,917)
Forecast Equity Value Before Time Adj. 205,514,266
Forecasted Value as of Valuation Date 246,000,576
Less Value of Contingent Equity Claims 0
Value Attributable to Common Equity 246,000,576
Common Shares Outstanding at BS Date 3,228,000
Equivalent Shares at Valuation Date 3,228,000
Forecast Price/Share $76.21

EPS Forecaster

EPS Forecaster ($000, except per share amounts)
Company Name Wal-Mart Stores Inc.
Common Shares Outstanding at BS Date 3,228,000
Equivalent Shares at Valuation Date 3,228,000
Forecasted Price at Valuation Date $74.04
Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Fiscal Year of Forecast 2012/01/30 2013/01/30 2014/01/30 2015/01/30 2016/01/30 2017/01/30 2018/01/30 2019/01/30 2020/01/30 2021/01/30 2022/01/30 2023/01/30
Net Income 16,617,543 16,978,741 17,363,769 17,773,869 18,210,381 18,674,751 19,168,538 19,693,421 20,251,209 20,843,854 21,473,459 22,117,663
Common Equity Issued (Repurchased) (8,660,691) (8,772,670) (8,893,784) (9,024,355) (9,164,733) (9,315,298) (9,476,462) (9,648,669) (9,832,401) (10,028,174) (10,236,547) (10,543,644)
Forecasted Price at Year End $71.87 $77.00 $82.50 $88.42 $94.79 $101.65 $109.02 $116.95 $125.49 $134.69 $144.59 $155.25
New Shares Issued (Repurchased) (120,499) (113,938) (107,800) (102,057) (96,680) (91,644) (86,924) (82,500) (78,349) (74,455) (70,799) (67,915)
Shares Outstanding at End of Year 3,107,501 2,993,563 2,885,763 2,783,706 2,687,025 2,595,382 2,508,457 2,425,958 2,347,608 2,273,153 2,202,354 2,134,440
Forecast EPS $5.25 $5.57 $5.91 $6.27 $6.66 $7.07 $7.51 $7.98 $8.48 $9.02 $9.60 $10.20
Consensus Analyst Forecast of EPS
Forecast Five Year Growth Rate in EPS 6%
Consensus Analyst Forecast of Growth Rate
To obtain analyst forecasts, click here
Although not a necessary input for eVal, we recommend that you find the analyst forecasts for your company and store them in the yellow-shaded cells for comparison purposes.

Model Summary

Model Summary
Historical Data For:
Wal-Mart Stores Inc.
Most Recent Fiscal Year End: 2011/01/30
Average ROE (last five years) 21.81%
Sales Growth (last five years) 2.86%
Forecast Data:
Forecast Horizon 10 years
This Year's ROE 20.21%
Terminal Year's ROE 20.34%
This Year's Sales Growth 2.06%
Terminal Year's Sales Growth 3.00%
This Year's Forecast EPS $5.25
Forecast 5 Year EPS Growth 6.15%
Valuation Data:
Cost of Equity Capital 10.00%
Valuation Date 2012/06/23
Estimated Price/Share $74.04
Estimated Price/Earnings Ratio 14.11
Estimated Market/Book Ratio 2.94

Case Data

Cut-and-Paste the yellow block of case data into the Raw Data Input section on the lower part of the eVal financial statements
America Online Amazon.com Four Models Intel Cabelas
Netflix Overstock Royal Caribbean Carnival Sporting Goods Industry
Salton City Screens Country Cinema Sirius Verizon
Nordstrom Ross Stores Kohls Apple IBM
Company Name and Ticker AMERICA ONLINE INC AOL
Common Shares Outstanding (000) 2,255,000
Fiscal Year End (YYYY-MM-DD) 1991/06/29 1992/06/29 1993/06/29 1994/06/29 1995/06/29
Sales (Net) 394,290 1,094,000 2,197,000 3,091,000 4,777,000
Cost of Goods Sold (229,724) (654,000) (1,770,000) (2,434,000) (3,465,000)
R&D Expense (64,598) (75,000) (204,000) (333,000) (286,000)
SG&A Expense (119,764) (293,000) (605,000) (328,000) (408,000)
Depreciation & Amortization (1,653) (7,000) (6,000) (24,000) (65,000)
Interest Expense 0 0 0 0 0
Non-Operating Income (Loss) 867 (3,000) (87,000) (62,000) 543,000
Income Taxes (15,169) (32,000) (10,000) 16,000 (334,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 64,549 129,133 124,000 823,000 1,424,000
Receivables 32,176 42,939 65,000 192,000 323,000
Inventories 0 0 0 0 0
Other Current Assets 36,908 98,506 134,000 248,000 232,000
PP&E (Net) 70,919 101,277 233,000 503,000 657,000
Investments 0 0 81,000 531,000 2,151,000
Intangibles 59,935 56,638 59,000 472,000 454,000
Other Assets 140,926 530,261 137,000 105,000 107,000
Current Debt 2,329 2,435 0 0 0
Accounts Payable 84,640 105,904 68,000 120,000 74,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 46,393 181,567 485,000 1,035,000 1,651,000
Long-Term Debt 17,369 19,306 50,000 372,000 348,000
Other Liabilities 2,243 1,168 4,000 7,000 15,000
Deferred Taxes 35,627 135,872 86,000 344,000 227,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 1 0 0 0
Paid in Common Capital (Net) 253,435 520,268 647,000 1,586,000 2,882,000
Retained Earnings (36,623) (7,767) (507,000) (590,000) 151,000
-Common Dividends 0 0 0 0
Company Name and Ticker AMAZON.COM INC AMZN back to top
Common Shares Outstanding (000) 357,140
Fiscal Year End (YYYY-MM-DD) 1992/12/30 1993/12/30 1994/12/30 1995/12/30 1996/12/30
Sales (Net) 15,746 147,787 609,819 1,639,839 2,761,983
Cost of Goods Sold (12,287) (118,969) (476,155) (1,349,194) (2,106,206)
R&D Expense (2,401) 0 0 0 0
SG&A Expense (7,501) (60,202) (194,696) (643,016) (972,777)
Depreciation & Amortization 0 0 (42,599) (214,694) (321,772)
Interest Expense (5) (326) (26,639) (84,566) (130,921)
Non-Operating Income (Loss) 202 690 8,629 8,432 (336,984)
Income Taxes 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 (2,905) (76,769) (304,596)
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 6,248 125,375 373,445 706,188 1,100,522
Receivables 0 0 0 0 0
Inventories 571 8,971 29,501 220,646 174,563
Other Current Assets 321 3,363 21,308 79,643 86,044
PP&E (Net) 985 9,726 29,791 317,613 366,416
Investments 0 0 7,740 371,462 92,250
Intangibles 0 0 178,638 730,144 255,325
Other Assets 146 2,409 8,037 40,154 60,049
Current Debt 0 1,500 808 14,322 16,577
Accounts Payable 2,852 33,027 113,273 463,026 485,383
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 2,018 10,024 47,494 255,886 472,996
Long-Term Debt 0 76,521 348,140 1,466,338 2,127,464
Other Liabilities 0 181 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 6 0 0 0 0
Paid in Common Capital (Net) 9,420 66,105 300,805 1,148,306 1,326,050
Retained Earnings (6,025) (37,514) (162,060) (882,028) (2,293,301)
-Common Dividends 0 0 0 0
Company Name and Ticker FOUR MODELS FOUR back to top
Common Shares Outstanding (000) 1,000
Fiscal Year End (YYYY-MM-DD) 1992/12/30 1993/12/30 1994/12/30 1995/12/30 1996/12/30
Sales (Net) 20,000 20,000 20,000 20,000 20,000
Cost of Goods Sold (12,000) (12,000) (12,000) (12,000) (12,000)
R&D Expense 0 0 0 0 0
SG&A Expense 0 0 0 0 0
Depreciation & Amortization (2,000) (2,000) (2,000) (2,000) (2,000)
Interest Expense (1,000) (1,000) (1,000) (1,000) (1,000)
Non-Operating Income (Loss) 0 0 0 0 0
Income Taxes (2,000) (2,000) (2,000) (2,000) (2,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 1,000 1,000 1,000 1,000 1,000
Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Other Current Assets 0 0 0 0 0
PP&E (Net) 20,000 20,000 20,000 20,000 20,000
Investments 0 0 0 0 0
Intangibles 0 0 0 0 0
Other Assets 0 0 0 0 0
Current Debt 0 0 0 0 0
Accounts Payable 0 0 0 0 0
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0
Long-Term Debt 10,000 10,000 10,000 10,000 10,000
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 10,000 10,000 10,000 10,000 10,000
Retained Earnings 1,000 1,000 1,000 1,000 1,000
-Common Dividends 0 0 0 0
Company Name and Ticker INTEL CORP INTC back to top
Common Shares Outstanding (000) 6,668,000
Fiscal Year End (YYYY-MM-DD) 1991/12/30 1992/12/30 1993/12/30 1994/12/30 1995/12/30
Sales (Net) 16,202,000 20,847,000 25,070,000 26,273,000 29,389,000
Cost of Goods Sold (7,811,000) (9,164,000) (9,945,000) (12,144,000) (11,836,000)
R&D Expense (1,296,000) (1,808,000) (2,347,000) (2,674,000) (3,503,000)
SG&A Expense (1,843,000) (2,322,000) (2,891,000) (3,076,000) (3,872,000)
Depreciation & Amortization 0 0 0 0 (411,000)
Interest Expense (29,000) (25,000) (27,000) (34,000) (36,000)
Non-Operating Income (Loss) 415,000 406,000 799,000 792,000 1,497,000
Income Taxes (2,072,000) (2,777,000) (3,714,000) (3,069,000) (3,914,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 2,458,000 7,907,000 9,732,000 7,310,000 11,400,000
Receivables 3,116,000 3,723,000 3,438,000 3,527,000 3,700,000
Inventories 2,004,000 1,293,000 1,697,000 1,582,000 1,478,000
Other Current Assets 519,000 761,000 1,000,000 1,056,000 1,241,000
PP&E (Net) 7,471,000 8,487,000 10,666,000 11,609,000 11,715,000
Investments 1,653,000 1,353,000 1,839,000 5,365,000 7,911,000
Intangibles 0 0 0 111,000 4,934,000
Other Assets 283,000 211,000 508,000 911,000 1,470,000
Current Debt 346,000 389,000 322,000 159,000 230,000
Accounts Payable 864,000 969,000 1,407,000 1,244,000 1,370,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 2,409,000 3,505,000 4,291,000 4,401,000 5,499,000
Long-Term Debt 400,000 728,000 448,000 702,000 955,000
Other Liabilities 0 0 0 0 0
Deferred Taxes 620,000 997,000 1,076,000 1,387,000 3,130,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,308,000 3,172,000 5,352,000 5,626,000 11,237,000
Retained Earnings 9,557,000 13,975,000 15,984,000 17,952,000 21,428,000
-Common Dividends (147,780) (188,848) (165,750) (366,740)
Company Name and Ticker NETFLIX INC NFLX back to top
Common Shares Outstanding 52,732
Fiscal Year End (YYYY-MM-DD) 1996/12/30 1997/12/30 1998/12/30 1999/12/30 2000/12/30
Sales (Net) 0 75,912 152,806 272,243 506,228
Cost of Goods Sold 0 (20,110) (51,659) (97,369) (188,254)
R&D Expense 0 (17,734) (14,625) (17,884) (22,906)
SG&A Expense 0 (44,827) (71,717) (101,527) (187,510)
Depreciation & Amortization 0 (29,797) (26,477) (50,991) (88,204)
Interest Expense 0 (1,852) (11,972) (417) (170)
Non-Operating Income (Loss) 0 (210) 1,697 2,457 2,592
Income Taxes 0 0 0 0 (181)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 0 16,131 103,610 135,191 174,461
Receivables 0 0 0 0 0
Inventories 0 0 0 0 0
Other Current Assets 0 3,421 3,465 3,755 12,885
PP&E (Net) 0 11,838 15,592 9,772 18,728
Investments 0 0 0 0 0
Intangibles 0 7,917 6,094 2,948 961
Other Assets 0 2,323 1,769 24,346 44,758
Current Debt 0 3,012 1,231 416 68
Accounts Payable 0 13,715 20,350 32,654 49,775
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 0 9,481 18,845 29,949 45,067
Long-Term Debt 0 3,856 460 44 0
Other Liabilities 0 240 288 241 600
Deferred Taxes 0 0 0 0 0
Minority Interest 0 101,830 0 0 0
Preferred Stock 0 6 0 0 0
Paid in Common Capital (Net) 0 46,756 248,569 266,001 287,981
Retained Earnings 0 (137,266) (159,213) (153,293) (131,698)
-Common Dividends 0 0 0 0
Company Name and Ticker OVERSTOCK.COM INC OSTK back to top
Common Shares Outstanding (000) 16,025
Fiscal Year End (YYYY-MM-DD) 1997/12/30 1998/12/30 1999/12/30
Sales (Net) 40,003 91,784 238,945
Cost of Goods Sold (32,536) (70,953) (211,077)
R&D Expense 0 0 0
SG&A Expense (15,225) (19,494) (37,084)
Depreciation & Amortization (5,809) (5,391) (3,171)
Interest Expense (729) (465) (76)
Non-Operating Income (Loss) 490 (41) 576
Income Taxes 0 0 0
Minority Interest in Earnings 0 0 0
Other Income (Loss) 0 0 0
Ext. Items & Disc. Ops. 0 0 0
Preferred Dividends 0 (7,013) (262)
Operating Cash and Market. Sec. 3,729 32,662 40,346
Receivables 1,565 6,994 10,183
Inventories 7,586 13,954 29,926
Other Current Assets 476 2,333 4,583
PP&E (Net) 5,018 4,945 9,483
Investments 0 0 0
Intangibles 0 2,784 2,784
Other Assets 3,340 284 427
Current Debt 4,512 124 75
Accounts Payable 3,680 13,731 30,363
Income Taxes Payable 0 0 0
Other Current Liabilities 2,093 6,409 9,316
Long-Term Debt 165 58 86
Other Liabilities 0 0 0
Deferred Taxes 0 0 0
Minority Interest 5,284 0 0
Preferred Stock 0 4,363 2,978
Paid in Common Capital (Net) 50,073 94,937 122,729
Retained Earnings (44,093) (55,666) (67,815)
-Common Dividends 0 (7,013) (262)
Company Name and Ticker ROYAL CARIBBEAN CRUISES LTD RCL back to top
Common Shares Outstanding 168,591
Fiscal Year End (YYYY-MM-DD) 1990/12/30 1991/12/30 1992/12/30 1993/12/30 1994/12/30
Sales (Net) 1,171,423 1,183,952 1,357,325 1,939,007 2,636,291
Cost of Goods Sold (728,760) (742,467) (854,478) (1,219,268) (1,593,728)
R&D Expense 0 0 0 0 0
SG&A Expense (179,051) (177,481) (194,629) (272,368) (359,214)
Depreciation & Amortization (77,892) (80,071) (91,185) (143,816) (194,614)
Interest Expense (43,349) (54,844) (76,540) (128,531) (167,869)
Non-Operating Income (Loss) (46) 19,869 10,373 7,661 9,904
Income Taxes 0 0 0 0 0
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. (6) 0 0 (7,558) 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 23,920 31,256 40,419 110,793 172,921
Receivables 9,424 12,171 15,535 22,628 36,532
Inventories 13,555 16,830 22,665 37,274 31,834
Other Current Assets 71,233 27,563 33,745 40,450 45,044
PP&E (Net) 1,384,814 1,758,446 2,378,934 4,785,291 5,073,008
Investments 0 0 0 0 0
Intangibles 351,456 341,041 330,628 320,214 309,801
Other Assets 10,602 15,936 20,373 23,098 16,936
Current Debt 0 6,234 13,061 141,013 127,919
Accounts Payable 63,181 71,528 69,091 108,474 115,833
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 209,094 230,935 321,307 639,857 646,403
Long-Term Debt 747,107 929,458 1,353,906 2,431,683 2,341,163
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 172,500 172,500
Paid in Common Capital (Net) 545,061 546,058 549,422 1,185,566 1,358,567
Retained Earnings 300,561 419,030 535,512 660,655 923,691
-Common Dividends (30,489) (34,384) (49,984) (67,734)
Company Name and Ticker CARNIVAL CORP CCL back to top
Common Shares Outstanding (000) 595,448
Fiscal Year End (YYYY-MM-DD) 1990/11/29 1991/11/29 1992/11/29 1993/11/29 1994/11/29
Sales (Net) 1,806,016 1,998,150 2,212,572 2,447,468 3,009,306
Cost of Goods Sold (1,028,475) (1,131,113) (1,241,269) (1,322,669) (1,619,377)
R&D Expense 0 0 0 0 0
SG&A Expense (223,272) (248,566) (274,855) (296,533) (369,469)
Depreciation & Amortization (110,595) (128,433) (144,987) (167,287) (200,668)
Interest Expense (51,378) (63,080) (64,092) (55,898) (57,772)
Non-Operating Income (Loss) (478) 33,507 87,978 67,202 88,782
Income Taxes 10,053 (9,374) (9,045) (6,233) (3,815)
Minority Interest in Earnings 0 0 0 0 (11,102)
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 124,220 103,760 124,115 149,727 143,229
Receivables 20,789 33,080 38,109 57,090 60,837
Inventories 45,122 48,820 53,281 54,970 75,449
Other Current Assets 50,318 70,718 75,428 74,238 90,764
PP&E (Net) 3,071,431 3,414,823 4,099,038 4,327,413 5,768,114
Investments 47,514 51,794 430,330 479,329 546,693
Intangibles 233,553 226,571 219,589 212,607 437,464
Other Assets 76,876 155,921 61,998 71,401 56,773
Current Debt 84,644 72,752 66,369 59,620 67,626
Accounts Payable 86,750 90,237 84,748 106,783 168,546
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 393,563 431,721 511,625 619,739 898,941
Long-Term Debt 1,046,904 1,035,031 1,277,529 1,015,294 1,563,014
Other Liabilities 129,028 130,873 39,103 0 0
Deferred Taxes 0 0 91,630 20,241 63,036
Minority Interest 0 0 0 0 132,684
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 538,345 592,733 823,103 873,885 905,848
Retained Earnings 1,390,589 1,752,140 2,207,781 2,731,213 3,379,628
-Common Dividends (85,098) (103,877) (130,456) (178,458)
Company Name and Ticker SALTON INC SFP back to top
Common Shares Outstanding (000) 11,352
Fiscal Year End (YYYY-MM-DD) 1992/06/28 1993/06/28 1994/06/27 1995/06/25 1996/06/30
Sales (Net) 99,202 182,806 305,599 506,116 837,302
Cost of Goods Sold (72,780) (129,399) (191,703) (307,147) (504,889)
R&D Expense 0 0 0 0 0
SG&A Expense (21,343) (42,944) (84,216) (129,588) (156,749)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (3,934) (4,063) (5,333) (15,518) (28,761)
Non-Operating Income (Loss) 0 0 7,839 0 0
Income Taxes 3,450 (2,001) (12,205) (19,320) (55,087)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 4 2,613 661 11,240 7,606
Receivables 15,871 25,647 43,225 96,179 129,850
Inventories 28,288 41,968 76,506 144,124 219,230
Other Current Assets 3,883 6,556 7,545 9,484 13,859
PP&E (Net) 6,232 8,316 8,315 24,651 34,643
Investments 0 12,157 0 0 0
Intangibles 3,671 4,880 5,145 42,638 159,088
Other Assets 1,532 206 0 0 0
Current Debt 24,512 38,477 50,475 32,229 112,155
Accounts Payable 10,057 17,361 18,960 40,997 35,113
Income Taxes Payable 0 0 6,499 0 4,578
Other Current Liabilities 1,233 2,950 7,235 21,865 21,028
Long-Term Debt 3,754 4,933 0 182,329 215,065
Other Liabilities 0 0 0 0 0
Deferred Taxes 0 0 517 157 2,529
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 29,358 43,656 42,764 1,249 32,502
Retained Earnings (9,433) (5,034) 14,947 49,490 141,306
-Common Dividends 0 0 0 0
Company Name and Ticker CITY SCREENS CSCR back to top
Common Shares Outstanding (000) 23,469
Fiscal Year End (YYYY-MM-DD) 1991/03/30 1992/03/27 1993/04/02 1994/04/01 1995/03/31
Sales (Net) 564,664 657,872 752,904 852,755 1,026,721
Cost of Goods Sold (209,122) (247,740) (295,557) (341,988) (407,124)
R&D Expense 0 0 0 0 0
SG&A Expense (266,600) (297,577) (344,399) (403,866) (517,066)
Depreciation & Amortization (37,913) (43,886) (52,572) (70,117) (89,221)
Interest Expense (35,908) (28,828) (22,022) (35,679) (38,628)
Non-Operating Income (Loss) 9,857 6,830 (6,459) (42,204) (1,198)
Income Taxes 9,000 (19,300) (12,900) 16,600 10,500
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 (19,350) 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 140,377 10,795 24,715 9,881 13,239
Receivables 8,572 20,503 9,837 13,018 18,325
Inventories 0 0 0 0 0
Other Current Assets 12,069 15,179 49,962 84,224 71,024
PP&E (Net) 279,904 355,485 543,058 562,158 726,025
Investments 0 0 0 0 0
Intangibles 42,926 36,483 28,679 22,066 18,723
Other Assets 38,306 45,013 62,804 104,433 128,394
Current Debt 2,516 2,904 3,441 4,017 18,017
Accounts Payable 29,047 64,353 61,876 72,633 69,381
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 33,794 38,319 69,792 97,186 101,658
Long-Term Debt 264,988 185,268 370,283 399,595 591,603
Other Liabilities 34,421 33,696 43,651 82,894 79,606
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 2,667 2,667 2,202 1,200 0
Paid in Common Capital (Net) 118,139 118,648 117,205 117,213 110,439
Retained Earnings 36,582 37,603 50,605 21,042 5,026
-Common Dividends (7,000) (5,993) (5,064) 0
Company Name and Ticker COUNTY CINEMA CCIN back to top
Common Shares Outstanding (000) 11,363
Fiscal Year End (YYYY-MM-DD) 1990/12/30 1991/12/30 1992/12/30 1993/12/30 1994/12/30
Sales (Net) 327,619 364,749 426,726 458,598 481,568
Cost of Goods Sold (126,930) (150,613) (174,220) (188,006) (197,665)
R&D Expense 0 0 0 0 0
SG&A Expense (132,918) (149,164) (170,108) (181,455) (194,985)
Depreciation & Amortization (22,544) (27,216) (28,408) (33,443) (37,502)
Interest Expense (17,028) (16,031) (20,289) (23,142) (27,230)
Non-Operating Income (Loss) 0 0 (45,447) 0 (72,999)
Income Taxes (11,246) (8,638) 4,469 (12,366) 18,166
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 22,687 18,847 13,295 19,587 18,572
Receivables 3,814 12,211 4,822 758 522
Inventories 1,939 2,936 2,631 3,082 3,851
Other Current Assets 5,025 5,632 5,363 7,548 5,886
PP&E (Net) 293,971 371,851 387,915 497,056 573,612
Investments 4,631 4,973 10,324 14,148 20,334
Intangibles 43,156 59,231 62,608 68,149 56,954
Other Assets 2,375 2,331 2,425 9,669 17,812
Current Debt 9,352 12,205 15,026 19,077 1,290
Accounts Payable 23,478 24,873 21,432 26,122 45,533
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 11,327 19,102 17,240 17,833 37,842
Long-Term Debt 143,973 218,305 253,233 341,662 350,470
Other Liabilities 0 0 0 0 36,099
Deferred Taxes 17,512 18,433 4,522 12,431 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 550
Paid in Common Capital (Net) 100,098 100,149 100,262 105,018 158,884
Retained Earnings 71,858 84,945 77,668 97,854 66,875
-Common Dividends 0 0 0 0
Company Name and Ticker KOHL'S CORP KSS back to top
Common Shares Outstanding (000) 307,000
Fiscal Year End (YYYY-MM-DD) 2002/01/30 2003/01/30 2004/01/30 2005/01/30 2006/01/30
Sales (Net) 13,402,217 15,544,184 16,473,734 16,389,000 17,178,000
Cost of Goods Sold (8,670,484) (9,890,513) (10,459,549) (10,334,000) (10,680,000)
R&D Expense 0 0 0 0 0
SG&A Expense (3,007,842) (3,451,196) (3,757,563) (3,978,000) (4,196,000)
Depreciation & Amortization (307,710) (387,674) (452,145) (541,000) (590,000)
Interest Expense (79,383) (74,427) (98,712) (140,000) (134,000)
Non-Operating Income (Loss) 8,992 34,071 36,296 29,000 10,000
Income Taxes (503,830) (665,764) (658,210) (540,000) (597,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 286,916 620,400 663,671 676,000 2,267,000
Receivables 1,652,065 0 0 0 0
Inventories 2,237,568 2,588,099 2,855,733 2,799,000 2,923,000
Other Current Assets 89,503 192,541 204,485 225,000 295,000
PP&E (Net) 4,543,832 5,352,974 6,509,819 6,984,000 7,018,000
Investments 0 0 0 332,000 321,000
Intangibles 221,718 228,624 219,296 210,000 204,000
Other Assets 121,436 58,539 107,078 108,000 132,000
Current Debt 107,941 18,841 12,701 17,000 16,000
Accounts Payable 829,971 934,376 835,985 881,000 1,188,000
Income Taxes Payable 166,908 233,263 124,254 105,000 184,000
Other Current Liabilities 641,635 732,178 798,508 812,000 1,002,000
Long-Term Debt 1,046,104 1,040,057 2,051,875 2,053,000 2,052,000
Other Liabilities 185,340 235,537 372,705 407,000 488,000
Deferred Taxes 217,801 243,530 262,451 320,000 377,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 1,586,485 123,861 (461,782) (663,000) (550,000)
Retained Earnings 4,370,853 5,479,534 6,563,385 7,402,000 8,403,000
-Common Dividends 0 0 0 0 0
Company Name and Ticker NORDSTROM INC JWN back to top
Common Shares Outstanding (000) 217,700
Fiscal Year End (YYYY-MM-DD) 2002/01/30 2003/01/30 2004/01/30 2005/01/30 2006/01/30
Sales (Net) 7,919,214 8,793,637 9,120,000 8,573,000 8,627,000
Cost of Goods Sold (4,611,695) (5,069,429) (5,257,000) (5,115,000) (5,015,000)
R&D Expense 0 0 0 0 0
SG&A Expense (2,100,666) (2,296,863) (2,360,000) (2,386,000) (2,465,000)
Depreciation & Amortization (276,328) (284,520) (269,000) (302,000) (313,000)
Interest Expense (63,378) (62,409) (102,000) (145,000) (148,000)
Non-Operating Income (Loss) 18,078 19,651 28,000 23,000 10,000
Income Taxes (333,886) (427,654) (458,000) (247,000) (255,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 5,586 13,000 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 516,656 402,559 358,000 72,000 795,000
Receivables 1,200,694 1,112,551 1,788,000 1,942,000 2,035,000
Inventories 955,978 997,289 956,000 900,000 898,000
Other Current Assets 200,829 229,794 259,000 303,000 326,000
PP&E (Net) 1,773,871 1,757,215 1,983,000 2,221,000 2,242,000
Investments 0 0 0 0 0
Intangibles 140,912 135,714 53,000 53,000 53,000
Other Assets 132,409 186,456 203,000 170,000 230,000
Current Debt 306,618 6,800 261,000 299,000 356,000
Accounts Payable 540,019 576,796 556,000 563,000 726,000
Income Taxes Payable 81,617 76,095 58,000 0 0
Other Current Liabilities 695,058 773,452 760,000 739,000 932,000
Long-Term Debt 627,776 623,652 2,236,000 2,214,000 2,257,000
Other Liabilities 577,580 596,262 614,000 636,000 736,000
Deferred Taxes 0 0 0 0 0
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 685,607 826,421 936,000 997,000 1,066,000
Retained Earnings 1,407,074 1,342,100 179,000 213,000 506,000
-Common Dividends (134,000) 110,158 134,000 138,000 139,000
Company Name and Ticker ROSS STORES INC ROST back to top
Common Shares Outstanding (000) 122,929
Fiscal Year End (YYYY-MM-DD) 2002/01/27 2003/02/02 2004/02/01 2005/01/30 2006/01/29
Sales (Net) 4,944,179 5,570,210 5,975,212 6,486,139 7,184,213
Cost of Goods Sold (3,832,296) (4,317,527) (4,618,220) (4,956,576) (5,327,278)
R&D Expense 0 0 0 0 0
SG&A Expense (786,439) (863,033) (935,901) (1,034,357) (1,130,813)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (4,102) (2,873) (9,771) (8,343) (9,393)
Non-Operating Income (Loss) 7,000 11,500 13,800 8,500 1,800
Income Taxes (128,710) (156,643) (164,069) (189,922) (275,772)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 204,530 372,635 263,678 322,153 770,097
Receivables 29,122 30,105 37,468 96,411 102,852
Inventories 938,091 1,051,729 1,025,295 881,058 872,498
Other Current Assets 57,104 60,487 71,560 14,093 0
PP&E (Net) 639,852 748,233 868,315 951,656 942,999
Investments 11,202 31,136 40,766 38,014 16,848
Intangibles 12,086 13,916 12,796 10,971 2,889
Other Assets 46,751 50,350 51,444 41,155 60,450
Current Debt 50,000 0 0 0 0
Accounts Payable 474,614 698,063 637,158 536,745 658,299
Income Taxes Payable 25,586 33,577 21,818 9,120 54,399
Other Current Liabilities 328,783 351,617 351,629 409,394 477,816
Long-Term Debt 0 150,000 150,000 150,000 150,000
Other Liabilities 122,926 32,510 57,340 61,994 64,883
Deferred Taxes 100,657 182,994 182,728 191,889 205,943
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 476,415 524,910 554,558 595,397 646,443
Retained Earnings 359,757 384,920 416,091 400,972 510,850
-Common Dividends 0 (33,634) (40,638) (49,838) (55,202)
Company Name and Ticker CABELA'S INC CAB back to top
Common Shares Outstanding (000) 66,923
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 1,555,974 1,799,661 2,063,524 2,349,599 2,552,721
Cost of Goods Sold (895,822) (1,029,410) (1,158,840) (1,318,523) (1,475,541)
R&D Expense 0 0 0 0 0
SG&A Expense (533,094) (620,376) (715,380) (820,121) (871,468)
Depreciation & Amortization (29,843) (34,912) (45,559) (59,863) (64,673)
Interest Expense (8,178) (10,928) (17,947) (20,243) (29,708)
Non-Operating Income (Loss) 11,044 11,335 11,458 8,378 6,904
Income Taxes (35,085) (42,801) (51,471) (51,348) (41,831)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 248,184 86,923 172,903 131,182 410,104
Receivables 38,733 125,000 196,359 244,270 213,014
Inventories 313,002 396,635 484,414 608,159 517,657
Other Current Assets 128,568 85,469 100,545 110,777 133,439
PP&E (Net) 294,141 459,622 600,065 904,052 920,398
Investments 0 0 0 0 0
Intangibles 4,555 3,617 0 8,123 5,902
Other Assets 201,048 209,014 196,944 206,267 195,552
Current Debt 28,327 21,652 33,294 126,785 179,512
Accounts Payable 100,826 162,305 239,285 281,391 189,766
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 324,588 364,511 346,255 422,928 331,526
Long-Term Debt 119,825 90,777 284,579 376,600 379,336
Other Liabilities 71,686 66,992 83,519 145,454 363,514
Deferred Taxes 16,625 20,190 30,440 31,113 38,707
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 239,560 240,490 248,710 257,287 266,029
Retained Earnings 326,794 399,363 485,148 571,272 647,676
-Common Dividends 0 0 0 0 0
Company Name and Ticker Sporting Goods Stores MG740 back to top
Common Shares Outstanding (000) 36,184
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 651,734 872,581 821,884 952,757 1,005,890
Cost of Goods Sold (421,579) (563,859) (528,199) (608,868) (654,521)
R&D Expense (16) 0 0 0 0
SG&A Expense (174,364) (233,253) (223,527) (262,510) (277,137)
Depreciation & Amortization (12,576) (17,408) (16,495) (20,814) (23,708)
Interest Expense (4,537) (6,317) (5,004) (5,199) (5,933)
Non-Operating Income (Loss) 172 (2,556) 178 (3,610) (23,980)
Income Taxes (15,398) (18,753) (19,677) (21,873) (13,577)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 42,632 25,177 38,846 23,553 58,037
Receivables 11,656 25,127 30,569 38,123 33,992
Inventories 144,192 194,027 185,408 235,144 220,261
Other Current Assets 22,476 18,525 20,651 25,673 26,659
PP&E (Net) 99,332 144,468 143,097 191,863 195,647
Investments 0 0 0 0 0
Intangibles 31,898 36,124 28,497 50,143 33,253
Other Assets 30,888 37,687 29,621 28,502 35,707
Current Debt 4,838 4,404 9,047 21,659 23,772
Accounts Payable 62,191 85,744 82,179 99,914 79,343
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 75,927 97,766 83,285 105,453 85,203
Long-Term Debt 70,604 66,984 62,413 75,812 81,123
Other Liabilities 24,750 31,116 33,827 47,818 78,891
Deferred Taxes 2,409 2,884 3,518 3,676 6,264
Minority Interest 0 0 5 0 0
Preferred Stock 376 0 0 0 0
Paid in Common Capital (Net) 83,749 96,119 94,620 102,424 106,572
Retained Earnings 58,230 96,118 107,797 136,246 142,389
-Common Dividends 198 907 857 898 865
Company Name SIRIUS SATELLITE RADIO INC SIRI back to top
Common Shares Outstanding 1,346,227
Fiscal Year End (YYYY-MM-DD) 1997/12/30 1998/12/30 1999/12/30 2000/12/30 2001/12/30
Sales (Net) 0 805 12,872 66,854 242,245
Cost of Goods Sold (47,464) (69,898) (86,774) (120,914) (184,943)
R&D Expense (47,794) (30,087) (24,534) (30,520) (44,745)
SG&A Expense (64,146) (131,200) (243,741) (498,354) (743,142)
Depreciation & Amortization (9,052) (82,747) (95,353) (95,370) (98,555)
Interest Expense (89,686) (106,163) (50,510) (41,386) (45,361)
Non-Operating Income (Loss) 22,379 (3,191) 261,825 11,729 13,815
Income Taxes 0 0 0 (4,201) (2,311)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 323,742 173,702 551,880 763,874 904,422
Receivables 0 0 0 0 31,688
Inventories 0 0 0 0 14,256
Other Current Assets 12,303 25,907 27,784 47,166 61,082
PP&E (Net) 1,082,915 1,032,874 941,052 881,280 828,357
Investments 7,200 7,200 6,750 92,615 82,450
Intangibles 83,654 83,654 83,654 83,654 83,654
Other Assets 17,791 17,603 6,197 89,024 79,453
Current Debt 0 0 0 0 0
Accounts Payable 39,836 43,336 65,919 5,525 6,829
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 20,477 4,984 16,084 263,989 600,138
Long-Term Debt 639,990 670,357 194,803 656,274 1,084,437
Other Liabilities 19,485 54,264 11,593 15,501 12,511
Deferred Taxes 0 0 3,724 15,691 56,479
Minority Interest 0 0 0 0 0
Preferred Stock 485,168 531,153 0 0 0
Paid in Common Capital (Net) 827,647 964,325 2,478,888 2,866,489 3,053,821
Retained Earnings (504,998) (927,479) (1,153,694) (1,865,856) (2,728,853)
Common Dividends 0 0 0 0 0
Company Name VERIZON COMMUNICATIONS VZ back to top
Common Shares Outstanding 1,979,509
Fiscal Year End (YYYY-MM-DD) 2000/12/30 2001/12/30 2002/12/30 2003/12/30 2004/12/30
Sales (Net) 71,283,000 75,112,000 88,144,000 93,469,000 97,354,000
Cost of Goods Sold (23,168,000) (25,469,000) (34,994,000) (37,547,000) (39,007,000)
R&D Expense 0 0 0 0 0
SG&A Expense (21,088,000) (21,312,000) (25,232,000) (25,967,000) (26,898,000)
Depreciation & Amortization (13,910,000) (14,047,000) (14,545,000) (14,377,000) (14,565,000)
Interest Expense (2,384,000) (2,180,000) (2,349,000) (1,829,000) (1,819,000)
Non-Operating Income (Loss) 1,788,000 1,548,000 1,168,000 796,000 849,000
Income Taxes (2,851,000) (3,210,000) (2,674,000) (3,982,000) (3,331,000)
Minority Interest in Earnings (2,409,000) (3,045,000) (4,038,000) (5,053,000) (6,155,000)
Other Income (Loss) 0 0 (42,000) 0 0
Ext. Items & Disc. Ops. 570,000 0 759,000 11,000 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 4,547,000 3,274,000 5,653,000 3,397,000 10,291,000
Receivables 9,801,000 9,171,000 10,891,000 11,736,000 11,703,000
Inventories 1,535,000 1,780,000 1,514,000 1,729,000 2,092,000
Other Current Assets 3,596,000 2,223,000 4,480,000 1,836,000 1,989,000
PP&E (Net) 74,124,000 75,305,000 82,356,000 85,294,000 86,546,000
Investments 0 0 0 0 0
Intangibles 47,448,000 52,933,000 61,754,000 61,029,000 73,208,000
Other Assets 24,907,000 23,444,000 22,156,000 21,938,000 16,523,000
Current Debt 3,593,000 7,141,000 7,715,000 2,954,000 4,993,000
Accounts Payable 13,177,000 12,351,000 14,320,000 4,491,000 3,856,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 6,359,000 5,571,000 10,245,000 17,296,000 17,057,000
Long-Term Debt 35,674,000 31,869,000 28,646,000 28,203,000 46,959,000
Other Liabilities 22,010,000 22,353,000 34,736,000 36,362,000 38,813,000
Deferred Taxes 22,532,000 22,411,000 16,270,000 14,784,000 11,769,000
Minority Interest 25,053,000 26,754,000 28,337,000 32,288,000 37,199,000
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 24,576,000 23,775,000 31,211,000 32,697,000 22,456,000
Retained Earnings 12,984,000 15,905,000 17,324,000 17,884,000 19,250,000
Common Dividends 4,262,000 4,427,000 4,719,000 4,773,000 4,994,000
Company Name APPLE INC AAPL back to top
Common Shares Outstanding 899,806
Fiscal Year End (YYYY-MM-DD) 2001/09/23 2002/09/29 2003/09/28 2004/09/26 2005/09/25
Sales (Net) 13,931,000 19,315,000 24,006,000 32,479,000 36,537,000
Cost of Goods Sold (9,889,000) (13,717,000) (15,852,000) (21,334,000) (23,397,000)
R&D Expense (535,000) (712,000) (782,000) (1,109,000) (1,333,000)
SG&A Expense (1,864,000) (2,433,000) (2,963,000) (3,761,000) (4,149,000)
Depreciation & Amortization 0 0 0 0 0
Interest Expense 0 0 0 0 0
Non-Operating Income (Loss) 165,000 365,000 599,000 620,000 326,000
Income Taxes (480,000) (829,000) (1,512,000) (2,061,000) (2,280,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. 0 0 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 8,261,000 10,110,000 15,386,000 24,490,000 23,501,000
Receivables 1,312,000 2,845,000 4,029,000 4,704,000 5,057,000
Inventories 165,000 270,000 346,000 509,000 455,000
Other Current Assets 562,000 1,284,000 2,195,000 4,987,000 7,252,000
PP&E (Net) 817,000 1,281,000 1,832,000 2,455,000 2,954,000
Investments 0 0 0 0 10,528,000
Intangibles 134,000 198,000 420,000 559,000 559,000
Other Assets 265,000 1,217,000 1,139,000 1,868,000 3,545,000
Current Debt 0 0 0 0 0
Accounts Payable 1,779,000 3,390,000 4,970,000 5,520,000 5,601,000
Income Taxes Payable 0 0 0 0 0
Other Current Liabilities 1,708,000 3,081,000 4,329,000 8,572,000 13,681,000
Long-Term Debt 0 0 0 0 0
Other Liabilities 293,000 369,000 897,000 746,000 1,286,000
Deferred Taxes 308,000 381,000 619,000 3,704,000 5,451,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) 3,503,000 4,377,000 5,431,000 7,185,000 8,294,000
Retained Earnings 3,925,000 5,607,000 9,101,000 13,845,000 19,538,000
Common Dividends 0 0 0 0 0
Company Name INTERNATIONAL BUSINESS MACHINES CORP IBM back to top
Common Shares Outstanding 1,305,337
Fiscal Year End (YYYY-MM-DD) 2001/12/30 2002/12/30 2003/12/30 2004/12/30 2005/12/30
Sales (Net) 91,134,000 91,424,000 98,786,000 103,630,000 95,758,000
Cost of Goods Sold (54,602,000) (53,129,000) (57,057,000) (57,969,000) (51,973,000)
R&D Expense (5,842,000) (6,107,000) (6,153,000) (6,337,000) (5,820,000)
SG&A Expense (21,314,000) (20,259,000) (22,060,000) (23,386,000) (20,952,000)
Depreciation & Amortization 0 0 0 0 0
Interest Expense (220,000) (278,000) (611,000) (673,000) (498,000)
Non-Operating Income (Loss) 3,070,000 1,666,000 1,584,000 1,450,000 1,623,000
Income Taxes (4,232,000) (3,901,000) (4,071,000) (4,381,000) (4,713,000)
Minority Interest in Earnings 0 0 0 0 0
Other Income (Loss) 0 0 0 0 0
Ext. Items & Disc. Ops. (60,000) 76,000 0 0 0
Preferred Dividends 0 0 0 0 0
Operating Cash and Market. Sec. 13,686,000 10,656,000 16,146,000 12,907,000 14,247,000
Receivables 24,428,000 26,848,000 28,789,000 31,854,000 30,464,000
Inventories 2,841,000 2,810,000 2,664,000 2,701,000 2,494,000
Other Current Assets 4,706,000 4,346,000 5,578,000 1,542,000 1,730,000
PP&E (Net) 13,756,000 14,440,000 15,081,000 14,305,000 14,165,000
Investments 1,174,000 1,618,000 1,940,000 0 1,157,000
Intangibles 11,104,000 15,056,000 16,392,000 21,104,000 23,015,000
Other Assets 34,053,000 27,460,000 33,841,000 25,111,000 21,750,000
Current Debt 7,216,000 8,902,000 12,235,000 11,236,000 4,168,000
Accounts Payable 7,349,000 7,964,000 8,054,000 7,014,000 7,436,000
Income Taxes Payable 4,710,000 4,670,000 3,673,000 2,743,000 3,826,000
Other Current Liabilities 15,877,000 18,555,000 20,348,000 21,442,000 20,572,000
Long-Term Debt 15,425,000 13,780,000 23,039,000 22,689,000 21,932,000
Other Liabilities 18,020,000 17,690,000 20,489,000 30,815,000 24,301,000
Deferred Taxes 4,053,000 3,167,000 4,124,000 0 4,032,000
Minority Interest 0 0 0 0 0
Preferred Stock 0 0 0 0 0
Paid in Common Capital (Net) (11,636,000) (23,926,000) (32,171,000) (56,768,000) (58,144,000)
Retained Earnings 44,734,000 52,432,000 60,640,000 70,353,000 80,899,000
Common Dividends 0 0 0 0 0
IBM