Professional Documents
Culture Documents
Walmart Inc. - Operating Model and Valuation - Cover Page and Navigation
Walmart Inc. - Operating Model and Valuation - Cover Page and Navigation
Walmart Inc. - Operating Model and Valuation - Cover Page and Navigation
Total Retail Square Feet at Period End: M Sq. Ft. 1,150 1,164 1,158 1,129 1,142 1,155 1,167 1,179 1,189
Average Sales per Square Foot: $ / Sq. Ft. 416.02 426.92 446.13 459.86 472.12 482.50 493.24 503.45
Operating Income: $M 26,253 24,377 23,139 23,789 23,683 24,076 24,414 24,812 25,545
Operating Margin: % 5.5% 5.1% 4.7% 4.7% 4.5% 4.4% 4.4% 4.3% 4.3%
Capital Expenditures: $M 10,353 9,426 8,913 9,145 9,338 9,729 10,144 10,562 10,984
% Revenue: % 2.2% 2.0% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8% 1.8%
Company-Wide:
Total Revenue: $M $ 482,130 $ 485,873 $ 500,343 $ 514,405 $ 526,618 $ 546,854 $ 564,924 $ 583,287 $ 600,897
Revenue Growth: % – 0.8% 3.0% 2.8% 2.4% 3.8% 3.3% 3.3% 3.0%
Operating Income: $M 24,105 22,764 20,437 21,957 21,480 21,788 22,050 22,371 23,031
Operating Margin: % 5.0% 4.7% 4.1% 4.3% 4.1% 4.0% 3.9% 3.8% 3.8%
Net Income to Parent: $M 14,694 13,643 9,862 6,670 15,049 15,182 15,282 15,419 15,787
Basic Earnings per Share (EPS): $ as Stated 4.58 4.40 3.29 2.28 5.22 5.36 5.50 5.66 5.92
Cash Flow from Operations: $M 27,552 31,673 28,337 27,755 30,419 30,256 30,816 31,559 32,465
Cash Flow from Investing: $M (10,675) (13,896) (9,079) (24,036) (12,000) (12,939) (13,895) (14,857) (15,820)
Cash Flow from Financing: $M (16,285) (19,072) (19,875) (2,537) (17,570) (16,600) (16,224) (15,988) (15,935)
Capital Expenditures (CapEx): $M 11,477 10,619 10,051 10,344 10,575 11,013 11,470 11,932 12,395
% Revenue: % 2.4% 2.2% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.1%
Total Assets: $M 199,581 198,825 204,522 219,295 221,673 226,129 230,952 236,385 242,297
Total Debt + Capital Leases: $M 50,034 45,938 46,487 58,033 54,033 51,439 49,644 48,530 48,047
Cash & Cash-Equivalents: $M 8,705 6,958 6,828 7,572 8,036 8,353 8,636 8,923 9,193
EBITDA: $M 33,559 32,844 30,966 32,635 32,012 32,725 33,349 34,037 35,049
EBITDA Margin: % 7.0% 6.8% 6.2% 6.3% 6.1% 6.0% 5.9% 5.8% 5.8%
LTM Projected:
Summary of Valuation Multiples: Units: FY20 FY21 FY22 FY23 FY24
EV / Revenue - Comparables: x
EV / Revenue - Walmart Inc.: x
Projected Revenue Growth - Comparables: %
Projected Revenue Growth - Walmart Inc.: %
EV / EBITDA - Comparables: x
EV / EBITDA - Walmart Inc.: x
Projected EBITDA Growth - Comparables: %
Projected EBITDA Growth - Walmart Inc.: %
P / E - Comparables: x
P / E - Walmart Inc.: x
Graphs and Analysis of Financial Model Output - Walmart Inc.
Walmart Inc. - Valuation Graphs and Analysis
Walmart Inc. and Comparable Public Companies - Price-Volume Graphs
Walmart Inc. - Operating Model - Case
($ in Millions Except Per Share and Per Unit Data)
Assumptions:
Historical: Projected:
Segment Projections: Units: FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
U.S. Stores
Net Sales: $M $ 298,378 $ 307,833 $ 318,477 $ 331,666 $ 340,468 $ 350,026 $ 358,098 $ 366,356 $ 374,804
Net Sales Growth Rate: % N/A 3.2% 3.5% 4.1% 2.7% 2.8% 2.3% 2.3% 2.3%
Retail Square Feet at Period End: M Sq. Ft. 690 699 705 705 707 709 711 713 716
Sales per Square Foot: $ / Sq. Ft. 435.59 443.24 453.67 470.45 482.21 494.26 504.15 514.23 524.52
Growth Rate in Retail Square Feet: % N/A 1.3% 0.9% – 0.3% 0.3% 0.3% 0.3% 0.3%
Upside % 1.0% 0.8% 0.6% 0.5% 0.4%
Base % 0.3% 0.3% 0.3% 0.3% 0.3%
Downside % (0.5%) (0.5%) 1.0% 0.5% 0.3%
Growth Rate in Sales per Square Foot: % N/A 1.8% 2.4% 3.7% 2.5% 2.5% 2.0% 2.0% 2.0%
Upside % 4.0% 4.0% 3.5% 3.5% 3.0%
Base % 2.5% 2.5% 2.0% 2.0% 2.0%
Downside % (2.0%) (2.0%) 3.0% 2.0% 1.5%
Segment Operating Income: $M 19,087 17,012 16,995 17,386 17,364 17,501 17,547 17,585 17,991
Segment Operating Margin: % 6.4% 5.5% 5.3% 5.2% 5.1% 5.0% 4.9% 4.8% 4.8%
Capital Expenditures: $M 6,728 6,090 5,680 6,034 6,143 6,267 6,393 6,519 6,645
CapEx per Square Foot: $ / Sq. Ft. 9.82 8.77 8.09 8.56 8.70 8.85 9.00 9.15 9.30
International Stores
Net Sales: $M $ 123,408 $ 116,119 $ 118,068 $ 120,824 $ 122,374 $ 131,087 $ 139,401 $ 147,887 $ 155,747
Net Sales Growth Rate: % N/A (5.9%) 1.7% 2.3% 1.3% 7.1% 6.3% 6.1% 5.3%
Retail Square Feet at Period End: M Sq. Ft. 372 377 373 344 355 365 374 384 391
Sales per Square Foot: $ / Sq. Ft. 333.61 310.08 314.83 336.80 350.27 364.28 377.03 390.22 401.93
Growth Rate in Retail Square Feet: % N/A 1.2% (0.9%) (7.8%) 3.0% 3.0% 2.5% 2.5% 2.0%
Upside % 5.0% 5.0% 4.5% 4.5% 4.0%
Base % 3.0% 3.0% 2.5% 2.5% 2.0%
Downside % 0.5% 0.5% 2.0% 1.5% 1.0%
Growth Rate in Sales per Square Foot: % N/A (7.1%) 1.5% 7.0% 4.0% 4.0% 3.5% 3.5% 3.0%
Upside % 6.0% 5.5% 5.0% 4.5% 4.0%
Base % 4.0% 4.0% 3.5% 3.5% 3.0%
Downside % (2.0%) (2.0%) 4.0% 3.0% 2.0%
Segment Operating Income: $M 5,346 5,737 5,229 4,883 4,773 4,981 5,297 5,620 5,918
Segment Operating Margin: % 4.3% 4.9% 4.4% 4.0% 3.9% 3.8% 3.8% 3.8% 3.8%
Capital Expenditures: $M 2,930 2,697 2,607 2,661 2,725 2,969 3,235 3,506 3,778
CapEx per Square Foot: $ / Sq. Ft. 5.57 7.20 6.95 7.42 7.80 8.25 8.75 9.25 9.75
Sam's Club
Net Sales: $M $ 56,828 $ 57,365 $ 59,216 $ 57,839 $ 59,497 $ 61,289 $ 62,796 $ 64,276 $ 65,436
Net Sales Growth Rate: % N/A 0.9% 3.2% (2.3%) 2.9% 3.0% 2.5% 2.4% 1.8%
Growth Rate in Retail Square Feet: % N/A 0.9% (9.4%) 0.2% 0.5% 0.5% 0.4% 0.3% 0.3%
Upside % 0.9% 0.7% 0.6% 0.5% 0.4%
Base % 0.5% 0.5% 0.4% 0.3% 0.3%
Downside % (0.5%) (0.5%) 0.8% 0.4% 0.2%
Growth Rate in Sales per Square Foot: % N/A (0.1%) 7.8% 2.6% 2.5% 2.5% 2.0% 2.0% 1.5%
Upside % 3.5% 3.5% 3.0% 3.0% 2.5%
Base % 2.5% 2.5% 2.0% 2.0% 1.5%
Downside % (2.0%) (2.0%) 3.0% 2.0% 1.0%
Segment Operating Income: $M 1,820 1,628 915 1,520 1,547 1,594 1,570 1,607 1,636
Segment Operating Margin: % 3.2% 2.8% 1.5% 2.6% 2.6% 2.6% 2.5% 2.5% 2.5%
Capital Expenditures: $M 695 639 626 450 471 493 516 538 561
CapEx per Square Foot: $ / Sq. Ft. 1.81 7.26 7.43 5.61 5.85 6.10 6.35 6.60 6.86
Historical: Projected:
Financial Statement Drivers: Units: FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Income Statement Drivers
Corporate Overhead OpEx: $M $ 2,148 $ 1,613 $ 2,702 $ 1,832 $ 2,203 $ 2,288 $ 2,364 $ 2,441 $ 2,514
% Revenue: % 0.4% 0.3% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4%
Membership & Other Income Growth Rate: % N/A 29.6% 0.6% (11.0%) 5.0% 4.0% 4.0% 3.0% 3.0%
Effective Interest Rate on Debt: % 4.9% 5.0% 4.4% 4.8% 4.8% 4.8% 4.8% 4.8%
Effective Interest Rate on Capital Leases: % 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Effective Interest Rate on Cash: % 1.3% 2.2% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Effective Tax Rate: % 30.3% 30.3% 30.4% 37.4% 24.3% 24.3% 24.3% 24.3% 24.3%
Net Income to NCI % Total Net Income: % 2.6% 4.5% 6.3% 7.1% 7.5% 8.0% 8.5% 9.0% 9.5%
Inventories % Segment-Level Expenses: % 9.8% 9.4% 9.3% 9.1% 9.0% 8.9% 8.8% 8.7% 8.6%
Prepaid Expenses % Total Expenses: % 0.3% 0.4% 0.7% 0.7% 0.7% 0.8% 0.9% 1.0% 1.1%
Accounts Payable % Total Expenses: % 8.4% 8.9% 9.6% 9.6% 9.8% 10.0% 10.2% 10.4% 10.6%
Accrued Liabilities % Total Expenses: % 4.4% 4.7% 4.7% 4.6% 4.6% 4.6% 4.6% 4.6% 4.6%
Capital Leases per Retail Square Foot: $ / Sq. Ft. 5.54 5.64 6.43 6.56 6.80 6.95 7.10 7.25 7.40
Corporate-Level CapEx: $M 1,124 1,193 1,138 1,199 1,236 1,284 1,326 1,370 1,411
% Revenue: % 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
Acquisitions, Net of Cash Acquired: $M - (2,463) (375) (14,656) (2,000) (2,500) (3,000) (3,500) (4,000)
Changes in Investments & Other Items: $M 802 (814) 1,347 964 575 575 575 575 575
Cash % Total Expenses: % 1.9% 1.5% 1.4% 1.5% 1.6% 1.6% 1.6% 1.6% 1.6%
Minimum Cash: $M 8,036 8,353 8,636 8,923 9,193
Cash Balance Prior to Debt Issuances: $M 4,892 3,209 2,187 1,297 927
Required Debt Issuances: $M 3,144 5,144 6,449 7,626 8,266
Share Issuances / Repurchases: $M (4,112) (8,298) (8,296) (7,410) (5,000) (5,250) (5,500) (5,750) (6,000)
Debt Repayments: $M (4,432) (3,728) (13,061) (3,837) (7,500) (8,000) (8,500) (9,000) (9,000)
Dividends Payout Ratio: % 41.7% 43.5% 58.2% 85.0% 42.6% 42.6% 42.6% 42.6% 42.6%
NCI Dividend Payout Ratio: % 186.3% 73.7% 104.4% 84.7% 87.6% 87.6% 87.6% 87.6% 87.6%
FX Rate Effects % Revenue: % (0.2%) (0.1%) 0.1% (0.1%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%)
Historical: Projected:
Income Statement: Units: FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Revenue:
(+) Net Sales: $M $ 478,614 $ 481,317 $ 495,761 $ 510,329 $ 522,339 $ 542,403 $ 560,295 $ 578,519 $ 595,986
(+) Membership & Other Income: $M 3,516 4,556 4,582 4,076 4,280 4,451 4,629 4,768 4,911
Total Revenue: $M 482,130 485,873 500,343 514,405 526,618 546,854 564,924 583,287 600,897
Revenue Growth: % 0.8% 3.0% 2.8% 2.4% 3.8% 3.3% 3.3% 3.0%
Operating Income: $M 24,105 22,764 20,437 21,957 21,480 21,788 22,050 22,371 23,031
Operating Margin: % 5.0% 4.7% 4.1% 4.3% 4.1% 4.0% 3.9% 3.8% 3.8%
Pre-Tax Income: $M 21,638 20,497 15,123 11,460 21,480 21,788 22,050 22,371 23,031
(-) Provision for Income Taxes: $M (6,558) (6,204) (4,600) (4,281) (5,211) (5,285) (5,349) (5,427) (5,587)
Net Income: $M 15,080 14,293 10,523 7,179 16,269 16,503 16,701 16,944 17,444
(-) Net Income Attrib. to Noncontrolling Interest: $M (386) (650) (661) (509) (1,220) (1,320) (1,420) (1,525) (1,657)
Net Income to Parent: $M 14,694 13,643 9,862 6,670 15,049 15,182 15,282 15,419 15,787
Basic Shares Outstanding: # Millions 3,207.0 3,101.0 2,995.0 2,929.0 2,881.4 2,831.5 2,779.2 2,724.5 2,667.4
Basic Earnings per Share (EPS): $ as Stated $ 4.58 $ 4.40 $ 3.29 $ 2.28 $ 5.22 $ 5.36 $ 5.50 $ 5.66 $ 5.92
EBITDA: $M 33,559 32,844 30,966 32,635 32,012 32,725 33,349 34,037 35,049
EBITDA Margin: % 7.0% 6.8% 6.2% 6.3% 6.1% 6.0% 5.9% 5.8% 5.8%
Historical: Projected:
Balance Sheet: Units: FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
ASSETS
Current Assets:
Cash & Cash-Equivalents: $M $ 8,705 $ 6,958 $ 6,828 $ 7,572 $ 8,036 $ 8,353 $ 8,636 $ 8,923 $ 9,193
Accounts Receivable: $M 5,624 5,835 5,614 6,283 6,206 6,427 6,658 6,874 7,082
Inventories: $M 44,469 43,046 43,783 44,269 44,879 46,131 47,158 48,173 49,058
Prepaid Expenses & Other Assets: $M 1,441 1,941 3,511 3,623 3,536 4,201 4,886 5,609 6,357
Total Current Assets: $M 60,239 57,780 59,736 61,747 62,657 65,112 67,338 69,579 71,689
Long-Term Assets:
Net PP&E: $M 116,516 114,178 114,818 111,395 113,438 116,014 119,185 122,951 127,328
Goodwill: $M 16,695 17,037 18,242 31,181 31,181 31,181 31,181 31,181 31,181
Other Long-Term Assets: $M 6,131 9,830 11,726 14,972 14,397 13,823 13,248 12,673 12,098
Total Long-Term Assets: $M 139,342 141,045 144,786 157,548 159,016 161,017 163,614 166,805 170,608
Total Assets: $M $ 199,581 $ 198,825 $ 204,522 $ 219,295 $ 221,673 $ 226,129 $ 230,952 $ 236,385 $ 242,297
Long-Term Liabilities:
Debt: $M 43,667 39,370 39,040 50,621 46,265 43,409 41,358 39,984 39,250
Capital Leases: $M 6,367 6,568 7,447 7,412 7,768 8,030 8,286 8,546 8,797
Deferred Tax Liabilities: $M 7,321 9,344 8,354 11,981 11,769 11,555 11,337 11,117 10,890
Total Long-Term Liabilities: $M 57,355 55,282 54,841 70,014 65,802 62,994 60,981 59,647 58,938
Total Liabilities: $M 115,970 118,290 123,700 139,661 138,522 139,632 141,305 143,762 146,750
Common Shareholders' Equity: $M 80,546 77,798 77,869 72,496 75,862 79,043 82,017 84,804 87,522
Noncontrolling Interest: $M 3,065 2,737 2,953 7,138 7,289 7,453 7,630 7,819 8,025
Total Equity: $M 83,611 80,535 80,822 79,634 83,151 86,497 89,647 92,623 95,547
Total Liabilities & Equity: $M $ 199,581 $ 198,825 $ 204,522 $ 219,295 $ 221,673 $ 226,129 $ 230,952 $ 236,385 $ 242,297
Balance Check: OK OK OK OK OK OK OK OK OK
Historical: Projected:
Consolidated Statement of Cash Flows: Units: FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income to Parent: $M $ 14,694 $ 13,643 $ 9,862 $ 6,670 $ 15,049 $ 15,182 $ 15,282 $ 15,419 $ 15,787
Adjustments for Non-Cash Charges:
(+) Net Income Attrib. to NCI: $M 386 650 661 509 1,220 1,320 1,420 1,525 1,657
(+) Depreciation & Amortization: $M 9,454 10,080 10,529 10,678 10,532 10,937 11,298 11,666 12,018
(+) Loss / (-) Gains: $M - - 3,136 8,368 - - - - -
(+) Goodwill Impairment: $M - - - - - - - - -
(+/-) Deferred Income Taxes: $M (672) 761 (304) (499) (212) (215) (217) (220) (227)
(+/-) Other Operating Activities: $M 1,410 206 1,210 1,734 1,203 1,249 1,291 1,332 1,373
Changes in Operating Assets and Liabilities:
Accounts Receivable: $M (19) (402) (1,074) (368) 77 (221) (231) (216) (208)
Inventories: $M (703) 1,021 (140) (1,311) (610) (1,252) (1,027) (1,015) (885)
Prepaid Expenses & Other Assets: $M 2,008 - - - 87 (665) (685) (723) (747)
Accounts Payable: $M 1,466 3,942 4,086 1,831 2,444 3,003 2,867 2,962 2,919
Accrued Liabilities: $M (472) 1,772 371 143 629 916 818 829 779
Cash Flow from Operations: $M $ 27,552 $ 31,673 $ 28,337 $ 27,755 $ 30,419 $ 30,256 $ 30,816 $ 31,559 $ 32,465
FX Rate Effects: $M (1,022) (452) 487 (438) (386) (400) (414) (427) (440)
Net Change in Cash: $M $ (430) $ (1,747) $ (130) $ 744 $ 464 $ 317 $ 283 $ 287 $ 270
Beginning Cash: $M 9,135 8,705 6,958 6,828 7,572 8,036 8,353 8,636 8,923
Ending Cash: $M $ 8,705 $ 6,958 $ 6,828 $ 7,572 $ 8,036 $ 8,353 $ 8,636 $ 8,923 $ 9,193
Walmart Inc. - Q1 Financial Results
($ in Millions Except Per Share and Per Unit Data)
Reported Income Statement and Cash Flow Statement Figures from Q1: FY20 - Q1
Revenue: $ 123,925
Annual Revenue Growth Rate: 1.0%
Operating Income (EBIT): 4,945
Annual Operating Margin: 4.0%
Discount Rate (WACC): Terminal Value - Multiples Method: Terminal Value - Perpetuity Growth Method:
Implied Share Price from DCF: Implied Share Price from DCF:
Premium / (Discount) to Current: Premium / (Discount) to Current:
Historical: Projected:
Unlevered Free Cash Flow Projections: Units: FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Total Revenue: $M $ 482,130 $ 485,873 $ 500,343 $ 514,405 $ 526,618 $ 546,854 $ 564,924 $ 583,287 $ 600,897
Growth Rate: % N/A 0.8% 3.0% 2.8% 2.4% 3.8% 3.3% 3.3% 3.0%
Upside %
Base %
Downside %
Operating Income (EBIT): $M 24,105 22,764 20,437 21,957 21,480 21,788 22,050 22,371 23,031
Operating (EBIT) Margin: % 5.0% 4.7% 4.1% 4.3% 4.1% 4.0% 3.9% 3.8% 3.8%
(-) Taxes, Excluding Effect of Interest: $M (5,847) (5,522) (4,958) (5,326) (5,211) (5,285) (5,349) (5,427) (5,587)
Net Operating Profit After Tax (NOPAT): $M 18,258 17,242 15,479 16,631 16,269 16,503 16,701 16,944 17,444
(+/-) Deferred Income Taxes: $M (599) 677 (328) (621) (212) (215) (217) (220) (227)
% Book Taxes: % (10.2%) 12.3% (6.6%) (11.7%) (4.1%) (4.1%) (4.1%) (4.1%) (4.1%)
(+/-) Other Operating Activities: $M 1,410 206 1,210 1,734 1,203 1,249 1,291 1,332 1,373
% Revenue: % 0.3% 0.0% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2%
(-) Capital Expenditures & Acquisitions: $M (11,477) (13,082) (10,426) (25,000) (12,575) (13,513) (14,470) (15,432) (16,395)
% Revenue: % 2.4% 2.7% 2.1% 4.9% 2.4% 2.5% 2.6% 2.6% 2.7%
Annual Unlevered Free Cash Flow: $M 19,325 21,456 19,708 3,717 17,844 16,742 16,346 16,127 16,070
Growth Rate: % N/A 11.0% (8.1%) (81.1%) 380.1% (6.2%) (2.4%) (1.3%) (0.4%)
Unlevered Free Cash Flow for Remainder: $M 15,920 16,742 16,346 16,127 16,070
PV of Unlevered FCF: $M
EBITDA: $M $ 33,559 $ 32,844 $ 30,966 $ 32,635 $ 32,012 $ 32,725 $ 33,349 $ 34,037 $ 35,049
Growth Rate: % N/A (2.1%) (5.7%) 5.4% (1.9%) 2.2% 1.9% 2.1% 3.0%
Sensitivity Tables:
Sensitivity - Terminal FCF Growth Rate vs. Discount Rate and Implied Share Price from DCF Analysis:
Sensitivity - Terminal EBITDA Multiple vs. Discount Rate and Implied Share Price from DCF Analysis:
Sensitivity - Operating Scenario vs. Discount Rate and Implied Share Price from DCF Analysis:
Operating Scenario:
Median:
WMT
WACC = Cost of Equity * % Equity + Cost of Debt * % Debt * (1 - Tax Rate) + Cost of Preferred Stock * % Preferred Stock
Levered
Beta
Valuation Summary - Walmart Inc. - Case
($ in Millions Except Per Share and Per Unit Data)
Valuation Statistics - Walmart Inc. Range of Valuation Multiples / Premiums Implied Per-Share Value Range
Precedent Transactions:
2019-04-30 EV / Revenue:
2019-04-30 EV / EBITDA:
1-Day Premiums:
1-Week Premiums: 102.19
1-Month Premiums: 102.46
Maximum
75th Percentile
Median
25th Percentile
Minimum
Maximum
75th Percentile
Median
25th Percentile
Minimum
EBITDA Margin
2020-01-31 2021-01-31
Ticker: COST WBA KR
Company Name: Costco Wholesale Corporation Walgreens Boots Alliance, Inc. The Kroger Co.
Calendarization: Calendarization: Calendarization:
2018-05-13 2019-05-13 2018-09-02 2019-05-13 2018-02-28 2019-02-28 2018-08-31 2019-02-28 2018-05-26 2019-05-25 2019-02-02 2019-05-25
Old Partial New Partial FY LTM Old Partial New Partial FY LTM Old Partial New Partial FY LTM
LTM Revenue: $ 97,165 $ 105,205 $ 141,576 $ 149,616 $ 63,761 $ 68,321 $ 131,537 $ 136,097 $ 37,722 $ 37,251 $ 121,162 $ 120,691
LTM Reported Net Income: 2,091 2,562 3,134 3,605 2,170 2,279 5,024 5,133 2,026 772 3,110 1,856
LTM Operating Income (EBIT): 3,034 3,274 4,480 4,720 3,386 3,039 6,605 6,258 1,029 901 2,614 2,486
(+) Non-Recurring Items in EBIT: - - - - - - - - - - - -
(+) Depreciation & Amortization: 1,006 1,019 1,437 1,450 858 990 1,770 1,902 741 779 2,465 2,503
LTM EBITDA: $ 6,170 $ 8,160 $ 4,989
Convertible Bonds: $ Amount Par Value Conv. Price Dilution $ Amount Par Value Conv. Price Dilution $ Amount Par Value Conv. Price Dilution
0.000 0.000 0.000
0.000 0.000 0.000
1,041 1,135 4,110 4,204 265 334 1,900 1,969 5,154 4,945 21,957 21,748
- - - - - - - - - - - -
631 644 2,474 2,487 176 200 770 794 2,678 2,714 10,678 10,714
$ 6,691 $ 2,763 $ 32,462
$ Amount Par Value Conv. Price Dilution $ Amount Par Value Conv. Price Dilution $ Amount Par Value Conv. Price Dilution
0.000 0.000 0.000
0.000 0.000 0.000
Walmart Inc. - Comparable M&A Transactions Operating Metrics Valuation Multiples Premiums Paid
Transaction EV / EV /
Enterprise LTM LTM LTM LTM 1-Day 1-Week 1-Month
Acquirer Name Target Name Date Value Revenue EBITDA Revenue EBITDA Prior Prior Prior
CVC Capital Partners Limited BJ's Wholesale Club Inc. 2011-06-29 $ 2,627 $ 11,134 $ 385 0.2 x 6.8 x 6.6% 8.4% 2.1%
Cerberus Capital Management, L.P. / Safeway Inc. 2014-03-06 7,663 36,139 1,611 0.2 x 4.8 x (17.7%) (12.9%) 7.3%
Albertsons Companies, Inc.
Dollar Tree, Inc. Family Dollar Stores Inc. 2014-07-28 9,185 10,378 815 0.9 x 11.3 x 22.8% 22.6% 11.5%
Amazon.com, Inc. Whole Foods Market, Inc. 2017-06-16 13,733 15,856 1,333 0.9 x 10.3 x 27.0% 17.5% 16.5%
Sycamore Partners Staples, Inc. 2017-06-28 6,614 18,033 1,255 0.4 x 5.3 x 11.9% 18.4% 14.1%
United Natural Foods, Inc. SUPERVALU INC. 2018-07-26 2,932 15,395 426 0.2 x 6.9 x 67.1% 51.7% 52.7%