Projections and Valuation
Estimated price for most recent fiscal year 1/31/2009 = $ 50.78
Estimated price for target date 11/3/2011 = $ 63.40
Most Recent Projected
01/31/09 01/31/10
Income Statement ($ Thousands)
Sales $ 401,244 $ 430,134
Costs of goods sold (COGS) 299,419 319,159
Sales, general and administrative expense (SGA) 76,651 82,156
Depreciation 6,739 7,224
Operating profit $ 18,435 $ 21,595
Interest expense 2,184 1,683
Interest income 0 0
Nonoperating income (Expense) 3,889 4,215
Earnings before taxes (EBT) $ 20,140 $ 24,127
Tax expense 6,886 8,469
Net income before extraordinary items $ 13,254 $ 15,658
After-tax extraordinary income (Expense) 146 157
Net income (NI) $ 13,400 $ 15,815
Dividends-- preferred $ 0 $ 0
Dividends-- common $ 3,746 $ 4,016
Additions to RE $ 9,654 $ 11,799
Balance Sheets ($ Thousands) 01/31/09 01/31/10
Assets
Cash $ 7,275 $ 7,799
Inventory 34,511 36,996
Accounts receivable 5,675 6,084
Other short-term operating assets 1,488 1,595
Short-term investments 0 7,510
Total current assets $ 48,949 $ 59,983
Net plant, property, & equipment (PPE) 95,653 102,540
Other long-term operating assets 18,827 20,183
Long-term investments 0 0
Total Assets $ 163,429 $ 182,705
Liabilities and Equity
Accounts payable (AP) $ 28,849 $ 30,926
Accruals 18,789 20,142
Other operating current liabilities 83 89
All short-term debt 7,669 8,296
Total current liabilities $ 55,390 $ 59,453
Long-term debt 34,549 37,373
Deferred taxes 3,076 3,297
Preferred stock 0 0
Other long-term liabilities 5,129 5,498
Total liabilities $ 98,144 $ 105,621
Par plus PIC Less treasury (and other adjustments) (28,657) (28,657)
Retained earnings (RE) 93,942 105,741
Total common equity $ 65,285 $ 77,084
Total liabilities and equity $ 163,429 $ 182,705
Info for making the sheets balance
Specified assets 175,196
Specified liabilities 182,705
Net required financing (7,510)
Current debt 0
Short-term investments 7,510
Balance check: TA-TL Balance
Valuation
Calculating Projected FCF
Marginal tax rate 34.2% 35.1%
Reported income tax expense 6,886 8,469
Taxes reported but not paid (2,011) 221
Actual taxes paid 8,897 8,247
Plus tax saved due to net interest expenses 747 591
Minus tax paid on non-operating income 1,330 1,480
Tax on operating income 8,314 7,358
Net operating profit after taxes (NOPAT) 10,121 14,236
NOPAT adjusted for extraordinary income 10,267 14,393
Operating current assets 48,949 52,473
Operating current liabilities 47,721 51,157
Net operating working capital 1,228 1,316
Operating long term capital 114,480 122,723
115,708
Operating capital (adjusted for any special asset impairment of accounting changes) 124,039
Investment in operating capital (597) 8,331
Free cash flow (including extraordinary income) 10,864 6,062
Calculating Projected ROIC
ROIC (NOPAT/ Beginning capital) 8.7% 12.4%
Projected Growth Rates
Growth in Sales 7.2%
Growth in NOPAT 40.2%
Growth in operating capital 7.2%
Growth in FCF -44.2%
Calculating Value
WACC 7.92% 7.92%
Assumed long-term return on invested capital
Horizon value
Value of operations 237,424 250,156
Value of operations adjusted for half-year
convention 246,642 259,869
Value of investments 0 7,510
Total value of firm 246,642 267,378
Value of all debt, preferred stock, and other
nonoperating liabilities 47,347 51,167
Value of equity 199,295 216,212
Number of shares 3,925 3,925
Estimated price per share, end of fiscal year $ 50.78 $ 55.09
Price per share on target date
Most recent actual fiscal year end 1/31/2009
Target valuation date 11/3/2011
Most recent fiscal year-end prior to target date 1/31/2011
Number of days from target to fiscal year-end
prior to target 276.00
Value of operations on target date 292,833
Value of investments on target date 13,214
Total value of firm on target date 306,047
Value of debt, preferred stock, and other
nonoperating liabilities on target date 57,189
Value of equity on target date 248,858
Number of shares on target date 3,925
Price per share, target date $ 63.40
Selected Projected Ratios and Other Data
Projected economic profit (EP) 10,267 5,234
Projected market value added (MVA) 130,934 135,830
Price/earnings ratio (P/E ratio) 14.9 13.7
Market to book ratio 3.1 2.8
Value/EBITDA ratio 9.8 9.3
Value/Sales ratio 0.6 0.6
Times-interest-earned ratio 8.4 12.8
Long-term debt/value of operations 14.4%
Statement of Cash Flows
Operating Activities
Net income $ 13,400 $ 15,815
Depreciation 6,739 7,224
Change in deferred tax (2,011) 221
Change in inventory 648 (2,485)
Change in accounts receivable 727 (409)
Change in other short-term operating assets (521) (107)
Change in accounts payable (1,495) 2,077
Change in accruals 2,064 1,353
Change in other current liabilities (57) 6
Net cash from operating activities $ 19,494 $ 23,696
Investing Activities
Investment in PPE $ (5,525) $ (14,111)
Investment in other long-term oper. ass. (200) (1,356)
Net cash from investing activities $ (5,725) $ (15,467)
Financing Activities
Change in short-term investments $ 0 $ (7,510)
Change in long-term investments 0 0
Change in short-term debt (3,600) 627
Change in long-term debt 1,147 2,824
Preferred dividends 0 0
Change in preferred stock 0 0
Change in other long-term liabilities 3,190 369
Change in common stock (Par + PIC) (8,977) 0
Common dividends (3,746) (4,016)
Net cash from financing activities $ (11,986) $ (7,705)
Net cash flow $ 1,783 $ 524
Starting cash 5,492 7,275
Ending cash $ 7,275 $ 7,799
Projected Projected Projected Projected Projected Projected
01/31/11 01/31/12 01/31/13 01/31/14 01/31/15 01/31/16
$ 462,684 $ 499,236 $ 538,676 $ 581,231 $ 627,148 $ 676,693
343,311 370,433 399,697 431,273 465,344 502,106
89,101 96,852 104,503 112,759 121,667 131,278
7,766 8,339 8,998 9,709 10,476 11,303
$ 22,506 $ 23,612 $ 25,477 $ 27,490 $ 29,662 $ 32,005
1,821 1,984 2,163 2,299 2,442 2,594
243 544 698 991 1,311 1,663
4,510 4,843 5,225 5,638 6,083 6,564
$ 25,438 $ 27,015 $ 29,238 $ 31,820 $ 34,614 $ 37,638
8,929 9,482 10,262 11,169 12,150 13,211
$ 16,510 $ 17,533 $ 18,975 $ 20,651 $ 22,465 $ 24,427
(41) (250) (269) (291) (314) (338)
$ 16,468 $ 17,283 $ 18,706 $ 20,360 $ 22,151 $ 24,089
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
$ 4,320 $ 4,661 $ 5,029 $ 5,426 $ 5,855 $ 6,318
$ 12,148 $ 12,622 $ 13,677 $ 14,934 $ 16,296 $ 17,771
01/31/11 01/31/12 01/31/13 01/31/14 01/31/15 01/31/16
$ 9,329 $ 10,983 $ 11,851 $ 12,787 $ 13,797 $ 14,887
40,036 43,434 46,865 50,567 54,562 58,872
6,752 7,489 8,080 8,718 9,407 10,150
1,544 1,498 1,616 1,744 1,881 2,030
10,884 13,966 19,813 26,229 33,259 40,950
$ 68,544 $ 77,369 $ 88,225 $ 100,046 $ 112,907 $ 126,890
115,791 130,301 140,594 151,701 163,686 176,617
21,243 22,466 24,240 26,155 28,222 30,451
0 0 0 0 0 0
$ 205,579 $ 230,135 $ 253,060 $ 277,902 $ 304,814 $ 333,958
$ 34,748 $ 38,940 $ 42,017 $ 45,336 $ 48,918 $ 52,782
21,951 23,963 25,856 27,899 30,103 32,481
45 0 0 0 0 0
8,869 9,508 10,104 10,734 11,401 12,107
$ 65,613 $ 72,412 $ 77,977 $ 83,969 $ 90,422 $ 97,370
40,856 44,677 47,476 50,438 53,572 56,886
5,173 7,297 7,873 8,495 9,166 9,891
0 0 0 0 0 0
4,704 3,894 4,202 4,534 4,892 5,278
$ 116,346 $ 128,280 $ 137,528 $ 147,437 $ 158,052 $ 169,425
(28,657) (28,657) (28,657) (28,657) (28,657) (28,657)
117,890 130,512 144,189 159,123 175,419 193,190
$ 89,233 $ 101,855 $ 115,532 $ 130,466 $ 146,762 $ 164,533
$ 205,579 $ 230,135 $ 253,060 $ 277,902 $ 304,814 $ 333,958
194,695 216,169 233,247 251,673 271,555 293,008
205,579 230,135 253,060 277,902 304,814 333,958
(10,884) (13,966) (19,813) (26,229) (33,259) (40,950)
0 0 0 0 0 0
10,884 13,966 19,813 26,229 33,259 40,950
Balance Balance Balance Balance Balance Balance
35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
8,929 9,482 10,262 11,169 12,150 13,211
1,875 2,124 576 622 671 724
7,053 7,358 9,686 10,547 11,479 12,487
554 505 514 459 397 327
1,583 1,700 1,834 1,979 2,135 2,304
6,024 6,164 8,366 9,027 9,740 10,510
16,482 17,448 17,111 18,463 19,922 21,495
16,440 17,198 16,842 18,172 19,608 21,157
57,660 63,403 68,412 73,816 79,648 85,940
56,745 62,904 67,873 73,235 79,021 85,263
916 499 539 581 627 677
137,035 152,766 164,835 177,857 191,907 207,068
137,950 153,265 165,373 178,438 192,534 207,745
13,911 15,315 12,108 13,064 14,097 15,210
2,529 1,883 4,734 5,108 5,511 5,947
13.3% 12.5% 11.0% 11.0% 11.0% 11.0%
7.6% 7.9% 7.9% 7.9% 7.9% 7.9%
14.2% 4.6% -2.1% 7.9% 7.9% 7.9%
11.2% 11.1% 7.9% 7.9% 7.9% 7.9%
-58.3% -25.5% 151.4% 7.9% 7.9% 7.9%
7.92% 7.92% 7.92% 7.92% 7.92% 7.92%
267,429 286,716 304,678 323,688 343,799 365,067
277,813 297,848 316,507 336,255 357,147 379,241
10,884 13,966 19,813 26,229 33,259 40,950
288,696 311,813 336,320 362,484 390,406 420,190
54,428 58,079 61,782 65,706 69,865 74,271
234,268 253,734 274,539 296,778 320,541 345,920
3,925 3,925 3,925 3,925 3,925 3,925
$ 59.69 $ 64.65 $ 69.95 $ 75.61 $ 81.67 $ 88.13
6,621 6,278 4,710 5,082 5,483 5,916
139,862 144,582 151,134 157,817 164,613 171,496
14.2 14.7 14.7 14.6 14.5 14.4
2.6 2.5 2.4 2.3 2.2 2.1
9.5 9.8 9.8 9.7 9.7 9.7
0.6 0.6 0.6 0.6 0.6 0.6
14.3 16.4 17.4 21.0 26.2 34.4
14.7% 15.0% 15.0% 15.0% 15.0% 15.0%
$ 16,468 $ 17,283 $ 18,706 $ 20,360 $ 22,151 $ 24,089
7,766 8,339 8,998 9,709 10,476 11,303
1,875 2,124 576 622 671 724
(3,040) (3,398) (3,431) (3,702) (3,995) (4,310)
(668) (737) (592) (638) (689) (743)
51 46 (118) (128) (138) (149)
3,822 4,192 3,076 3,319 3,582 3,864
1,809 2,012 1,893 2,043 2,204 2,378
(44) (45) 0 0 0 0
$ 28,040 $ 29,817 $ 29,109 $ 31,585 $ 34,262 $ 37,157
$ (21,017) $ (22,848) $ (19,292) $ (20,816) $ (22,460) $ (24,235)
(1,061) (1,223) (1,775) (1,915) (2,066) (2,230)
$ (22,078) $ (24,071) $ (21,067) $ (22,731) $ (24,527) $ (26,464)
$ (3,374) $ (3,082) $ (5,847) $ (6,416) $ (7,030) $ (7,691)
0 0 0 0 0 0
573 640 596 630 667 705
3,483 3,822 2,799 2,962 3,134 3,314
0 0 0 0 0 0
0 0 0 0 0 0
(794) (810) 308 332 358 386
0 0 0 0 0 0
(4,320) (4,661) (5,029) (5,426) (5,855) (6,318)
$ (4,432) $ (4,092) $ (7,174) $ (7,918) $ (8,726) $ (9,603)
$ 1,530 $ 1,654 $ 868 $ 936 $ 1,010 $ 1,090
7,799 9,329 10,983 11,851 12,787 13,797
$ 9,329 $ 10,983 $ 11,851 $ 12,787 $ 13,797 $ 14,887
Projected Projected Projected Projected Projected Projected
01/31/17 01/31/18 01/31/19 01/31/20 01/31/21 01/31/22
$ 730,152 $ 787,834 $ 850,072 $ 917,228 $ 989,689 $ 1,067,875
541,772 584,572 630,754 680,583 734,349 792,363
141,649 152,840 164,914 177,942 192,000 207,168
12,196 13,160 14,200 15,321 16,532 17,838
$ 34,533 $ 37,261 $ 40,205 $ 43,381 $ 46,808 $ 50,506
2,754 2,924 3,103 3,292 3,492 3,703
2,047 2,468 2,926 3,426 3,970 4,563
7,082 7,642 8,246 8,897 9,600 10,358
$ 40,909 $ 44,447 $ 48,274 $ 52,412 $ 56,887 $ 61,724
14,359 15,601 16,944 18,397 19,967 21,665
$ 26,550 $ 28,846 $ 31,330 $ 34,015 $ 36,919 $ 40,059
(365) (394) (425) (459) (495) (534)
$ 26,185 $ 28,452 $ 30,905 $ 33,557 $ 36,425 $ 39,525
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
$ 6,817 $ 7,355 $ 7,936 $ 8,563 $ 9,240 $ 9,970
$ 19,368 $ 21,097 $ 22,968 $ 24,994 $ 27,185 $ 29,555
01/31/17 01/31/18 01/31/19 01/31/20 01/31/21 01/31/22
$ 16,063 $ 17,332 $ 18,702 $ 20,179 $ 21,773 $ 23,493
63,523 68,542 73,956 79,799 86,103 92,905
10,952 11,818 12,751 13,758 14,845 16,018
2,190 2,364 2,550 2,752 2,969 3,204
49,353 58,524 68,522 79,409 91,253 104,127
$ 142,082 $ 158,579 $ 176,481 $ 195,897 $ 216,944 $ 239,747
190,570 205,625 221,869 239,397 258,309 278,715
32,857 35,453 38,253 41,275 44,536 48,054
0 0 0 0 0 0
$ 365,509 $ 399,656 $ 436,603 $ 476,568 $ 519,789 $ 566,517
$ 56,952 $ 61,451 $ 66,306 $ 71,544 $ 77,196 $ 83,294
35,047 37,816 40,803 44,027 47,505 51,258
0 0 0 0 0 0
12,852 13,640 14,472 15,350 16,277 17,254
$ 104,851 $ 112,907 $ 121,581 $ 130,921 $ 140,978 $ 151,806
60,389 64,091 68,000 72,127 76,481 81,073
10,672 11,515 12,425 13,406 14,465 15,608
0 0 0 0 0 0
5,695 6,145 6,631 7,154 7,720 8,329
$ 181,608 $ 194,658 $ 208,636 $ 223,608 $ 239,643 $ 256,816
(28,657) (28,657) (28,657) (28,657) (28,657) (28,657)
212,558 233,655 256,624 281,617 308,802 338,358
$ 183,901 $ 204,998 $ 227,967 $ 252,960 $ 280,145 $ 309,701
$ 365,509 $ 399,656 $ 436,603 $ 476,568 $ 519,789 $ 566,517
316,156 341,132 368,081 397,160 428,535 462,390
365,509 399,656 436,603 476,568 519,789 566,517
(49,353) (58,524) (68,522) (79,409) (91,253) (104,127)
0 0 0 0 0 0
49,353 58,524 68,522 79,409 91,253 104,127
Balance Balance Balance Balance Balance Balance
35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
14,359 15,601 16,944 18,397 19,967 21,665
781 843 910 982 1,059 1,143
13,578 14,758 16,034 17,415 18,908 20,522
248 160 62 (47) (168) (302)
2,486 2,682 2,894 3,123 3,370 3,636
11,340 12,236 13,202 14,245 15,371 16,585
23,193 25,026 27,003 29,136 31,438 33,921
22,828 24,632 26,578 28,677 30,943 33,387
92,729 100,055 107,959 116,488 125,691 135,620
91,999 99,267 107,109 115,571 124,701 134,552
730 788 850 917 990 1,068
223,426 241,077 260,122 280,672 302,845 326,770
224,157 241,865 260,972 281,589 303,835 327,837
16,412 17,708 19,107 20,617 22,246 24,003
6,417 6,923 7,470 8,061 8,697 9,384
11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.92% 7.92% 7.92% 7.92% 7.92% 7.92%
387,548 411,303 436,390 462,874 490,817 520,285
402,595 427,272 453,333 480,845 509,873 540,485
49,353 58,524 68,522 79,409 91,253 104,127
451,948 485,796 521,855 560,254 601,126 644,612
78,937 83,876 89,102 94,631 100,477 106,656
373,012 401,920 432,753 465,623 500,649 537,956
3,925 3,925 3,925 3,925 3,925 3,925
$ 95.03 $ 102.40 $ 110.26 $ 118.63 $ 127.55 $ 137.06
6,384 6,888 7,432 8,019 8,653 9,336
178,439 185,407 192,361 199,256 206,038 212,647
14.2 14.1 14.0 13.9 13.7 13.6
2.0 2.0 1.9 1.8 1.8 1.7
9.7 9.6 9.6 9.5 9.5 9.4
0.6 0.6 0.6 0.6 0.6 0.6
48.9 81.7 227.3 #N/A #N/A #N/A
15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
$ 26,185 $ 28,452 $ 30,905 $ 33,557 $ 36,425 $ 39,525
12,196 13,160 14,200 15,321 16,532 17,838
781 843 910 982 1,059 1,143
(4,651) (5,018) (5,415) (5,843) (6,304) (6,802)
(802) (865) (934) (1,007) (1,087) (1,173)
(160) (173) (187) (201) (217) (235)
4,170 4,499 4,855 5,238 5,652 6,098
2,566 2,769 2,987 3,223 3,478 3,753
0 0 0 0 0 0
$ 40,285 $ 43,667 $ 47,321 $ 51,270 $ 55,537 $ 60,148
$ (26,149) $ (28,215) $ (30,444) $ (32,849) $ (35,444) $ (38,244)
(2,406) (2,596) (2,801) (3,022) (3,261) (3,518)
$ (28,555) $ (30,811) $ (33,245) $ (35,871) $ (38,705) $ (41,763)
$ (8,403) $ (9,171) $ (9,998) $ (10,887) $ (11,844) $ (12,874)
0 0 0 0 0 0
746 788 832 878 927 977
3,503 3,701 3,909 4,127 4,354 4,592
0 0 0 0 0 0
0 0 0 0 0 0
417 450 485 524 565 610
0 0 0 0 0 0
(6,817) (7,355) (7,936) (8,563) (9,240) (9,970)
$ (10,554) $ (11,587) $ (12,707) $ (13,922) $ (15,238) $ (16,665)
$ 1,176 $ 1,269 $ 1,369 $ 1,477 $ 1,594 $ 1,720
14,887 16,063 17,332 18,702 20,179 21,773
$ 16,063 $ 17,332 $ 18,702 $ 20,179 $ 21,773 $ 23,493
Projected Projected Projected Projected Projected Projected
01/31/23 01/31/24 01/31/25 01/31/26 01/31/27 01/31/28
$ 1,152,237 $ 1,243,263 $ 1,341,481 $ 1,447,458 $ 1,561,807 $ 1,685,190
854,960 922,501 995,379 1,074,014 1,158,861 1,250,411
223,534 241,193 260,247 280,807 302,991 326,927
19,247 20,767 22,408 24,178 26,088 28,149
$ 54,496 $ 58,801 $ 63,447 $ 68,459 $ 73,867 $ 79,703
3,925 4,160 4,406 4,666 4,940 5,227
5,206 5,905 6,664 7,487 8,378 9,343
11,177 12,060 13,012 14,040 15,150 16,346
$ 66,954 $ 72,607 $ 78,717 $ 85,320 $ 92,455 $ 100,165
23,501 25,485 27,630 29,947 32,452 35,158
$ 43,453 $ 47,122 $ 51,087 $ 55,372 $ 60,003 $ 65,007
(576) (622) (671) (724) (781) (843)
$ 42,877 $ 46,500 $ 50,416 $ 54,649 $ 59,222 $ 64,164
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
$ 10,757 $ 11,607 $ 12,524 $ 13,513 $ 14,581 $ 15,733
$ 32,120 $ 34,893 $ 37,892 $ 41,135 $ 44,641 $ 48,431
01/31/23 01/31/24 01/31/25 01/31/26 01/31/27 01/31/28
$ 25,349 $ 27,352 $ 29,513 $ 31,844 $ 34,360 $ 37,074
100,245 108,164 116,709 125,929 135,877 146,612
17,284 18,649 20,122 21,712 23,427 25,278
3,457 3,730 4,024 4,342 4,685 5,056
118,109 133,280 149,731 167,556 186,856 207,741
$ 264,443 $ 291,175 $ 320,099 $ 351,383 $ 385,206 $ 421,760
300,734 324,492 350,127 377,787 407,632 439,835
51,851 55,947 60,367 65,136 70,281 75,834
0 0 0 0 0 0
$ 617,027 $ 671,613 $ 730,592 $ 794,305 $ 863,119 $ 937,428
$ 89,874 $ 96,975 $ 104,636 $ 112,902 $ 121,821 $ 131,445
55,307 59,677 64,391 69,478 74,967 80,889
0 0 0 0 0 0
18,284 19,369 20,511 21,713 22,977 24,304
$ 163,466 $ 176,020 $ 189,538 $ 204,093 $ 219,764 $ 236,638
85,912 91,011 96,378 102,025 107,962 114,201
16,841 18,172 19,607 21,156 22,827 24,631
0 0 0 0 0 0
8,987 9,697 10,464 11,290 12,182 13,144
$ 275,207 $ 294,900 $ 315,986 $ 338,564 $ 362,736 $ 388,614
(28,657) (28,657) (28,657) (28,657) (28,657) (28,657)
370,478 405,371 443,263 484,398 529,040 577,471
$ 341,821 $ 376,714 $ 414,606 $ 455,741 $ 500,383 $ 548,814
$ 617,027 $ 671,613 $ 730,592 $ 794,305 $ 863,119 $ 937,428
498,918 538,333 580,861 626,749 676,263 729,687
617,027 671,613 730,592 794,305 863,119 937,428
(118,109) (133,280) (149,731) (167,556) (186,856) (207,741)
0 0 0 0 0 0
118,109 133,280 149,731 167,556 186,856 207,741
Balance Balance Balance Balance Balance Balance
35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
23,501 25,485 27,630 29,947 32,452 35,158
1,233 1,330 1,436 1,549 1,671 1,803
22,268 24,155 26,194 28,398 30,780 33,354
(450) (613) (792) (990) (1,207) (1,445)
3,923 4,233 4,567 4,928 5,317 5,738
17,895 19,309 20,834 22,480 24,256 26,172
36,601 39,493 42,612 45,979 49,611 53,530
36,025 38,871 41,942 45,255 48,830 52,688
146,334 157,894 170,368 183,827 198,350 214,019
145,182 156,651 169,027 182,380 196,788 212,334
1,152 1,243 1,341 1,447 1,562 1,685
352,584 380,439 410,493 442,922 477,913 515,668
353,737 381,682 411,835 444,370 479,475 517,353
25,899 27,945 30,153 32,535 35,105 37,879
10,126 10,926 11,789 12,720 13,725 14,809
11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
7.92% 7.92% 7.92% 7.92% 7.92% 7.92%
551,344 584,062 618,506 654,746 692,849 732,885
572,750 606,738 642,520 680,167 719,750 761,339
118,109 133,280 149,731 167,556 186,856 207,741
690,859 740,018 792,251 847,722 906,606 969,080
113,184 120,077 127,353 135,028 143,121 151,650
577,675 619,941 664,898 712,694 763,485 817,431
3,925 3,925 3,925 3,925 3,925 3,925
$ 147.18 $ 157.95 $ 169.40 $ 181.58 $ 194.52 $ 208.26
10,074 10,870 11,728 12,655 13,655 14,733
219,013 225,056 230,685 235,797 240,275 243,986
13.5 13.3 13.2 13.0 12.9 12.7
1.7 1.6 1.6 1.6 1.5 1.5
9.4 9.3 9.2 9.2 9.1 9.0
0.6 0.6 0.6 0.6 0.6 0.6
#N/A #N/A #N/A #N/A #N/A #N/A
15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
$ 42,877 $ 46,500 $ 50,416 $ 54,649 $ 59,222 $ 64,164
19,247 20,767 22,408 24,178 26,088 28,149
1,233 1,330 1,436 1,549 1,671 1,803
(7,340) (7,919) (8,545) (9,220) (9,948) (10,734)
(1,265) (1,365) (1,473) (1,590) (1,715) (1,851)
(253) (273) (295) (318) (343) (370)
6,580 7,100 7,661 8,266 8,919 9,624
4,049 4,369 4,714 5,087 5,489 5,922
0 0 0 0 0 0
$ 65,129 $ 70,510 $ 76,323 $ 82,601 $ 89,383 $ 96,708
$ (41,265) $ (44,525) $ (48,043) $ (51,838) $ (55,934) $ (60,352)
(3,796) (4,096) (4,420) (4,769) (5,146) (5,552)
$ (45,062) $ (48,622) $ (52,463) $ (56,607) $ (61,079) $ (65,905)
$ (13,981) $ (15,172) $ (16,451) $ (17,825) $ (19,300) $ (20,885)
0 0 0 0 0 0
1,030 1,085 1,142 1,202 1,264 1,328
4,840 5,098 5,367 5,647 5,937 6,238
0 0 0 0 0 0
0 0 0 0 0 0
658 710 766 827 892 962
0 0 0 0 0 0
(10,757) (11,607) (12,524) (13,513) (14,581) (15,733)
$ (18,211) $ (19,885) $ (21,699) $ (23,663) $ (25,788) $ (28,089)
$ 1,856 $ 2,003 $ 2,161 $ 2,331 $ 2,516 $ 2,714
23,493 25,349 27,352 29,513 31,844 34,360
$ 25,349 $ 27,352 $ 29,513 $ 31,844 $ 34,360 $ 37,074
Projected
01/31/29
$ 1,818,320
1,349,194
352,754
30,373
$ 85,999
5,529
10,387
17,638
$ 108,495
38,082
$ 70,413
(909)
$ 69,504
$ 0
$ 16,976
$ 52,528
01/31/29
$ 40,003
158,194
27,275
5,455
230,327
$ 461,253
474,582
81,824
0
$ 1,017,659
$ 141,829
87,279
0
25,698
$ 254,807
120,751
26,577
0
14,183
$ 416,317
(28,657)
629,999
$ 601,342
$ 1,017,659
787,333
1,017,659
(230,327)
0
230,327
Balance
35.1%
38,082
1,946
36,136
(1,705)
6,191
28,240
57,759
56,850
230,927
229,108
1,818
556,406
558,224
40,871
15,979
11.0%
7.9%
7.9%
7.9%
7.9%
7.92%
7.92%
774,919
774,919
805,006
230,327
1,035,333
160,632
874,701
3,925
$ 222.85
15,897
246,782
12.6
1.5
8.9
0.6
#N/A
15.0%
$ 69,504
30,373
1,946
(11,582)
(1,997)
(399)
10,384
6,390
0
$ 104,619
$ (65,120)
(5,991)
$ (71,111)
$ (22,585)
0
1,394
6,550
0
0
1,038
0
(16,976)
$ (30,579)
$ 2,929
37,074
$ 40,003
Inputs for Projections and Valuation 20.00% Sales growth rate
Enter inputs in yellow cells. 15.00%
Key Output of Valuation: 10.00%
Projected ROIC at horizon = 11.0% 5.00%
Estimated price for 1/31/2009 = $ 50.78
0.00%
Estimated price for 11/3/2011 = $ 63.40 1995 2000 2005
Inputs
Number of years historical data analyzed 10
Historical Values for Ratios Used Starting Long
to Project Financial Statements
Year of analysis Average Trend Most Recent
0 rate Term rate
Ratios to calculate operating profit
Sales growth rate 10.4% 6.9% 7.2% 7.20% 7.90%
COGS / Sales 75.9% 74.2% 74.6% 74.20% 74.20%
SGA / Sales 17.7% 19.4% 19.1% 19.10% 19.40%
Depreciation / Net PPE 6.6% 6.4% 7.0% 7.05% 6.40%
Ratios to calculate operating capital
Cash / Sales 1.6% 2.2% 1.8% 1.81% 2.20%
Inventory/ Sales 10.3% 8.7% 8.6% 8.60% 8.70%
Accts. rec. / Sales 1.0% 1.5% 1.4% 1.41% 1.50%
Other short term operating assets/Sales 0.5% 0.3% 0.4% 0.37% 0.30%
Net PPE / Sales 23.4% 26.1% 23.8% 23.84% 26.10%
Other long-term op. A. / Sales 5.1% 4.5% 4.7% 4.69% 4.50%
Accts. pay./ Sales 7.7% 7.8% 7.2% 7.19% 7.80%
Accruals / Sales 4.4% 4.8% 4.7% 4.68% 4.80%
Other current liabilities / Sales 0.1% 0.0% 0.0% 0.02% 0.00%
Ratios to calculate operating taxes
Deferred taxes/Net PPE 3.9% 5.6% 3.2% 3.22% 5.60%
Average tax rate (Taxes/EBT) 35.1% 33.0% 34.2% 35.10% 35.10%
Marginal tax rate 35.1% 33.0% 34.2% 35.10% 35.10%
Dividend and debt ratios
Dividend policy: growth rate 17.8% 15.8% 4.5% 7.20% 7.90%
Long-term debt / market value of firm #N/A #N/A 14.4% 14.38% 15.00%
Preferred stock / market value of firm #N/A #N/A #N/A 0.00% 0.00%
Coupon rate on preferred stock #N/A #N/A #N/A 0.00% 0.00%
Permanent component of short-term debt / market value of firm #N/A
#N/A #N/A 3.19% 3.19%
Ratios to calculate rest of income
statement and balance sheet
Nonop. inc. / Sales 0.91% 0.98% 0.97% 0.98% 0.97%
Extr. inc. / Sales -0.03% -0.05% 0.04% 0.04% -0.05%
Long-term investments / Sales 0.00% 0.00% 0.00% 0.00% 0.00%
Other long-term liab. / Sales 0.65% 0.78% 1.28% 1.28% 0.78%
Interest rates
Interest rate on cash 0.00% 0.00%
Interest rate on short-term invest. 1.30% 5.00%
Interest rate on all current debt 3.25% 3.25%
Interest rate on long-term debt 4.15% 4.15%
Cost of Capital and L-T ROIC
Weighted Average Cost of Capital (WACC) 7.92%
Long-term return on invested capital 7.92%
Target valuation date 11/3/2011
Sales growth rate Historical
2005 2010 2015 2020 2025 2030 2035 2010 2011 2012 2013 2014 2015
Projected Projected Projected Projected Projected Projected
Time until
graph
long term Fade
(years) Rate 2010 1 2011 2 2012 3 2013 4 2014 5 2015 6
2 0.10 Sales g 7.2% 7.6% 7.9% 7.9% 7.9% 7.9%
2 0.10 CGS 74.2% 74.2% 74.2% 74.2% 74.2% 74.2%
2 0.10 SGA 19.1% 19.3% 19.4% 19.4% 19.4% 19.4%
2 0.10 Depr 7.0% 6.7% 6.4% 6.4% 6.4% 6.4%
2 0.10 Cash 1.8% 2.0% 2.2% 2.2% 2.2% 2.2%
2 0.10 Invty 8.6% 8.7% 8.7% 8.7% 8.7% 8.7%
2 0.10 AcctRec 1.4% 1.5% 1.5% 1.5% 1.5% 1.5%
2 0.10 Othr STA 0.4% 0.3% 0.3% 0.3% 0.3% 0.3%
2 0.10 Net PPE 23.8% 25.0% 26.1% 26.1% 26.1% 26.1%
2 0.10 Othr LTA 4.7% 4.6% 4.5% 4.5% 4.5% 4.5%
2 0.10 Acct Pay 7.2% 7.5% 7.8% 7.8% 7.8% 7.8%
2 0.10 Accruals 4.7% 4.7% 4.8% 4.8% 4.8% 4.8%
2 0.10 Othr CL 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2 0.10 Def Tax 3.2% 4.5% 5.6% 5.6% 5.6% 5.6%
2 0.10 Avg Tax 35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
2 0.10 Marg Tax 35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
2 0.10 Div g 7.2% 7.6% 7.9% 7.9% 7.9% 7.9%
2 0.10 LTD/MV 14.4% 14.7% 15.0% 15.0% 15.0% 15.0%
2 0.10 PFS/MV 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2 0.10 PFS Cpn 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
2 0.10 Perm STD 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
2 0.10 N-OP Inc 0.98% 0.97% 0.97% 0.97% 0.97% 0.97%
2 0.10 Ex Inc 0.04% -0.01% -0.05% -0.05% -0.05% -0.05%
2 0.10 LT Inv 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.10 Othr LT L 1.28% 1.02% 0.78% 0.78% 0.78% 0.78%
2 0.10 Cash Int 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2 0.10 STinv Int 1.30% 3.24% 5.00% 5.00% 5.00% 5.00%
2 0.10 Cur D Int 3.25% 3.25% 3.25% 3.25% 3.25% 3.25%
2 0.10 LT D Int 4.15% 4.15% 4.15% 4.15% 4.15% 4.15%
2016 2017 2018 2019 2020 2021 2022 2023 2024
Projected Projected Projected Projected Projected Projected Projected Projected Projected
2016 7 2017 8 2018 9 2019 10 2020 11 2021 12 2022 13 2023 14 2024 15
7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
74.2% 74.2% 74.2% 74.2% 74.2% 74.2% 74.2% 74.2% 74.2%
19.4% 19.4% 19.4% 19.4% 19.4% 19.4% 19.4% 19.4% 19.4%
6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4% 6.4%
2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2%
8.7% 8.7% 8.7% 8.7% 8.7% 8.7% 8.7% 8.7% 8.7%
1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
26.1% 26.1% 26.1% 26.1% 26.1% 26.1% 26.1% 26.1% 26.1%
4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%
7.8% 7.8% 7.8% 7.8% 7.8% 7.8% 7.8% 7.8% 7.8%
4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8% 4.8%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6% 5.6%
35.1% 35.1% 35.1% 35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
35.1% 35.1% 35.1% 35.1% 35.1% 35.1% 35.1% 35.1% 35.1%
7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9% 7.9%
15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0% 15.0%
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% 0.0% 0.0%
3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2% 3.2%
0.97% 0.97% 0.97% 0.97% 0.97% 0.97% 0.97% 0.97% 0.97%
-0.05% -0.05% -0.05% -0.05% -0.05% -0.05% -0.05% -0.05% -0.05%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0.78% 0.78% 0.78% 0.78% 0.78% 0.78% 0.78% 0.78% 0.78%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25%
4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15% 4.15%
2025 2026 2027 2028 2029
Projected Projected Projected Projected Projected
2025 16 2026 17 2027 18 2028 19 2029 20 1
7.9% 7.9% 7.9% 7.9% 7.9%
74.2% 74.2% 74.2% 74.2% 74.2%
19.4% 19.4% 19.4% 19.4% 19.4%
6.4% 6.4% 6.4% 6.4% 6.4%
2.2% 2.2% 2.2% 2.2% 2.2%
8.7% 8.7% 8.7% 8.7% 8.7%
1.5% 1.5% 1.5% 1.5% 1.5%
0.3% 0.3% 0.3% 0.3% 0.3%
26.1% 26.1% 26.1% 26.1% 26.1%
4.5% 4.5% 4.5% 4.5% 4.5%
7.8% 7.8% 7.8% 7.8% 7.8%
4.8% 4.8% 4.8% 4.8% 4.8%
0.0% 0.0% 0.0% 0.0% 0.0%
5.6% 5.6% 5.6% 5.6% 5.6%
35.1% 35.1% 35.1% 35.1% 35.1%
35.1% 35.1% 35.1% 35.1% 35.1%
7.9% 7.9% 7.9% 7.9% 7.9%
15.0% 15.0% 15.0% 15.0% 15.0%
0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0%
3.2% 3.2% 3.2% 3.2% 3.2%
0.97% 0.97% 0.97% 0.97% 0.97%
-0.05% -0.05% -0.05% -0.05% -0.05%
0.00% 0.00% 0.00% 0.00% 0.00%
0.78% 0.78% 0.78% 0.78% 0.78%
0.00% 0.00% 0.00% 0.00% 0.00%
5.00% 5.00% 5.00% 5.00% 5.00%
3.25% 3.25% 3.25% 3.25% 3.25%
4.15% 4.15% 4.15% 4.15% 4.15%
13
14
16
17
18
20
21
22
23
24
26
27
28
29
31
32
ProjectionsHistorical
Year 2000 2001 2002 2003 2004 2005 2006
#N/A
Sales growth rate 15.95% 13.83% 5.43% 11.63% 11.27% 8.32%
Sales growth rate
1 1
1 Sales growth rate 1 Sales growth rate
2 COGS / Sales 2 COGS / Sales
3 SGA / Sales 3 SGA / Sales
4 Depreciation / Net PPE 4 Depreciation / Net PPE
6 Cash / Sales 6 Cash / Sales
7 Inventory/ Sales 7 Inventory/ Sales
8 Accts. rec. / Sales 8 Accts. rec. / Sales
9 Other short term operating assets/Sales 9 Other short term operating assets/Sales
10 Net PPE / Sales 10 Net PPE / Sales
11 Other long-term op. A. / Sales 11 Other long-term op. A. / Sales
12 Accts. pay./ Sales 12 Accts. pay./ Sales
13 Accruals / Sales 13 Accruals / Sales
14 Other current liabilities / Sales 14 Other current liabilities / Sales
16 Deferred taxes/Net PPE 16 Deferred taxes/Net PPE
17 Average tax rate (Taxes/EBT) 17 Average tax rate (Taxes/EBT)
18 Marginal tax rate 18 Marginal tax rate
20 Dividend policy: growth rate 20 Dividend policy: growth rate
21 Long-term debt / market value of firm 21 Long-term debt / market value of firm
22 Preferred stock / market value of firm 22 Preferred stock / market value of firm
23 Coupon rate on preferred stock 23 Coupon rate on preferred stock
24 market value of firm
Permanent component of short-term debt /24 Long-term debt / market value of firm
26 Nonop. inc. / Sales 26 Nonop. inc. / Sales
27 Extr. inc. / Sales 27 Extr. inc. / Sales
28 Long-term investments / Sales 28 Long-term investments / Sales
29 Other long-term liab. / Sales 29 Other long-term liab. / Sales
31 Interest rate on cash 30 blank
32 Interest rate on short-term invest.
33 Interest rate on all current debt
34 Interest rate on long-term debt
2007 2008 2009 2009 2010 2011 2012 2013 2014
11.67% 8.50% 7.20%
7.196% 7.200% 7.567% 7.900% 7.900% 7.900%
rating assets/Sales
ket value of firm
ket value of firm
ket value of firm
2015 2016 2017 2018 2019 2020 2021 2022 2023
7.900% 7.900% 7.900% 7.900% 7.900% 7.900% 7.900% 7.900% 7.900%
2024 2025 2026 2027 2028 2029
7.900% 7.900% 7.900% 7.900% 7.900% 7.900%
Cost of Capital
Enter inputs in yellow cells.
Key Output of Valuation:
Estimate of WACC =
Estimated price at end of most recent fiscal year=
Estimated price at target date=
Inputs to Estimate WACC Input
Enter Current Market Value for Equity
Current stock price $50.45
Number of shares common stock outstanding 3,925
Market value of common stock $198,016
Enter Current Market Value for Long-Term Debt
Estimated value of long-term debt $34,549
Enter Current Market Value for Short-Term Debt
Estimated value of short-term debt $7,669
Enter Current Market Value for Preferred Stock
Estimated value of lpreferred stock $0
Estimate Percent of Firm that will be Financed by Long-term Debt
Current percent of firm financed with long-term
debt 14.38%
Target percent financed with long-term debt= 15%
Estimate Percent of Firm that will be
Financed by Preferred Stock
Current percent of firm financed with preferred
stock 0.00%
Target percent financed with preferred stock = 0.00%
Estimate Percent of Firm that will be
Financed by Short-term Debt
Current percent of firm financed with short-term
debt 3.19%
Target percent financed with short-term debt = 3.19%
Estimate Cost of Equity
Beta= 0.8
Risk-free rate= 3.50%
Market risk premium = 7.00%
Cost of equity= 9.10%
Estimate Cost of Long-term Debt
Bond rating for company's debt AA
Spread for bond rating 1.00%
Tax rate= 35.1%
Cost of long-term debt= 4.15%
After-tax cost of long-term debt= 2.69%
Inputs to Estimate Cost of Preferred Stock
Yield on preferred stock 0.00%
Current coupon rate (preferred
dividend/preferred stock) 0.00%
Cost of preferred stock = 0.00%
Inputs to Estimate Cost of Short-term Debt
Prime rate 3.25%
Adjustment to prime 0.00%
Cost of short-term debt 3.25%
After-tax cost of short-term debt 2.11%
Estimated WACC 7.92%
7.92%
$50.78
$63.40
Suggested Sources
(1) www.thomsonfn.com Enter ticker symbol, get quote.
(2) finance.yahoo.com, enter ticker symbol, get quote, then select
Key Statistics.
(1) www.thomsonfn.com, enter ticker symbol, get quote, then
select TipSheet.
(2) finance.yahoo.com, enter ticker symbol, get quote.
ng-term Debt
Judgment, based on historical ratios in Hist Analys sheet and
market conditions. In our experience, virtually all solvent firms
should be financed with at least 15% debt, with stronger
companies having at least 20% and up to 40%.
Judgment, based on historical ratios in Hist Analys sheet and
market conditions. We usually choose the default value, which is
the current value.
Judgment, based on historical ratios in Hist Analys sheet and
market conditions. We usually choose the default value, which is
the current value (unless the current sum of shor-term debt and
long-term debt produces a ratio greater than 40%, in which case
we choose sufficient short-term debt so the total is 40%).
(1) www.thomsonfin.com.
(2) www.bloomberg.com.
(3) yahoofinance.com.
Yield to maturity on long-term Treasury securities.
(1) www.federalreserve.gov, Research and Data, Statistics,
Selected Interest Rates
(2) www.bloomberg.com, U.S. Treasuries
(3) bonds.yahoo.com/rates.html
5% to 7% for U.S.; toward the low end when the stock market is
high, toward the upper end when the market is low. See discussion
in Ch 11.
(1) www.moodys.com.
(2) www.bondsonline.com.
www.bondsonline.com,
We usually look at the most recent value and average value from
the Hist Analys worksheet. If both are between 36% and 40%, we
usually choose a value similar to the average rate.
yahoo.finance.com
Actual coupon rate as shown in footnotes to financial statements or
as shown at finance.yahoo.com.
Judgment, based on yield on preferred and/or current coupon rate.
(1) www.federalreserve.gov, Research and Data, Statistics,
Selected Interest Rates
(2) www.bloomberg.com, Markets, Key Rates
Judgment, based on risk of company.
Judgment, based on yield on preferred and/or current coupon rate.
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Hist Analys
EBITD margin Industry
WAL MART STORES INC 0.07
0.06
Analysis of Historical Financial 0.05
Statements 0.04
Enter inputs in yellow cells for 0.03
0.02
comparative analysis. 0.01
0.00
1995 2000 2005 2010 01/31/09 01/31/08 01/31/07 01/31/06 01/31/05 01/31/04 01/31/03 01/31/02 01/31/01 01/31/00
Click "buttons" in column B to change
graph. 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
Number of years of historical data you
want to analyze (3 to 10 years). 10 years of data to analyze
Historical Free Cash Flow (FCF)
Assumed marginal tax rate 34% 34% 34% 33% 35% 36% 35% 36% 36% 37%
Reported income tax expense 6,886 6,678 6,150 5,643 5,457 4,997 4,253 3,793 3,618 3,239
Taxes reported but not paid (2,011) 116 470 1,523 619 500 655 161 284 759
Actual taxes paid 8,897 6,562 5,680 4,120 4,838 4,497 3,598 3,632 3,334 2,480
Plus tax saved due to net interest expenses 747 719 607 470 412 359 373 492 505 376
Minus tax paid on non-operating income 1,330 1,255 1,107 964 947 787 633 637 647 561
Tax on operating income 8,314 6,026 5,181 3,625 4,302 4,070 3,338 3,487 3,192 2,295
Net operating profit after taxes (NOPAT) 10,121 11,945 11,658 11,932 9,879 8,603 7,996 6,577 6,332 6,014
NOPAT/Sales NOPAT/Sales 2.5% 3.2% 3.4% 3.9% 3.5% 3.4% 3.5% 3.0% 3.3% 3.6%
NOPAT adjusted for extraordinary income 10,267 11,813 10,764 11,755 9,879 8,796 8,133 6,577 6,332 5,816
Operating current assets 48,949 48,020 46,982 43,825 38,854 34,421 30,722 27,878 26,555 24,356
Operating current liabilities 47,721 47,209 43,865 40,192 35,388 31,473 26,728 24,134 22,288 20,395
Net operating working capital 1,228 811 3,117 3,633 3,466 2,948 3,994 3,744 4,267 3,961
Operating long term capital 114,480 115,494 104,605 94,362 81,300 70,984 64,086 55,649 51,575 45,993
Operating capital (adjusted for any special asset impairment of accounting changes) 115,708 116,305 107,722 97,995 84,766 73,932 68,080 59,393 55,842 49,954
Operating capital/Sales Op. Capital/Sales 28.8% 31.1% 31.2% 31.7% 29.7% 28.8% 29.6% 27.3% 29.2% 30.3%
Investment in operating capital (597) 8,583 9,727 13,229 10,834 5,852 8,687 3,551 5,888
Free cash flow from ongoing operations FCF
10,718 3,362 1,931 (1,297) (955) 2,751 (691) 3,026 444
Free cash flow (including extraordinary income) $ 10,864 $ 3,230 $ 1,037 $ (1,474) $ (955) $ 2,944 $ (554) $ 3,026 $ 444
Historical Return on Invested Capital
ROIC (NOPAT/ Beginning capital) ROIC 8.7% 11.1% 11.9% 14.1% 13.4% 12.6% 13.5% 11.8% 12.7% #N/A
Historical Economic Profit
Historical weighted average costs of capital 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Economic profit Econ. Prof.
$ (1,363) $ 1,041 $ 965 $ 3,278 $ 2,485 $ 1,988 $ 2,193 $ 993 $ 1,337 $ 5,816
Most Compan
Traditional Ratio Analysis: Fill in
Recent y's
yellow cells with ratios for industry or Industry Historica
for closest competitor for most recent or l
year. Graph Competit Average Trend Most Recent
Payout ratio Pay out Ratio 28.08% 21.1% 28.9% 28.0% 28.2% 24.8% 22.4% 21.6% 17.3% 16.7% 18.7% 17.0% 16.6%
Annual sales growth rate Sales g 9.60% 10.4% 6.9% 7.2% 8.5% 11.7% 8.3% 11.3% 11.6% 5.4% 13.8% 15.9% #N/A
Quick ratio Quick Ratio 0.5 0.21 0.26 0.26 0.22 0.25 0.24 0.21 0.21 0.19 0.19 0.18 0.18
Current ratio Current Ratio 1.11 0.91 0.85 0.88 0.82 0.90 0.90 0.90 0.91 0.94 1.02 0.92 0.94
LT debt to equity L-TD/E 0.18 0.52 0.49 0.53 0.52 0.50 0.57 0.47 0.46 0.50 0.53 0.50 0.65
Total debt to equity Tot D/E 0.23 0.68 0.62 0.65 0.69 0.63 0.73 0.63 0.61 0.64 0.62 0.71 0.85
Interest coverage (Times-interest-earned) Int. Cov . 16.9 9.51 10.30 8.44 8.55 9.31 10.96 11.95 12.72 10.70 7.42 6.89 8.13
Gross margin Gross Margin 13.70% 24.1% 25.8% 25.4% 25.2% 25.0% 24.6% 24.4% 24.0% 23.8% 22.7% 23.0% 22.9%
EBITD margin EBITD Margin 3.50% 6.4% 6.4% 6.3% 6.5% 6.5% 6.5% 6.5% 6.4% 6.4% 6.1% 6.5% 6.5%
Operating margin Op. Margin 2.60% 4.9% 4.8% 4.6% 4.8% 4.9% 5.0% 5.0% 4.9% 4.9% 4.6% 5.0% 5.0%
Pre-tax margin Pre-Tax Mgn. 2.40% 5.3% 5.3% 5.0% 5.2% 5.3% 5.5% 5.5% 5.4% 5.3% 4.8% 5.2% 5.3%
Net profit margin Net Profit Mgn. 1.52% 3.4% 3.5% 3.3% 3.4% 3.3% 3.6% 3.6% 3.5% 3.5% 3.1% 3.3% 3.3%
Return on assets ROA 4.90% 8.1% 8.1% 8.2% 7.8% 7.4% 8.1% 8.5% 8.6% 8.4% 8.0% 8.1% 7.6%
Receivable turnover Rec. TO 90.3 116.88 77.90 70.70 58.47 62.39 119.98 166.31 204.41 146.35 108.90 108.22 123.05
Inventory turnover Inv . TO 11.80 7.41 8.39 8.68 7.96 7.68 7.30 7.24 7.32 7.17 7.44 6.87 6.43
Asset turnover Asset TO 3.30 2.39 2.31 2.46 2.29 2.28 2.24 2.37 2.43 2.42 2.61 2.45 2.35
Most
Recent
Industry
Historical Values for Ratios Used to or
Project Financial Statements Competit Average Trend Most Recent
Ratios to calculate operating profit
Sales growth rate Sales g 9.6% 10.4% 6.9% 7.2% 8.5% 11.7% 8.3% 11.3% 11.6% 5.4% 13.8% 15.9% #N/A
COGS / Sales CGS % #N/A 75.9% 74.2% 74.6% 74.8% 75.0% 75.4% 75.6% 76.0% 76.2% 77.3% 77.0% 77.1%
SGA / Sales SGA % #N/A 17.7% 19.4% 19.1% 18.7% 18.6% 18.0% 18.0% 17.5% 17.4% 16.6% 16.5% 16.4%
Depreciation / Net PPE Depr % PPE #N/A 6.6% 6.4% 7.0% 6.5% 6.2% 6.0% 6.3% 6.5% 6.5% 7.2% 7.0% 6.6%
Ratios to calculate operating capital Competitor Average Trend Most Recent
Cash / Sales Cash % #N/A 1.6% 2.2% 1.8% 1.5% 2.3% 2.0% 1.9% 2.0% 1.2% 1.0% 1.1% 1.1%
Inventory/ Sales Inv . % 8.5% 10.3% 8.7% 8.6% 9.4% 9.8% 10.3% 10.4% 10.4% 10.6% 10.4% 11.2% 12.0%
Accts. rec. / Sales Acct. Rec. % 1.1% 1.0% 1.5% 1.4% 1.7% 1.6% 0.8% 0.6% 0.5% 0.7% 0.9% 0.9% 0.8%
Other short term operating assets/Sales Oth. ST OA % #N/A 0.5% 0.3% 0.4% 0.2% 0.0% 0.9% 0.6% 0.5% 0.8% 0.5% 0.6% 0.7%
Net PPE / Sales Net PPE % #N/A 23.4% 26.1% 23.8% 25.9% 25.6% 25.2% 23.9% 23.0% 22.4% 21.0% 21.4% 21.8%
Other long-term op. A. / Sales Other LT A% #N/A 5.1% 4.5% 4.7% 5.0% 4.7% 5.3% 4.6% 4.7% 5.5% 4.5% 5.6% 6.1%
Accts. pay./ Sales Acct. Pay % #N/A 7.7% 7.8% 7.2% 8.1% 8.3% 8.1% 7.7% 7.6% 7.3% 7.2% 7.9% 7.9%
Accruals / Sales Accruals % #N/A 4.4% 4.8% 4.7% 4.5% 4.5% 4.7% 4.7% 4.7% 4.2% 3.7% 3.8% 4.4%
Other current liabilities / Sales Other CL % #N/A 0.1% 0.0% 0.0% 0.0% 0.0% 0.2% 0.0% 0.0% 0.1% 0.2% 0.0% 0.0%
Ratios to calculate operating taxes Competitor Average Trend Most Recent
Def. Taxes %
Deferred taxes/Net PPE #N/A 3.9% 5.6% 3.2% 5.3% 5.6% 5.8% 4.4% 4.0% 3.6% 2.6% 2.5% 2.1%
Average tax rate (Taxes/EBT) Av g. Tax rate #N/A 35.1% 33.0% 34.2% 34% 34% 33% 35% 36% 35% 36% 36% 37%
Marginal tax rate Margn. Tax #N/A 35.1% 33.0% 34.2% 34.2% 34% 33% 35% 36% 35% 36% 36% 37%
Dividend and debt ratios Competitor Average Trend Most Recent
Dividend policy: growth rate Div . g #N/A 17.8% 15.8% 4.5% 28.0% 11.6% 13.4% 41.1% 18.1% 6.3% 16.7% 20.2% #N/A
Long-term debt / market value of firm LTD/MV Firm #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Preferred stock / market value of firm Pf. Stk ./MV F #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Coupon rate on preferred stock Pf. Stk . Coupon #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Long-term debt / market value of firm LTD/MV F #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A
Ratios to calculate rest of income statement
and balance sheet Competitor Average Trend Most Recent
Nonop. inc. / Sales Nonop inc % #N/A 0.9% 1.0% 1.0% 1.0% 1.0% 0.9% 1.0% 0.9% 0.8% 0.8% 0.9% 0.9%
Extr. inc. / Sales Extr. inc. % #N/A 0.0% 0.0% 0.0% 0.0% -0.3% -0.1% 0.0% 0.1% 0.1% 0.0% 0.0% -0.1%
Long-term investments / Sales L-T Inv . % #N/A 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other long-term liab. / Sales Othr L-T Liab.% #N/A 0.7% 0.8% 1.3% 0.5% 0.6% 0.5% 0.5% 0.6% 0.6% 0.6% 0.6% 0.8%
Year 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
EBITD margin 0.0627 0.0649 0.0646 0.0654 0.0647 0.0645 0.0640 0.0613 0.0648 0.0647
9 0.035
31 Payout ratio
32 Annual sales growth rate
33 Quick ratio
34 Current ratio
35 LT debt to equity
36 Total debt to equity
37 Interest coverage (Times-interest-earned)
38 Gross margin
39 EBITD margin
40 Operating margin
41 Pre-tax margin
42 Net profit margin
43 Return on assets
44 Receivable turnover
45 Inventory turnover
46 Asset turnover
51 Sales growth rate
52 COGS / Sales
53 SGA / Sales
54 Depreciation / Net PPE
56 Cash / Sales
57 Inventory/ Sales
58 Accts. rec. / Sales
59 Other short term operating assets/Sales
60 Net PPE / Sales
61 Other long-term op. A. / Sales
62 Accts. pay./ Sales
63 Accruals / Sales
64 Other current liabilities / Sales
66 Deferred taxes/Net PPE
67 Average tax rate (Taxes/EBT)
68 Marginal tax rate
70 Dividend policy: growth rate
71 Long-term debt / market value of firm
72 Preferred stock / market value of firm
73 Coupon rate on preferred stock
74 Long-term debt / market value of firm
76 Nonop. inc. / Sales
77 Extr. inc. / Sales
78 Long-term investments / Sales
79 Other long-term liab. / Sales
9 NOPAT/Sales
16 Operating capital/Sales
18 Free cash flow from ongoing operations
22 ROIC (NOPAT/ Beginning capital)
26 Economic profit
Michael C. Ehrhardt Page 51 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Condensed
A D E F G H I J K L M
1 Condensed Historical Financial Statements
2 You should not change any formulas in this worksheet.
3 WAL MART STORES INC 01/31/09 01/31/08 01/31/07 01/31/06 01/31/05 01/31/04 01/31/03 01/31/02 01/31/01 01/31/00
4 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000
5 Income Statement
6
7 Sales $ 401,244 $ 374,307 $ 344,992 $ 308,945 $ 285,222 $ 256,329 $ 229,616 $ 217,799 $ 191,329 $ 165,013
8 Costs of goods sold (COGS) 299,419 280,033 258,693 233,004 215,529 194,895 174,935 168,272 147,387 127,289
9 Sales, general and administrative expense (SGA) 76,651 69,986 64,001 55,739 51,248 44,909 39,983 36,173 31,550 27,040
10 Depreciation 6,739 6,317 5,459 4,645 4,264 3,852 3,364 3,290 2,868 2,375
11 Operating profit $ 18,435 $ 17,971 $ 16,839 $ 15,557 $ 14,181 $ 12,673 $ 11,334 $ 10,064 $ 9,524 $ 8,309
12 Interest expense 2,184 2,103 1,809 1,420 1,187 996 1,059 1,357 1,383 1,022
13 Interest income 0 0 0 0 0 0 0 0 0 0
14 Nonoperating income (Expense) 3,889 3,673 3,298 2,914 2,730 2,181 1,796 1,757 1,772 1,527
15 Earnings before taxes (EBT) $ 20,140 $ 19,541 $ 18,328 $ 17,051 $ 15,724 $ 13,858 $ 12,071 $ 10,464 $ 9,913 $ 8,814
16 Tax expense 6,886 6,678 6,150 5,643 5,457 4,997 4,253 3,793 3,618 3,239
17 Net income before extraordinary items $ 13,254 $ 12,863 $ 12,178 $ 11,408 $ 10,267 $ 8,861 $ 7,818 $ 6,671 $ 6,295 $ 5,575
18 After-tax extraordinary income (Expense) 146 (132) (894) (177) 0 193 137 0 0 (198)
19 Net income (NI) $ 13,400 $ 12,731 $ 11,284 $ 11,231 $ 10,267 $ 9,054 $ 7,955 $ 6,671 $ 6,295 $ 5,377
20
21 Dividends-- preferred $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
22 Dividends-- common $ 3,746 $ 3,586 $ 2,802 $ 2,511 $ 2,214 $ 1,569 $ 1,328 $ 1,249 $ 1,070 $ 890
23 Additions to RE $ 9,654 $ 9,145 $ 8,482 $ 8,720 $ 8,053 $ 7,485 $ 6,627 $ 5,422 $ 5,225 $ 4,487
24
25 Balance Sheet
26 Assets
27 Cash $ 7,275 $ 5,492 $ 7,767 $ 6,193 $ 5,488 $ 5,199 $ 2,736 $ 2,161 $ 2,054 $ 1,856
28 Inventory 34,511 35,159 33,685 31,910 29,762 26,612 24,401 22,614 21,442 19,793
29 Accounts receivable 5,675 6,402 5,530 2,575 1,715 1,254 1,569 2,000 1,768 1,341
30 Other short-term operating assets 1,488 967 0 3,147 1,889 1,356 2,016 1,103 1,291 1,366
31 Short-term investments 0 0 0 0 0 0 0 0 0 0
32 Total current assets $ 48,949 $ 48,020 $ 46,982 $ 43,825 $ 38,854 $ 34,421 $ 30,722 $ 27,878 $ 26,555 $ 24,356
33 Net plant, property, & equipment (PPE) 95,653 96,867 88,440 77,865 68,118 59,023 51,374 45,750 40,934 35,969
34 Other long-term operating assets 18,827 18,627 16,165 16,497 13,182 11,961 12,712 9,899 10,641 10,024
35 Long-term investments 0 0 0 0 0 0 0 0 0 0
36 Total assets $ 163,429 $ 163,514 $ 151,587 $ 138,187 $ 120,154 $ 105,405 $ 94,808 $ 83,527 $ 78,130 $ 70,349
37
38 Liabilities and Equity
39 Accounts payable (AP) $ 28,849 $ 30,344 $ 28,484 $ 25,101 $ 21,987 $ 19,425 $ 16,829 $ 15,617 $ 15,092 $ 13,105
40 Accruals 18,789 16,725 15,381 14,614 13,401 12,048 9,605 8,130 7,196 7,290
41 Other operating current liabilities 83 140 0 477 0 0 294 387 0 0
42 All short-term debt 7,669 11,269 8,283 8,633 7,794 6,367 5,791 3,148 6,661 5,408
43 Total current liabilities $ 55,390 $ 58,478 $ 52,148 $ 48,825 $ 43,182 $ 37,840 $ 32,519 $ 27,282 $ 28,949 $ 25,803
44 Long-term debt 34,549 33,402 30,735 30,096 23,258 20,099 19,597 18,732 15,655 16,674
45 Deferred taxes 3,076 5,087 4,971 4,501 2,978 2,359 1,859 1,204 1,043 759
46 Preferred stock 0 0 0 0 0 0 0 0 0 0
47 Other long-term liabilities 5,129 1,939 2,160 1,594 1,340 1,484 1,372 1,207 1,140 1,279
48 Total liabilities $ 98,144 $ 98,906 $ 90,014 $ 85,016 $ 70,758 $ 61,782 $ 55,347 $ 48,425 $ 46,787 $ 44,515
49 Par plus PIC Less treasury (and other adjustments) (28,657) (19,680) (13,570) (13,490) (8,545) (6,265) (2,942) (674) 989 705
50 Retained earnings (RE) 93,942 84,288 75,143 66,661 57,941 49,888 42,403 35,776 30,354 25,129
51 Total common equity $ 65,285 $ 64,608 $ 61,573 $ 53,171 $ 49,396 $ 43,623 $ 39,461 $ 35,102 $ 31,343 $ 25,834
52 Total liabilities and equity $ 163,429 $ 163,514 $ 151,587 $ 138,187 $ 120,154 $ 105,405 $ 94,808 $ 83,527 $ 78,130 $ 70,349
53
54 Check to see if sheets balance Balance Balance Balance Balance Balance Balance Balance Balance Balance Balance
55
56
57 Statement of Cash Flows
58 Operating Activities
59 Net income $ 13,400 $ 12,731 $ 11,284 $ 11,231 $ 10,267 $ 9,054 $ 7,955 $ 6,671 $ 6,295
60 Depreciation 6,739 6,317 5,459 4,645 4,264 3,852 3,364 3,290 2,868
61 Change in deferred tax (2,011) 116 470 1,523 619 500 655 161 284
62
63 Change in inventory 648 (1,474) (1,775) (2,148) (3,150) (2,211) (1,787) (1,172) (1,649)
64 Change in accounts receivable 727 (872) (2,955) (860) (461) 315 431 (232) (427)
65 Change in other short-term operating assets (521) (967) 3,147 (1,258) (533) 660 (913) 188 75
66 Change in accounts payable (1,495) 1,860 3,383 3,114 2,562 2,596 1,212 525 1,987
67 Change in accruals 2,064 1,344 767 1,213 1,353 2,443 1,475 934 (94)
68 Change in other current liabilities (57) 140 (477) 477 0 (294) (93) 387 0
69 Net cash from operating activities $ 19,494 $ 19,195 $ 19,303 $ 17,937 $ 14,921 $ 16,915 $ 12,299 $ 10,752 $ 9,339
70
71 Investing Activities
72 Investment in PPE $ (5,525) $ (14,744) $ (16,034) $ (14,392) $ (13,359) $ (11,501) $ (8,988) $ (8,106) $ (7,833)
73 Investment in other long-term oper. ass. (200) (2,462) 332 (3,315) (1,221) 751 (2,813) 742 (617)
74 Net cash from investing activities $ (5,725) $ (17,206) $ (15,702) $ (17,707) $ (14,580) $ (10,750) $ (11,801) $ (7,364) $ (8,450)
75
76 Financing Activities
77 Change in short-term investments $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
78 Change in long-term investments 0 0 0 0 0 0 0 0 0
79 Change in short-term debt (3,600) 2,986 (350) 839 1,427 576 2,643 (3,513) 1,253
80 Change in long-term debt 1,147 2,667 639 6,838 3,159 502 865 3,077 (1,019)
81 Preferred dividends 0 0 0 0 0 0 0 0 0
82 Change in preferred stock 0 0 0 0 0 0 0 0 0
83 Change in other long-term liabilities 3,190 (221) 566 254 (144) 112 165 67 (139)
84 Change in common stock (Par + PIC) (8,977) (6,110) (80) (4,945) (2,280) (3,323) (2,268) (1,663) 284
85 Common dividends (3,746) (3,586) (2,802) (2,511) (2,214) (1,569) (1,328) (1,249) (1,070)
86 Net cash from financing activities $ (11,986) $ (4,264) $ (2,027) $ 475 $ (52) $ (3,702) $ 77 $ (3,281) $ (691)
87
88 Net cash flow $ 1,783 $ (2,275) $ 1,574 $ 705 $ 289 $ 2,463 $ 575 $ 107 $ 198
89 Starting cash 5,492 7,767 6,193 5,488 5,199 2,736 2,161 2,054 1,856
90 Ending cash $ 7,275 $ 5,492 $ 7,767 $ 6,193 $ 5,488 $ 5,199 $ 2,736 $ 2,161 $ 2,054
91
92 Check for consistency with cash shown in balance sheet OK OK OK OK OK OK OK OK OK
93
94
95
96
97
98 Scratch calculations
99
100 "Uncapitalizing" Capitalized interest
101 Annual capitalized interest - - - - - - - - - -
102 Annual reduction in depreciation (assuming straight-line for 20 years) - - - - - - - - - -
103 Annual addition to interest expense - - - - - - - - - -
104 Annual reduction in tax expense - - - - - - - - - -
105 Annual reduction in RE - - - - - - - - - -
106 Cumulative reduction in gross PPE - - - - - - - - - -
107 Cumulative depreciation of capitalized interest - - - - - - - - - -
108 Cumulative reduction in net PPE - - - - - - - - - -
109 Cumulative reduction in RE - - - - - - - - - -
110 - -
Cumulative reduction in book equity as though company had issue special-dividend due to extra cash available from tax savings - - - - - - -
Michael C. Ehrhardt Page 52 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Comprehensive
A B C D E F G H I J K L M N
1 Comprehensive Statements
2 For all yellow cells, fill in links to the Actual Worksheet or other inputs.
3 WAL MART STORES INC 1/31/2009 1/31/2008 1/31/2007 1/31/2006 1/31/2005 1/31/2004 1/31/2003 1/31/2002 1/31/2001 1/31/2000
4 Income Statement
5 Total net revenues 401,244.0 374,307.0 344,992.0 308,945.0 285,222.0 256,329.0 229,616.0 217,799.0 191,329.0 165,013.0
6 Cost of goods sold expense 306,158.0 286,350.0 264,152.0 237,649.0 219,793.0 198,747.0 178,299.0 171,562.0 150,255.0 129,664.0
7 Cost of services or operations expense
8 Depreciation expense (for tangible assets, if reported separately)
9 Amortization expense (for goodwill and Intangible, if reported separately)
10 Depreciation and amortization expense (if reported combined) - - - - - - - - - -
11 Research & development expense - - - - - - - - - -
12 Sales & marketing expenses (if not included in SGA)
13 General & administrative expenses (if not included in SGA)
14 Selling, gen. & admin. expense [if reported as a single item] 76,651.0 69,986.0 64,001.0 55,739.0 51,248.0 44,909.0 39,983.0 36,173.0 31,550.0 27,040.0
15 Minority interest expense (if shown as pre-tax operating expense)
16 Merger and restructuring costs
17 Asset impairment losses or write-downs
18 Extraordinary charges or expenses (if shown on pre-tax basis)
19 Extraordinary credit or income (if shown on a pre-tax basis)
20 Other operating expenses (Income)
21 Interest expense (Income) 2,184.0 2,103.0 1,809.0 1,420.0 1,187.0 996.0 1,059.0 1,357.0 1,383.0 1,022.0
22 Interest capitalized
23 Interest income
24 Reserve expense (income) (increase in reserves is expense, decrease is income)
25 Investment income (Expense) (if shown on pre-tax basis)
26 Gain (loss) on sale of assets or discontinued operation (if shown on pre-tax basis)
27 Remitted income (Expense) or equity earnings (Losses) in affiliates
28 Unremitted income (Expense) or equity earnings (Losses) in affiliates
29 Minority interest expense (if shown as pre-tax nonoperating expense)
30 Losses on equity investees and other (if shown on pre-tax basis)
31 Other nonoperating income (Expense) (if shown on pre-tax basis) 4,647.0 4,290.0 3,938.0 3,398.0 3,111.0 2,516.0 2,094.0 2,044.0 1,975.0 1,796.0
32 Special nonrecurring items income (Expense) (if shown on pre-tax basis)
33 Provision for income tax expense (Rebate) 7,145.0 6,889.0 6,365.0 5,803.0 5,589.0 5,118.0 4,358.0 3,897.0 3,692.0 3,338.0
34 Minority interest expense (if shown on after-tax basis) 499.0 406.0 425.0 324.0 249.0 214.0 193.0 183.0 129.0 170.0
35 Equity in earnings expense (if shown on after-tax basis)
36 Extraordinary items (if shown on after-tax basis)
37 Discontinued operations (if shown on after-tax basis)
38 Extraordinary items and discontinued operations (if shown on after-tax basis) 146.0 (132.0) (894.0) (177.0) - 193.0 137.0 - - (198.0)
39 Investment gains (Losses) (if shown on after-tax basis) - - - - - - - - - -
40 All other income (Losses) (if shown on after-tax basis) - - - - - - - - - -
41 Cumulative effect of accounting changes
42 Net income from Actual Sheet 13,400.0 12,731.0 11,284.0 11,231.0 10,267.0 9,054.0 7,955.0 6,671.0 6,295.0 5,377.0
43 Calculated net income from Comprehensive Sheet 13,400.0 12,731.0 11,284.0 11,231.0 10,267.0 9,054.0 7,955.0 6,671.0 6,295.0 5,377.0
44
Check to see if calculated net income is consistent with Actual sheet OK OK OK OK OK OK OK OK OK OK
45
46
47 Balance Sheet
48 Assets
49 Cash and equivalents 7,275.0 5,492.0 7,767.0 6,193.0 5,488.0 5,199.0 2,736.0 2,161.0 2,054.0 1,856.0
50 Marketable securities - - - - - - - - - -
51 Notes receivable
52 Short-term investments or investment securities
53 Accounts receivable 5,675.0 6,402.0 5,530.0 2,575.0 1,715.0 1,254.0 1,569.0 2,000.0 1,768.0 1,341.0
54 Tax refund receivable
55 Progress payments
56 Prepaid expenses
57 Current deferred tax asset
58 Inventories 34,511.0 35,159.0 33,685.0 31,910.0 29,762.0 26,612.0 24,401.0 22,614.0 21,442.0 19,793.0
59 Other nonoperating current assets
60 Other operating current assets 1,488.0 967.0 - 3,147.0 1,889.0 1,356.0 2,016.0 1,103.0 1,291.0 1,366.0
61 Total current assets 48,949 48,020 46,982 43,825 38,854 34,421 30,722 27,878 26,555 24,356
62
63 Long-term receivables
64 Investments in unconsolidated subsidiaries
65 Other investments
66 Net property, plant, & equip (PPE) 95,653.0 96,867.0 88,440.0 77,865.0 68,118.0 59,023.0 51,374.0 45,750.0 40,934.0 35,969.0
67 Goodwill (if shown separately)
68 Intangibles (if shown separately) 15,260.0 15,879.0 13,759.0 12,097.0 10,803.0 9,882.0 9,389.0 8,566.0 9,059.0 9,392.0
69 Cost in excess of fair value of net assets acquired also called goodwill)
70 Goodwill and intangibles (if shown combined)
71 Deferred tax asset (Long-term)
72 Long-term notes receivable
73 Other operating long-term assets - - - - - - - - - -
74 Deferred charges 3,567.0 2,748.0 2,406.0 2,516.0 2,379.0 2,079.0 2,594.0 - - -
75 Deposits - - - 1,884.0 - - 729.0 1,333.0 1,582.0 632.0
76 Investments & advances to subsidiaries - - - - - - - - - -
77 Other nonoperating long-term assets
78 Total assets from Actual Sheet 163,429.0 163,514.0 151,587.0 138,187.0 120,154.0 105,405.0 94,808.0 83,527.0 78,130.0 70,349.0
79 Calculated total assets from Comprehensive Sheet 163,429.0 163,514.0 151,587.0 138,187.0 120,154.0 105,405.0 94,808.0 83,527.0 78,130.0 70,349.0
80 Check to see if total assets consistent with Actual sheet OK OK OK OK OK OK OK OK OK OK
81
82 Liabilities and Equity
83 Notes payable 1,506.0 5,040.0 2,570.0 3,754.0 3,812.0 3,267.0 1,079.0 743.0 2,286.0 3,323.0
84 Current portion of long-term debt 5,848.0 5,913.0 5,428.0 4,595.0 3,759.0 2,904.0 4,536.0 1,980.0 4,234.0 1,964.0
85 Current portion of capitalized leases 315.0 316.0 285.0 284.0 223.0 196.0 176.0 425.0 141.0 121.0
86 All other short-term debt
87 Accounts payable 28,849.0 30,344.0 28,484.0 25,101.0 21,987.0 19,425.0 16,829.0 15,617.0 15,092.0 13,105.0
88 Short-term unearned revenue
89 Interest payable (or accrued interest)
90 Dividends payable
91 Short-term deferred taxes
92 Taxes payable or accrued taxes 701.0 1,000.0 706.0 1,340.0 1,281.0 1,377.0 748.0 1,343.0 841.0 1,129.0
93 Accrued wages or salary
94 Other accrued expenses or accruals 18,088.0 15,725.0 14,675.0 13,274.0 12,120.0 10,671.0 8,857.0 6,787.0 6,355.0 6,161.0
95 Other nonoperating current liabilities
96 Other operating current liabilities 83.0 140.0 - 477.0 - - 294.0 387.0 - -
97 Total current liabilities 55,390 58,478 52,148 48,825 43,182 37,840 32,519 27,282 28,949 25,803
98
99 Non-current portion of long-term debt
100 Mortgages - - - - - - - - - -
101 Non-current portion of capitalized leases 3,200.0 3,603.0 3,513.0 3,667.0 3,171.0 2,997.0 3,000.0 5,089.0 3,154.0 3,002.0
102 Convertible debt - - - - - - - - - -
103 Any other long-term debt 31,349.0 29,799.0 27,222.0 26,429.0 20,087.0 17,102.0 16,597.0 13,643.0 12,501.0 13,672.0
104 Provision for risks and charges
105 Reserve accounts
106 Deferred tax liability in untaxed reserves
107 Deferred income taxes (Long-term) 3,076.0 5,087.0 4,971.0 4,501.0 2,978.0 2,359.0 1,859.0 1,204.0 1,043.0 759.0
108 Deferred income
109 Long-term unearned revenue
110 Restructuring obligations
111 Commitments and contingencies
112 Other long-term liabilities 2,938.0 - - 129.0 - - 10.0 - - -
113 Retirement, pension, and health insurance related liabilities
114 Minority interest 2,191.0 1,939.0 2,160.0 1,465.0 1,340.0 1,484.0 1,362.0 1,207.0 1,140.0 1,279.0
115 Nonequity reserves
116 Preferred stock - - - - - - - - - -
117 Common stock (at par) 393.0 397.0 413.0 417.0 423.0 431.0 440.0 445.0 447.0 446.0
118 Common stock capital suprplus or paid-in-capital 3,920.0 3,028.0 2,834.0 2,596.0 2,425.0 2,135.0 1,954.0 1,484.0 1,411.0 714.0
119 Revaluation of reserves
120 Other appropriated reserves
121 Unappropriated (free) reserves
122 Retained earnings 63,660.0 57,319.0 55,818.0 49,105.0 43,854.0 40,206.0 37,576.0 34,441.0 30,169.0 25,129.0
123 Equity in untaxed reserves
124 ESOP guarantees
125 Treasury stock - - - - - - - - - -
126 Common stock warrants and stock options
127 Other equity (2,688.0) 3,864.0 2,508.0 1,053.0 2,694.0 851.0 (509.0) (1,268.0) (684.0) (455.0)
128 Unrealized gain (loss) on marketable securities
129 Accumulated other comprehensive income or cumulative other adj.
130 Unrealized gain (loss) on foreign exchange
131 Cumulative foreign currency translations
132 Total shareholder equity from Actual Sheet 65,285.0 64,608.0 61,573.0 53,171.0 49,396.0 43,623.0 39,461.0 35,102.0 31,343.0 25,834.0
133
Calculated total shareholder equity from Comprehensive Sheet 65,285.0 64,608.0 61,573.0 53,171.0 49,396.0 43,623.0 39,461.0 35,102.0 31,343.0 25,834.0
to see if shareholder total eq. is consistent with Actual sheets
Check 134 OK OK OK OK OK OK OK OK OK OK
135
136 Total Liabilities and Equity from Actual Sheet 163,429.0 163,514.0 151,587.0 138,187.0 120,154.0 105,405.0 94,808.0 83,527.0 78,130.0 70,349.0
137
Calculated Total Liabilities and Equity from Comprehensive Sheet 163,429.0 163,514.0 151,587.0 138,187.0 120,154.0 105,405.0 94,808.0 83,527.0 78,130.0 70,349.0
see
Check to138 if Total Liab. & Eq. consistent with Comprehensive sheet OK OK OK OK OK OK OK OK OK OK
139
140 Check for balancing of statements Balances Balances Balances Balances Balances Balances Balances Balances Balances Balances
141
Required Items: You must supply these inputs
142 in the yellow cells, unless they are truly zero.
143
144 Required Items from Statement of Cash Flows
145 Preferred dividends paid
146 Common dividends paid (3,746.0) (3,586.0) (2,802.0) (2,511.0) (2,214.0) (1,569.0) (1,328.0) (1,249.0) (1,070.0) (890.0)
147 Depreciation of PPE and tangible Assets 6,739.0 6,317.0 5,459.0 4,645.0 4,264.0 3,852.0 3,364.0 3,290.0 2,868.0 2,375.0
148 Amortization of goodwill and intangibles
149
150 Required Items from Footnotes or Annual Report
151 Number of shares outstanding 3,925.0 3,973.0 4,131.0 4,165.0 4,234.0 4,311.0 4,395.0 4,453.0 4,470.0 4,457.0
152
153 Required Items from Financial Statements or User's Judgment
154 Assumed marginal tax rate 34.2% 34.2% 33.6% 33.1% 34.7% 36.1% 35.2% 36.2% 36.5% 36.7%
155
Optional Items for Special Accounting
Adjustments: If you choose to make any of the
special accounting adjustments described in
the Chapter 10 Appendix, then you must
supply these inputs in the yellow cells;
otherwise, just leave them as the default
156 values already here.
157
158 LIFO reserve (from Footnotes of Annual Report) - - - - - - - - - - -
159 Interest rate on pension liabilities 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
160 Interest rate on operating leases 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
161 Capitalized value of operating leases - - - - - - - - - -
162 Stock options (Warrants) - - - - - - - - - -
163 Capitalized operating costs - - - - - - - - - - - - -
164 Special goodwill impairment or accounting change - - - - - - - - - -
165
Statement of Cash Flows (Calculated
from the Income Sheet and Balance
166 Sheets shown above.
167 Operating Activities
168 Net income 13,400.0 12,731.0 11,284.0 11,231.0 10,267.0 9,054.0 7,955.0 6,671.0 6,295.0
169 Adjustments for reconciliation of RE account (3,313) (7,644) (1,769) (3,469) (4,405) (4,855) (3,492) (1,150) (185)
170 Depreciation and amortization 6,739.0 6,317.0 5,459.0 4,645.0 4,264.0 3,852.0 3,364.0 3,290.0 2,868.0
171 Change in deferred tax (2,011) 116 470 1,523 619 500 655 161 284
172 Change in operating current assets 854.0 (3,313.0) (1,583.0) (4,266.0) (4,144.0) (1,236.0) (2,269.0) (1,216.0) (2,001.0)
173 Change in operating current liabilities 512 3,344 3,673 4,804 3,915 4,745 2,594 1,846 1,893
174 Net cash from operating activities 16,181 11,551 17,534 14,468 10,516 12,060 8,807 9,602 9,154
175
176 Investing Activities
177 Investment in PPE (5,525) (14,744) (16,034) (14,392) (13,359) (11,501) (8,988) (8,106) (7,833)
178 Investment in other long-term oper. ass. 619 (2,120) (1,662) (1,294) (921) (493) (823) 493 333
179 Net cash from investing activities (4,906) (16,864) (17,696) (15,686) (14,280) (11,994) (9,811) (7,613) (7,500)
180
181 Financing Activities
182 Changes in short-term investments - - - - - - - - -
183 Changes in long-term investments (819) (342) 1,994 (2,021) (300) 1,244 (1,990) 249 (950)
184 Changes in all short-term debt (3,600) 2,986 (350) 839 1,427 576 2,643 (3,513) 1,253
185 Changes in all long-term debt 1,147 2,667 639 6,838 3,159 502 865 3,077 (1,019)
186 Changes in all other long-term liabilities 3,190 (221) 566 254 (144) 112 165 67 (139)
187 Change in preferred stock - - - - - - - - -
188 Change in Par + PIC 888 178 234 165 282 172 465 71 698
189 Change in common stock warrants and stock options - - - - - - - - -
190 Change in treasury and cumulative adjustments (6,552) 1,356 1,455 (1,641) 1,843 1,360 759 (584) (229)
191 Preferred dividends - - - - - - - - -
192 Common dividends (3,746) (3,586) (2,802) (2,511) (2,214) (1,569) (1,328) (1,249) (1,070)
193 Net cash from financing activities (9,492) 3,038 1,736 1,923 4,053 2,397 1,579 (1,882) (1,456)
194
195 Net cash flow 1,783 (2,275) 1,574 705 289 2,463 575 107 198
196 Starting cash from balance sheet 5,492 7,767 6,193 5,488 5,199 2,736 2,161 2,054 1,856
197 Ending cash 7,275 5,492 7,767 6,193 5,488 5,199 2,736 2,161 2,054
Check to see if ending cash is consistent with balance sheet
198 OK OK OK OK OK OK OK OK OK
Michael C. Ehrhardt Page 53 11/3/2011
A B C
1 SEC 10 Yr. Incom
2 WAL MART STORES INC
3 http://www.walmartstores.com
4 Exchange: NYSE
5 Country: USA
6 SIC Code: VARIETY STORES
7 NAICS Code:
8 Company Status: Active
9
10 Scaling Factor : Millions USD
11 INCOME STATEMENT 1/31/2009
12
13 Net Sales 401,244.00
14 Cost of Goods Sold 306,158.00
15 Gross Profit 95,086.00
16 R&D Expenditure
17 SG&A Expense 76,651.00
18 Income Befor Dep & Amort 18,435.00
19 Depreciation & Amort.
20 Non-Operating Income 4,647.00
21 Interest Expense 2,184.00
22 Income Before Taxes 20,898.00
23 Prov. For Inc. Taxes 7,145.00
24 Minority Interest (Inc.) 499
25 Investment (Gain/Loss)
26 Other Income
27 Net Income Before Extra Items 13,254.00
28 Extra Items & Disc. Ops. 146
29 Net Income 13,400.00
30
31 Outstanding Shares (th) 3,925,000
32
33 Rate Used to Translate From USD to USD 1
D E F G H I
SEC 10 Yr. Income Statement
1
2
3 CUSIP: 931142103
4 DCN: W065000000
5
ORES 6
7
8
9
10
11 1/31/2008 1/31/2007 1/31/2006 1/31/2005 1/31/2004 1/31/2003
12
13 374,307.00 344,992.00 308,945.00 285,222.00 256,329.00 229,616.00
14 286,350.00 264,152.00 237,649.00 219,793.00 198,747.00 178,299.00
15 87,957.00 80,840.00 71,296.00 65,429.00 57,582.00 51,317.00
16
17 69,986.00 64,001.00 55,739.00 51,248.00 44,909.00 39,983.00
18 17,971.00 16,839.00 15,557.00 14,181.00 12,673.00 11,334.00
19
20 4,290.00 3,938.00 3,398.00 3,111.00 2,516.00 2,094.00
21 2,103.00 1,809.00 1,420.00 1,187.00 996 1,059.00
22 20,158.00 18,968.00 17,535.00 16,105.00 14,193.00 12,369.00
23 6,889.00 6,365.00 5,803.00 5,589.00 5,118.00 4,358.00
24 406 425 324 249 214 193
25
26
27 12,863.00 12,178.00 11,408.00 10,267.00 8,861.00 7,818.00
28 -132 -894 -177 193 137
29 12,731.00 11,284.00 11,231.00 10,267.00 9,054.00 7,955.00
30
31 3,973,000 4,131,000 4,165,000 4,234,000 4,311,000 4,395,000
32
33 1 1 1 1 1 1
J K L
1
2 Price Symbol: WMT (C000004877)
Mkt Cap
3 11/3/2009 Shs Out (th) (th)
4 49.9 3,856,826 ########
5
Tot Ret
6 PE Ratio EPS 1 Yr Grth 1Yr
7 14.82 6.71 17.52
8
9 Source: SEC
10 Currency: USD
11 1/31/2002 1/31/2001 1/31/2000
12
13 217,799.00 191,329.00 ########
14 171,562.00 150,255.00 ########
15 46,237.00 41,074.00 35,349.00
16
17 36,173.00 31,550.00 27,040.00
18 10,064.00 9,524.00 8,309.00
19
20 2,044.00 1,975.00 1,796.00
21 1,357.00 1,383.00 1,022.00
22 10,751.00 10,116.00 9,083.00
23 3,897.00 3,692.00 3,338.00
24 183 129 170
25
26
27 6,671.00 6,295.00 5,575.00
28 -198
29 6,671.00 6,295.00 5,377.00
30
31 4,453,000 4,470,000 4,457,000
32
33 1 1 1
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Actual Balance Sheet
SEC 10 Yr. Balance Sheet Report
WAL MART STORES INC
http://www.walmartstores.com CUSIP:
Exchange: NYSE DCN:
Country: USA
SIC Code: VARIETY STORES
NAICS Code:
Company Status: Active
Scaling Factor : Millions USD
ASSETS 1/31/2009 1/31/2008 1/31/2007 1/31/2006
Cash 7,275.00 5,492.00 7,767.00 6,193.00
Marketable Securities
Receivables 5,675.00 6,402.00 5,530.00 2,575.00
Inventories 34,511.00 35,159.00 33,685.00 31,910.00
Raw Materials
Work In Progress
Finished Goods 34,511.00 35,159.00 33,685.00 31,910.00
Notes Receivable
Other Current Assets 1,488.00 967 3,147.00
Total Current Assets 48,949.00 48,020.00 46,982.00 43,825.00
Net Property & Equipment 95,653.00 96,867.00 88,440.00 77,865.00
Property, Plant & Equip ######## ######## ######## ########
Accumulated Depr. 35,508.00 31,125.00 26,750.00 23,064.00
Int. & Adv. to Subsidiaries
Other Non-Current Assets
Deferred Charges 3,567.00 2,748.00 2,406.00 2,516.00
Intangibles 15,260.00 15,879.00 13,759.00 12,097.00
Deposits & Other Assets 1,884.00
Total Assets ######## ######## ######## ########
LIABILITIES & SHAREHOLDERS' EQUITY 1/31/2009 1/31/2008 1/31/2007 1/31/2006
Notes Payable 1,506.00 5,040.00 2,570.00 3,754.00
Accounts Payable 28,849.00 30,344.00 28,484.00 25,101.00
Curr. Long-Term Debt 5,848.00 5,913.00 5,428.00 4,595.00
Curr. Port. Cap. Lease 315 316 285 284
Accrued Expense 18,088.00 15,725.00 14,675.00 13,274.00
Income Taxes 701 1,000.00 706 1,340.00
Other Curr. Liabilities 83 140 477
Total Current Liabilities 55,390.00 58,478.00 52,148.00 48,825.00
Mortgages
Deferred Charges/Inc. 3,076.00 5,087.00 4,971.00 4,501.00
Convertable Debt
Long-Term Debt 31,349.00 29,799.00 27,222.00 26,429.00
Non-Curr. Capital Leases 3,200.00 3,603.00 3,513.00 3,667.00
Michael C. Ehrhardt Page 57 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Actual Balance Sheet
Other Long-Term Liab. 2,938.00 129
Total Liabilities 95,953.00 96,967.00 87,854.00 83,551.00
Minority Interest (Liab.) 2,191.00 1,939.00 2,160.00 1,465.00
Preferred Stock
Common Stock Net 393 397 413 417
Capital Surplus 3,920.00 3,028.00 2,834.00 2,596.00
Retained Earnings 63,660.00 57,319.00 55,818.00 49,105.00
Treasury Stock
Total Shareholder Equity 65,285.00 64,608.00 61,573.00 53,171.00
Total Liab & Net Worth ######## ######## ######## ########
Rate Used to Translate From USD to USD 1 1 1 1
Number of Employees
Michael C. Ehrhardt Page 58 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Actual Balance Sheet
Yr. Balance Sheet Report
Symbol: WMT (C000004877)
Price Shs Out Mkt Cap
9.31E+08 11/3/2009 (th) (th)
W065000
000 49.9 3,856,826 ########
EPS 1 Yr Tot Ret
PE Ratio Grth 1Yr
14.82 6.71 17.52
Source: SEC
Currency: USD
1/31/2005 1/31/2004 1/31/2003 1/31/2002 1/31/2001 1/31/2000
5,488.00 5,199.00 2,736.00 2,161.00 2,054.00 1,856.00
1,715.00 1,254.00 1,569.00 2,000.00 1,768.00 1,341.00
29,762.00 26,612.00 24,401.00 22,614.00 21,442.00 19,793.00
29,762.00 26,612.00 24,401.00 22,614.00
1,889.00 1,356.00 2,016.00 1,103.00 1,291.00 1,366.00
38,854.00 34,421.00 30,722.00 27,878.00 26,555.00 24,356.00
68,118.00 59,023.00 51,374.00 45,750.00 40,934.00 35,969.00
88,593.00 76,380.00 66,100.00 58,618.00 52,433.00 45,348.00
20,475.00 17,357.00 14,726.00 12,868.00 11,499.00 9,379.00
2,379.00 2,594.00
2,079.00
10,803.00 9,389.00 8,566.00 9,059.00 9,392.00
9,882.00
729 1,333.00 1,582.00 632
######## ######## 94,808.00 83,527.00 78,130.00 70,349.00
1/31/2005 1/31/2004 1/31/2003 1/31/2002 1/31/2001 1/31/2000
3,812.00 3,267.00 1,079.00 743 2,286.00 3,323.00
21,987.00 19,425.00 16,829.00 15,617.00 15,092.00 13,105.00
3,759.00 2,904.00 4,536.00 1,980.00 4,234.00 1,964.00
223 196 176 425 141 121
12,120.00 10,671.00 8,857.00 6,787.00 6,355.00 6,161.00
1,281.00 1,377.00 748 1,343.00 841 1,129.00
294 387
43,182.00 37,840.00 32,519.00 27,282.00 28,949.00 25,803.00
2,978.00 2,359.00 1,859.00 1,204.00 1,043.00 759
20,087.00 17,102.00 16,597.00 13,643.00 12,501.00 13,672.00
3,171.00 2,997.00 3,000.00 5,089.00 3,154.00 3,002.00
Michael C. Ehrhardt Page 59 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Actual Balance Sheet
10
69,418.00 60,298.00 53,985.00 47,218.00 45,647.00 43,236.00
1,340.00 1,484.00 1,362.00 1,207.00 1,140.00 1,279.00
423 431 440 445 447 446
2,425.00 2,135.00 1,954.00 1,484.00 1,411.00 714
43,854.00 40,206.00 37,576.00 34,441.00 30,169.00 25,129.00
49,396.00 43,623.00 39,461.00 35,102.00 31,343.00 25,834.00
######## ######## 94,808.00 83,527.00 78,130.00 70,349.00
1 1 1 1 1 1
Michael C. Ehrhardt Page 60 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Actual Stmt CF
SEC 10 Yr. CashFlow Statement
WAL MART STORES INC
http://www.walmartstores.com
Exchange: NYSE
Country: USA
SIC Code: VARIETY STORES
NAICS Code:
Company Status: Active
Scaling Factor : Millions USD
CASH FLOW STATEMENT 1/31/2009 1/31/2008 1/31/2007
Cash Flow Provided By Operating Activity
Net Income(Loss) 13,400.00 12,731.00 11,284.00
Depreciation/Amortization 6,739.00 6,317.00 5,459.00
Net Increase/(Decrease) In Assets/Liab. 1,305.00 560 1,232.00
Cash Provision (Used) by Disc. Operations
Other Adjustments -- Net 1,703.00 1,034.00 1,977.00
Net Cash Provision (Used) By Operations 23,147.00 20,642.00 19,952.00
Cash Flow Provided By Investing Activity
(Incr.) Decr. In Property, Plant & Equip. ######## ######## ########
(Acq.) Disp. of Subs. Business
(Inc.) Decr. in Securities Invest. -1,576.00 -1,338.00 -68
Other Cash Provisions (Used) By Investing 267 -622 -227
Net Cash Provision (Used By Investing ######## ######## ########
Cash Flow Provide By Financing Activity
Issue (Purchase) Of Equity -3,521.00 -7,691.00 -1,718.00
Issue (Repayment) Of Debt 827 2,101.00 1,101.00
Incr.(Decr.) In Borrowing -3,745.00 2,376.00 -1,193.00
Dividends, Other Distribution -3,746.00 -3,586.00 -2,802.00
Other Cash Inflow, (Outflow) 1,619.00 -352 877
Net Cash Prov. (Used) by Financing -9,918.00 -7,422.00 -4,839.00
Effect of Exchange Rate on Cash -781 252 97
Cash or Equivalents at Year Start 5,569.00 7,767.00 7,020.00
Cash or Equivalents at Year End 7,275.00 5,569.00 7,767.00
Net Change in Cash or Equivalents 1,706.00 -2,198.00 747
Rate Used to Translate From USD to USD 1 1 1
Michael C. Ehrhardt Page 61 11/3/2011
a98fd0c4-f5e2-40b0-8838-2ae329f1dc61.xlsx Actual Stmt CF
10 Yr. CashFlow Statement
WMT (C000004877)
Symbol:Shs Out Mkt Cap
Price
CUSIP: 9.31E+08 11/3/2009 (th) (th)
W065000
DCN: 000 49.9 3,856,826 ########
EPS 1 Yr Tot Ret
RES PE Ratio Grth 1Yr
14.82 6.71 17.52
Source: SEC
Currency: USD
1/31/2006 1/31/2005 1/31/2004 1/31/2003 1/31/2002 1/31/2001 1/31/2000
11,231.00 10,267.00 7,955.00 6,671.00
8,861.00 6,295.00 5,377.00
4,645.00 4,264.00 3,364.00 3,290.00
3,852.00 2,868.00 2,375.00
1,200.00 -128 1,267.00
2,883.00 48 -145 521
82 198
559 641 400 337 251 586 -277
17,635.00 15,044.00 15,996.00 13,005.00 10,260.00 9,604.00 8,194.00
######## ######## -9,827.00 -8,934.00 -8,052.00 -7,758.00 -6,183.00
1,500.00 ########
-601 -315 -38 -749 -627
-349 113 111 -62 113 176 224
######## ######## -8,312.00 -9,839.00 -7,146.00 -8,714.00 ########
-3,580.00 -4,549.00 -5,046.00 -3,383.00 -1,214.00 388 -101
4,722.00 3,497.00 253 567 905 3,778.00 6,000.00
-704 544 688 1,836.00 -1,533.00 -3,714.00 3,320.00
-2,511.00 -2,214.00 -1,569.00 -1,328.00 -1,249.00 -1,070.00 -890
-97 -96 53 -156 906 -329 -244
-2,422.00 -2,609.00 -5,563.00 -2,370.00 -2,978.00 -442 8,553.00
-101 205 320 -199 -29 -250 76
5,488.00 5,199.00 2,758.00 1,856.00 1,879.00
6,414.00 5,488.00 5,199.00 2,054.00 1,856.00
926 289 2,441.00 597 107 198 -23
1 1 1 1 1 1 1
Michael C. Ehrhardt Page 62 11/3/2011