Financials Walmart Inc. Wiener Boerse

Equities

WMT

US9311421039

Food Retail & Distribution

Real-time Estimate Tradegate Other stock markets 15:13:36 2024-05-16 EDT			5-day change	1st Jan Change
59 ^EUR	+7.23%		-2.52%	+15.62%

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Valuation

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Capitalization ¹	324,828	397,486	387,816	387,989	444,892	482,218	-	-
Enterprise Value (EV) ¹	369,832	428,616	415,887	423,986	481,916	524,884	523,617	522,403
P/E ratio	22.1 x	29.6 x	28.7 x	33.7 x	28.8 x	25.6 x	23.2 x	21.2 x
Yield	1.85%	1.54%	1.57%	1.56%	1.38%	1.4%	1.48%	1.59%
Capitalization / Revenue	0.62 x	0.72 x	0.68 x	0.64 x	0.69 x	0.72 x	0.69 x	0.66 x
EV / Revenue	0.71 x	0.77 x	0.73 x	0.7 x	0.75 x	0.78 x	0.75 x	0.72 x
EV / EBITDA	11.4 x	12.5 x	11.3 x	11.9 x	12.4 x	12.7 x	11.8 x	11 x
EV / FCF	25.4 x	16.6 x	37.6 x	35.4 x	31.9 x	45.3 x	34.8 x	27.9 x
FCF Yield	3.93%	6.02%	2.66%	2.83%	3.14%	2.21%	2.88%	3.58%
Price to Book	4.34 x	4.91 x	4.69 x	5.11 x	5.31 x	5.34 x	4.9 x	4.49 x
Nbr of stocks (in thousands)	8,511,525	8,487,858	8,321,635	8,090,400	8,076,701	8,059,794	-	-
Reference price ²	38.16	46.83	46.60	47.96	55.08	59.83	59.83	59.83
Announcement Date	2/18/20	2/18/21	2/17/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	519,926	555,233	567,762	605,881	642,637	670,353	696,429	727,794
EBITDA ¹	32,394	34,332	36,708	35,547	38,865	41,426	44,255	47,565
EBIT ¹	21,407	23,180	26,050	24,602	27,012	28,827	30,940	33,652
Operating Margin	4.12%	4.17%	4.59%	4.06%	4.2%	4.3%	4.44%	4.62%
Earnings before Tax (EBT) ¹	20,116	20,564	18,696	17,016	21,848	26,216	28,325	29,726
Net income ¹	14,881	13,510	13,673	11,680	15,511	18,944	20,595	22,213
Net margin	2.86%	2.43%	2.41%	1.93%	2.41%	2.83%	2.96%	3.05%
EPS ²	1.730	1.583	1.623	1.423	1.913	2.339	2.574	2.829
Free Cash Flow ¹	14,550	25,810	11,075	11,984	15,120	11,583	15,065	18,694
FCF margin	2.8%	4.65%	1.95%	1.98%	2.35%	1.73%	2.16%	2.57%
FCF Conversion (EBITDA)	44.92%	75.18%	30.17%	33.71%	38.9%	27.96%	34.04%	39.3%
FCF Conversion (Net income)	97.78%	191.04%	81%	102.6%	97.48%	61.14%	73.15%	84.16%
Dividend per Share ²	0.7067	0.7200	0.7333	0.7467	0.7600	0.8362	0.8825	0.9507
Announcement Date	2/18/20	2/18/21	2/17/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: January	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1
Net sales ¹	139,207	151,525	140,288	151,381	151,469	162,743	151,004	160,280	159,439	171,914	159,938	166,533	165,533	178,266	164,670
EBITDA ¹	8,442	8,701	7,998	9,553	8,775	9,221	9,085	10,221	9,188	10,371	10,224	10,730	9,924	11,083	10,330
EBIT ¹	5,792	5,995	5,318	6,854	6,020	6,410	6,240	7,316	6,202	7,254	6,841	7,694	6,800	7,823	7,103
Operating Margin	4.16%	3.96%	3.79%	4.53%	3.97%	3.94%	4.13%	4.56%	3.89%	4.22%	4.28%	4.62%	4.11%	4.39%	4.31%
Earnings before Tax (EBT) ¹	4,147	4,782	2,901	6,644	-1,431	8,902	2,688	10,727	915	7,518	7,035	7,137	6,202	7,250	6,301
Net income ¹	3,105	3,562	2,054	5,149	-1,798	6,275	1,673	7,891	453	5,494	5,104	5,126	4,423	5,240	4,510
Net margin	2.23%	2.35%	1.46%	3.4%	-1.19%	3.86%	1.11%	4.92%	0.28%	3.2%	3.19%	3.08%	2.67%	2.94%	2.74%
EPS ²	0.3700	0.4267	0.2467	0.6267	-0.2200	0.7733	0.2067	0.9733	0.0567	0.6767	0.6300	0.6346	0.5485	0.6484	0.5889
Dividend per Share ²	-	-	0.1867	0.1867	-	-	0.1900	-	-	0.1900	0.2073	0.1537	0.1537	0.1537	0.2185
Announcement Date	11/16/21	2/17/22	5/17/22	8/16/22	11/15/22	2/21/23	5/18/23	8/17/23	11/16/23	2/20/24	5/16/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: January	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	45,004	31,130	28,071	35,997	37,024	42,667	41,399	40,185
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.389 x	0.9067 x	0.7647 x	1.013 x	0.9526 x	1.026 x	0.9323 x	0.8449 x
Free Cash Flow ¹	14,550	25,810	11,075	11,984	15,120	11,583	15,065	18,694
ROE (net income / shareholders' equity)	20.2%	20%	22.1%	21.5%	22.4%	20.1%	21.5%	22%
ROA (Net income/ Total Assets)	6.53%	6.38%	7.29%	7.05%	7.25%	7.27%	7.59%	7.7%
Assets ¹	227,887	211,719	187,636	165,742	213,831	261,822	272,212	288,484
Book Value Per Share ²	8.790	9.530	9.940	9.380	10.40	11.20	12.20	13.30
Cash Flow per Share ²	2.940	4.220	2.870	3.520	4.410	4.540	4.640	5.370
Capex ¹	10,705	10,264	13,106	16,857	20,606	20,799	20,661	20,093
Capex / Sales	2.06%	1.85%	2.31%	2.78%	3.21%	3.09%	2.96%	2.76%
Announcement Date	2/18/20	2/18/21	2/17/22	2/21/23	2/20/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Walmart Inc.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

59.83 USD

Average target price

66 USD

Spread / Average Target

+10.31%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Food Retail & Distribution