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Discounted Cash Flow (DCF) Analysis Unlevered


Walmart Inc.

Walmart Inc. (WMT)

Consumer Defensive

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 468,651.00476,290.01485,625.30482,080.23485,840.46500,318.50514,377.45522,453.18530,655.69538,986.99547,449.08
Revenue (%)
EBITDA 35,664.3435,340.7235,984.8333,263.5432,308.3927,317.3923,969.9934,429.6634,970.2135,519.2436,076.89
EBITDA (%)
EBIT 27,181.7626,481.7226,806.5223,814.7622,251.4916,810.7013,270.9424,137.3424,516.2924,901.2025,292.15
EBIT (%)
Depreciation 8,482.588,858.999,178.329,448.7710,056.9010,506.6910,699.0510,292.3310,453.9210,618.0410,784.75
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 7,779.617,287.249,129.768,725.656,850.356,754.307,715.668,307.018,437.438,569.898,704.44
Total Cash (%)
Account Receivables 6,748.576,668.066,798.755,640.345,830.095,603.576,275.406,687.406,792.396,899.037,007.35
Account Receivables (%)
Inventories 43,818.8744,866.5245,163.1544,447.8043,045.4643,777.8744,287.9047,386.5048,130.4748,886.1249,653.63
Inventories (%)
Accounts Payable 38,101.3337,436.3938,412.9638,470.0041,442.1946,079.3347,065.5443,833.8244,522.0145,221.0145,930.98
Accounts Payable (%)
Capital Expenditure -12,372.39-12,383.54-11,606.44-10,846.81-10,154.07-9,656.15-9,824.61-11,807.44-11,992.82-12,181.11-12,372.35
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 119.1
Diluted Shares Outstanding 2,929.00
Cost of Debt
Tax Rate 39.09
After-tax Cost of Debt -1.90
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.26
Total Debt 50,203.00
Total Equity 348,843.90
Total Capital 399,046.90
Debt Weighting 12.58
Equity Weighting 87.42
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 468,651.00476,290.01485,625.30482,080.23485,840.46500,318.50514,377.45522,453.18530,655.69538,986.99547,449.08
EBITDA 35,664.3435,340.7235,984.8333,263.5432,308.3927,317.3923,969.9934,429.6634,970.2135,519.2436,076.89
EBIT 27,181.7626,481.7226,806.5223,814.7622,251.4916,810.7013,270.9424,137.3424,516.2924,901.2025,292.15
Tax Rate 31.89%33.59%32.80%30.86%31.26%31.81%39.09%33.04%33.04%33.04%33.04%
EBIAT 18,514.3517,585.7018,015.2416,465.9415,295.8711,463.648,083.0216,161.9316,415.6716,673.4016,935.17
Depreciation 8,482.588,858.999,178.329,448.7710,056.9010,506.6910,699.0510,292.3310,453.9210,618.0410,784.75
Accounts Receivable -80.51-130.691,158.42-189.75226.52-671.84-412.00-104.99-106.64-108.31
Inventories --1,047.65-296.63715.361,402.33-732.40-510.03-3,098.60-743.97-755.65-767.51
Accounts Payable --664.93976.5757.042,972.194,637.14986.20-3,231.72688.19699.00709.97
Capital Expenditure -11.15-777.10-759.64-692.74-497.92168.461,982.83185.38188.29191.24
UFCF 26,996.9424,823.7826,965.7027,085.8828,844.8025,603.6718,754.8721,694.7826,894.2027,316.4427,745.31
WACC
PV UFCF 19,685.3023,245.5022,490.4321,759.89
SUM PV UFCF 214,075.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.98
Free cash flow (t + 1) 28,855.12
Terminal Value 2,944,399.81
Present Value of Terminal Value 2,309,212.71

Intrinsic Value

Enterprise Value 2,523,288.07
Net Debt 42,487.34
Equity Value 2,480,800.74
Shares Outstanding 2,929.00
Equity Value Per Share 846.98