| Walmart Inc. - Discounted Cash Flow Analysis |
| ($ in Millions Except Per Share and Per Unit Data) |
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| DCF Assumptions & Output: |
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| Company Name: | Walmart Inc. | Terminal Value - Multiples Method: | Terminal Value - Perpetuity Growth Method: |
| Ticker: | WMT |
| Current Share Price: | $139.43 | | Median TEV / EBITDA of Comps: | 13.0 x | | Expected Long-Term GDP Growth: | 1.50% | | | |
| | | | Baseline Terminal EBITDA Multiple: | 12.3 x | | Baseline Terminal FCF Growth Rate: | 0.00% | | | |
| Discount Rate (WACC): | 4.37% | | | | | | | | | | | | | |
| Effective Tax Rate: | 31.7% | | Baseline Terminal Value: | $556,979 | | Baseline Terminal Value: | $556,979 | | | |
| Last Fiscal Year: | 2021-01-31 | | Implied Terminal FCF Growth Rate: | 0.00% | | Implied Terminal EBITDA Multiple: | 12.3 x | | | |
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| Current Equity Value: | $396,957 | | (+) PV of Terminal Value: | 362,977 | | (+) PV of Terminal Value: | 362,977 | | | |
| (-) Cash & Cash-Equivalents: | (17,741) | | (+) Sum of PV of Free Cash Flows: | 175,597 | | (+) Sum of PV of Free Cash Flows: | 175,597 | | | |
| (-) Equity Investments: | (14,400) | | Implied Enterprise Value: | 538,574 | | Implied Enterprise Value: | 538,574 | | | |
| (-) Other Non-Core Assets, Net: | 0 | | | | | | | | | | | | | |
| (-) Net Operating Losses: | (9,179) | | % of Implied TEV from Terminal Value: | 67.4% | | % of Implied TEV from Terminal Value: | 67.4% | | | |
| (+) Total Debt & Finance Leases: | 48,647 | | | | | | | | | | | | | |
| (+) Preferred Stock: | 0 | | (+) Cash & Cash-Equivalents: | 17,741 | | (+) Cash & Cash-Equivalents: | 17,741 | | | |
| (+) Noncontrolling Interests: | 6,606 | | (+) Equity Investments: | 14,400 | | (+) Equity Investments: | 14,400 | | | |
| (+) Unfunded Pension Obligations: | 0 | | (+) Other Non-Core Assets, Net: | 0 | | (+) Other Non-Core Assets, Net: | 0 | | | |
| Current Enterprise Value: | $410,890 | | (+) Net Operating Losses: | 9,179 | | (+) Net Operating Losses: | 9,179 | | | |
| | | | (-) Total Debt & Capital Leases: | (48,647) | | (-) Total Debt: | (48,647) | | | |
| | | | (-) Preferred Stock: | 0 | | (-) Preferred Stock: | 0 | | | |
| | | | (-) Noncontrolling Interests: | (6,606) | | (-) Noncontrolling Interests: | (6,606) | | | |
| | | | (-) Unfunded Pension Obligations: | 0 | | (-) Unfunded Pension Obligations: | 0 | | | |
| | | | Implied Equity Value: | 524,641 | | Implied Equity Value: | 524,641 | | | |
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| | | | Diluted Shares Outstanding: | 2,847.0 | | Diluted Shares Outstanding: | 2,847.0 | | | |
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| | | | Implied Share Price from DCF: | $184.28 | | Implied Share Price from DCF: | $184.28 | | | |
| | | | Premium / (Discount) to Current: | 32.2% | | Premium / (Discount) to Current: | 32.2% | | | |