Wal-Mart Stores Inc. (WMT)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Wal-Mart Stores Inc., EBITDA calculation

USD $ in millions

12 months ended	Jan 31, 2013	Jan 31, 2012	Jan 31, 2011	Jan 31, 2010	Jan 31, 2009	Jan 31, 2008
Consolidated net income attributable to Walmart	16,999	15,699	16,389	14,335	13,400	12,731
Consolidated net income attributable to noncontrolling interest	757	688	604	513	499	406
Interest (debt and capital leases)	2,251	2,322	2,205	2,065	2,184	2,103
Income tax expense (benefit)	7,981	7,944	7,579	7,139	7,145	6,908
Earnings before interest and tax (EBIT)	27,988	26,653	26,777	24,052	23,228	22,148
Depreciation and amortization	8,501	8,130	7,641	7,157	6,739	6,317
Earnings before interest, tax, depreciation and amortization (EBITDA)	36,489	34,783	34,418	31,209	29,967	28,465

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Wal-Mart Stores Inc.'s EBITDA increased from 2011 to 2012 and from 2012 to 2013.

Wal-Mart Stores Inc., current EV/EBITDA

	Wal-Mart Stores Inc.	Consumer Services
Selected Financial Data (USD $ in millions)
Enterprise value (EV)	308,133
Earnings before interest, tax, depreciation and amortization (EBITDA)	36,489
Ratio
EV/EBITDA	8.44	9.59

If company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.

Otherwise, if company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Wal-Mart Stores Inc., EV/EBITDA calculation

	Jan 31, 2013	Jan 31, 2012	Jan 31, 2011	Jan 31, 2010	Jan 31, 2009	Jan 31, 2008
Selected Financial Data (USD $ in millions)
Enterprise value (EV)¹	297,926	259,306	227,973	245,759	243,534	249,362
Earnings before interest, tax, depreciation and amortization (EBITDA)²	36,489	34,783	34,418	31,209	29,967	28,465
EV/EBITDA, Comparison to Industry
Wal-Mart Stores Inc.³	8.16	7.45	6.62	7.87	8.13	8.76
Industry, Consumer Services	–	7.98	7.21	7.84	7.44	8.87

2013 Calculations

³ EV/EBITDA = EV ÷ EBITDA
= 297,926 ÷ 36,489 = 8.16

Ratio	Description	The company
EV/EBITDA	EV/EBITDA is a valuation indicator for the overall company rather than common stock.	Wal-Mart Stores Inc.'s EV/EBITDA ratio increased from 2011 to 2012 and from 2012 to 2013.