Walmart Inc., FCFF calculation

USD $ in millions

	12 months ended	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015	Jan 31, 2014	Jan 31, 2013
	Consolidated net income attributable to Walmart
	Consolidated net income attributable to noncontrolling interest
	Net noncash charges
	Changes in certain assets and liabilities, net of effects of acquisitions
	Net cash provided by operating activities
	Interest paid, net of tax¹
	Payments for property and equipment
	Proceeds from the disposal of property and equipment
	Free cash flow to the firm (FCFF)

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Walmart Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Walmart Inc.’s FCFF increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.

Walmart Inc., interest paid, net of tax calculation

USD $ in millions

	12 months ended	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015	Jan 31, 2014	Jan 31, 2013
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Interest paid, before tax
	Less: Interest paid, tax²
	Interest paid, net of tax

2018 Calculations

² Interest paid, tax = Interest paid × EITR
= hidden × hidden = hidden

Walmart Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Amazon.com Inc.
Costco Wholesale Corp.
eBay Inc.
Home Depot Inc.
Lowe’s Cos. Inc.
Netflix Inc.
Target Corp.
TJX Cos. Inc.
EV/FCFF, Sector
General Retailers
EV/FCFF, Industry
Consumer Services

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

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

Walmart Inc., historical EV/FCFF calculation, comparison to benchmarks

		Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015	Jan 31, 2014	Jan 31, 2013
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	Amazon.com Inc.
	Costco Wholesale Corp.
	eBay Inc.
	Home Depot Inc.
	Lowe’s Cos. Inc.
	Netflix Inc.
	Target Corp.
	TJX Cos. Inc.
	EV/FCFF, Sector
	General Retailers
	EV/FCFF, Industry
	Consumer Services

2018 Calculations

³ EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Walmart Inc.’s EV/FCFF ratio declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

	Walmart Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Walmart Inc. (WMT)

Enterprise Value to FCFF (EV/FCFF)