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Walmart Inc. (WMT)

Price to FCFE (P/FCFE)

Difficulty: Intermediate

Walmart Inc., FCFE calculation

USD $ in millions

	12 months ended	Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015	Jan 31, 2014
	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
	Payments for property and equipment
	Proceeds from the disposal of property and equipment
	Net change in short-term borrowings
	Proceeds from issuance of long-term debt
	Repayments of long-term debt
	Premiums paid to extinguish debt
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Walmart Inc.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Walmart Inc.’s FCFE declined from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.

Walmart Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Amazon.com Inc.
Costco Wholesale Corp.
eBay Inc.
Home Depot Inc.
Lowe’s Cos. Inc.
Netflix Inc.
Target Corp.
TJX Cos. Inc.
P/FCFE, Sector
General Retailers
P/FCFE, Industry
Consumer Services

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Walmart Inc., historical P/FCFE calculation, comparison to benchmarks

		Jan 31, 2019	Jan 31, 2018	Jan 31, 2017	Jan 31, 2016	Jan 31, 2015	Jan 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Amazon.com Inc.
	Costco Wholesale Corp.
	eBay Inc.
	Home Depot Inc.
	Lowe’s Cos. Inc.
	Netflix Inc.
	Target Corp.
	TJX Cos. Inc.
	P/FCFE, Sector
	General Retailers
	P/FCFE, Industry
	Consumer Services

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Walmart Inc.’s Annual Report.

2019 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Walmart Inc.’s P/FCFE ratio increased from 2017 to 2018 but then declined significantly from 2018 to 2019.

	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