Walmart Inc WMT (XNYS)

Morningstar Equity Analyst Report | Report as of 15 Apr 2020 01:55, UTC | Page 1 of 14

Morningstar Pillars Analyst Quantitative Important Disclosure: Economic Moat Wide Wide The conduct of Morningstar’s analysts is governed by Code of Ethics/Code of Conduct Policy, Personal Security Trading Policy (or an equivalent of), Valuation QQ Overvalued and Investment Research Policy. For information regarding conflicts of interest, please visit http://global.morningstar.com/equitydisclosures Uncertainty Medium Medium Financial Health — Strong COVID-19 Should Lift Near-Term Sales, but Digitization Still the Main Source: Morningstar Equity Research Long-Term Story for Walmart Quantitative Valuation WMT Business Strategy and Outlook Walmart’s robust grocery offering will continue to promote USAs Zain Akbari, CFA, Eq. Analyst, 14 April 2020 traffic, feeding its ability to leverage costs and Undervalued Fairly Valued Overvalued With unrivalled scale, prodigious procurement strength, investments in automation and infrastructure. a strong brand, and a growing e-commerce platform, we Current 5-Yr Avg Sector Country Price/Quant Fair Value 1.14 0.98 0.84 0.83 believe Walmart is the only American retailer that can Analyst Note Price/Earnings 24.9 24.7 19.6 20.1 compete comprehensively with Amazon’s retail offering. Zain Akbari, CFA, Eq. Analyst, 18 February 2020 Forward P/E 24.7 — 16.9 13.9 We expect customers will require retailers to offer a menu Our fair value estimate for wide-moat Walmart should Price/Cash Flow 14.6 9.1 12.6 13.1 of fulfillment options for sales made through digital and remain near its current $105 per share, with soft year-end Price/Free Cash Flow 25.4 15.0 21.4 19.5 Trailing Dividend Yield% 1.65 2.43 2.28 2.35 physical channels, advantaging Walmart’s dense store results and fiscal 2021 guidance offset by the time value Source: Morningstar network, deep vendor relationships, and established of money. We still believe that Walmart will transition to brand. Although it should lift fiscal 2021 sales (albeit at an omnichannel powerhouse, with our 10-year forecast Bulls Say a slight margin cost), we do not expect the COVID-19 calling for low-single-digit annual percentage top-line OAs America’s largest retailer, Walmart should be pandemic to materially alter Walmart’s long-term growth and 4% adjusted operating margins, on average. able to capitalize on its store network and digital standing. We suggest prospective investors await a more attractive investments to deliver a compelling omnichannel entry point. retail experience that no other traditional rival can The retail environment is intensely competitive and is match. being disrupted by Amazon’s expanding scope and At 1.9% and 0.8%, Walmart U.S. and Sam’s Club lagged OWalmart boasts purchasing leverage that allows distribution strength, but we expect Walmart to hold our 2.8% and 2.0% respective quarterly comparable it to minimize procurement costs and to keep prices serve. With its scale bringing cost leverage that can be growth targets, and the international unit’s 2.3% net sales low and traffic high. used to keep prices low (drawing traffic and spreading growth also trailed our 3.2% forecast. Diluted GAAP EPS OThe COVID-19 pandemic should lift near-term fixed expenditures over a larger sales base), Walmart of $5.19 for fiscal 2020 met our target, though the $4.93 sales, with Walmart’s historic steadiness in should be able to compete aggressively, particularly for adjusted mark fell short of our $5.02, partly due to recessionary environments suggesting it will be able the roughly 50 million households we estimate do not unrealized investment gains. Management set fiscal 2021 to navigate an uneven recovery. subscribe to Amazon Prime. adjusted diluted EPS guidance at $5.00 to $5.15. While forecast share repurchases account for part of the Bears Say With a large share of many of its vendors’ sales, Walmart’s difference between the range and our prior $5.25 mark, scale allows it to dictate terms, enabling it to hold we anticipate curbing our operational expectations as a OCompetition is fierce throughout retail, and procurement costs down while ensuring its assortment is result of the year-end sales softness, lingering effects of Walmart will have to innovate to keep pace not only optimized for all channels. Its strength translates across unrest in Chile, and the prospect of coronavirus-related with Amazon but also physical retailers that are borders to its non-U.S. operations. While Amazon is the slowdowns in China (the latter of which is not incorporated increasingly investing in omnichannel capabilities. partner of choice for vendors looking to position in guidance). OAmazon has a sizable lead in its marketplace themselves for e-commerce’s explosive growth, Walmart offerings; while Walmart should have room to build remains the most valuable outlet for leading While slow apparel sales (attributed to a surplus of its offering, we believe its platform is well behind. manufacturers in terms of dollar sales, which should seasonal and low-price attire) contributed to the U.S. O Sam’s Club continues to lag well behind Costco in remain a formidable cost advantage. shortfall, we are encouraged management is focusing on sales, profitability, and (we suspect) member boosting general merchandise sales, particularly online. attachment; we expect the gulf to persist. While we believe its days of material store count growth With grocery operating margins tight (estimated in the low have passed, Walmart has redirected capital toward single digits versus Walmart U.S.’ mid-single-digit marks) development of its global omnichannel capabilities and pressured by relentless competition, Walmart’s ability (organically and through acquisitions). We view its efforts to use food to spur more lucrative general merchandise positively and suspect it has built an infrastructure that turnover will be critical to e-commerce profitability and should support digital percentage growth well into the protecting returns. Despite relentless price pressure, we double-digits for years to come. Traditional channel expect adjusted operating margin of about 4.5% in 10 growth should be hard to come by, but we suspect years (from 4.1% in fiscal 2020) as digital profits emerge

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Walmart Inc WMT (XNYS)

Close Competitors Currency (Mil) Market Cap TTM Sales Operating Margin TTM/PE allows it to be even more aggressive with pricing,

Amazon.com Inc AMZN USD 1,136,661 280,522 5.18 99.01 sidestepping the traffic pressure that other retailers have faced as channels shift. Costco Wholesale Corp COST USD 138,718 158,350 3.10 36.90

Target Corp TGT USD 54,294 78,112 5.96 17.09 We believe Walmart’s grocery efforts (56% of its namesake banner’s U.S. sales in fiscal 2020) complement and costs scale. its general merchandise offerings, driving repeat traffic. As grocery customers regularly visit the store, they are Economic Moat continually exposed to the firm’s higher margin offerings, spurring lucrative general merchandise sales. By providing Zain Akbari, Eq. Analyst, 14 April 2020 We contend that Walmart’s standing as the dominant a single location where shoppers can address multiple traditional retailer (and the number-one grocer) in the needs, we believe Walmart offers a level of convenience United States has allowed it to develop intangible assets that few retailers can match, all behind a store marquee and a durable cost advantage that justify a wide moat that effectively signals low prices to customers across the rating. While the retail sector has been roiled by entire assortment. The U.S. namesake stores consistently digitization and under constant pressure as Amazon builds posted low-single-digit traffic/transactions growth from scale, we believe Walmart is uniquely positioned to fiscal 2016 to 2020, despite the rest of retail’s woes. compete with the digital juggernaut head-on. Although switching costs are negligible in the sector, we believe Although Sam’s Club has been something of a Walmart’s ability to use its scale to hold down costs and disappointment for Walmart relative to Costco’s striking leverage its retailer relationships and established success (despite a membership that costs $45 at the most low-cost brand should protect returns for decades to basic level versus $60 for Costco), we believe the unit still come. Our forecast is consistent with this conclusion; we contributes to the firm’s overall standing, though not to expect Walmart’s return on invested capital to average the same degree as its corporate brethren. The chain around 12% (or 15% if goodwill is excluded) over the allows Walmart to deploy its procurement strength in a decade ahead, near its three-year average and different venue, and we believe the membership club comfortably ahead of our 7% weighted average cost of model features defenses against competitive incursions. capital estimate. While Sam’s Club is not as efficient as Costco, its sales per square foot (just short of $735 in fiscal 2020) easily Although an unprecedented shock to the retail system, outpaces the namesake U.S. stores (at nearly $485) and we do not anticipate the COVID-19 pandemic to the other non-club retailers that we cover. The efficiency, meaningfully alter Walmart’s long-term prospects. spurred by a low-frills shopping environment that features Instead, we see the pandemic as accelerating digitization pallets of goods stacked in a warehouse format, enables low prices and meaningful operating profit dollars on thin that was already occurring, posing a profitability headwind but reinforcing Walmart’s unique position as percentage margins. This is problematic for online rivals the likely long-term omnichannel leader. as the large size of bulk items elevates shipping costs. Also, unlike most of the namesake stores, Sam’s Club In the United States, we believe Walmart benefits from locations often offer fuel (which accounted for about 10% a well-established brand that has become virtually of the segment’s fiscal 2020 sales and is offered at a lower synonymous with low-cost items, a product of its price than conventional local stations), which, together unparalleled purchasing leverage and deep vendor with grocery, spurs repeat traffic and offers some relationships. With stores located within 10 miles of 90% additional insulation against digital disruption. Furthermore, of the U.S. population (Walmart had roughly 2.5 times the club channel provides an attractive means for Walmart no-moat Target’s store count as of the end of each chain’s to cater to business customers, allowing access to last fiscal year, excluding Sam’s Club), we believe the wholesale pricing and a variety of business services company provides a blend of value and convenience (Costco offers similar benefits). Still, we have a favorable unmatched by other traditional retailers. Walmart view of Walmart’s recent decision to convert select Sam’s benefits from a virtuous cycle, with its low prices spurring Club warehouses into e-commerce fulfillment centers and shopper traffic (and revenue). The resulting cost leverage expect culling underperforming stores in 2018 left the unit

Walmart Inc WMT (XNYS)

better positioned. Walmart’s size allows it to leverage supply chain, Outside the United States, we believe Walmart enjoys a distribution, and advertising costs over a large sales base, similar competitive standing as its namesake U.S. stores enabling reinvestment behind its brand to drive traffic in the markets in which it operates. Walmart has done (which in turn generates cost leverage). While advertising well to combine its own banner with a variety of locally is more localized, the firm’s expenditures highlight its recognized marquees, including Asda in the United leverage. Walmart spent about $3.7 billion on advertising Kingdom, Jumbo Cash and Carry in Africa, Superama and in fiscal 2020, but the outlay represented less than 0.7% Bodega Aurrera in Mexico, and Seiyu in Japan. While of overall revenue, while Target’s spend of 2.1% of sales results have not been universally successful (the company amounted to $1.6 billion. The ability to leverage expenses sold most of its Brazilian unit in 2018 after should help Walmart ward off competitors in another way, underperformance and is mulling ways to reduce its Asda with its Store No. 8 technology incubator allowing it to holdings), we believe its scale and established vendor innovate from an in-store and e-commerce standpoint. relationships translate well into other markets. While the This effectively enables Walmart to gain exposure to unit lags Walmart U.S.’s profitability (with segment emerging technologies that could be disruptive to the operating margins trailing by around 125 basis points on sector with an expenditure that, for the company, is average over the last three years), we suspect less negligible. established markets hold results down until they mature. While its international average sales per square foot trails While Walmart’s e-commerce efforts are still nascent (at the other units (at just below $350 in fiscal 2020), the mark around 7% of fiscal 2020 sales), we anticipate it is better still compares favorably to Target (around $320) with a positioned than other traditional retailers considering its smaller average size (Walmart’s non-U.S. stores average already-efficient operations, low procurement costs, and roughly 56,000 square feet, versus the American dense network of stores. With click-and-collect often more namesake stores’ 148,000 and Target’s 130,000). convenient than ship-to-home (particularly in grocery, where perishability can create spoilage concerns if a Considering the global nature of the largest consumer customer is unable to receive a package shortly after it packaged goods, apparel, home décor, and other product arrives), we expect Walmart’s physical stores will prove brands, all of Walmart’s units contribute to a meaningful an asset as it expands its omnichannel offering. We cost advantage over its rivals as the firm is an essential believe its marketplace will benefit from Walmart’s recent point of distribution. Walmart’s display policies, move to permit in-store returns for items bought on its packaging demands, and stocking requirements carry platform, improving convenience and buying confidence special weight as the firm is responsible for a large share for customers and therefore boosting the value of the of many leading manufacturers’ sales (for example, 15% venue to third-party sellers. Furthermore, Walmart’s move of the top line at Procter & Gamble and 13% at PepsiCo). toward offering complementary next-day shipping should Walmart’s broad distribution network in the United States improve its standing even as Amazon transitions to that encompasses urban, suburban, and rural markets, next-day shipping for Prime members, as Walmart’s coupled with access to international customers in a offering should particularly appeal to households variety of locales, makes it a particularly attractive partner unwilling to pay or unable to afford a membership fee. for vendors with broad product portfolios targeted toward global and regional tastes. We believe Walmart’s other online units should help it accelerate the development of its e-commerce offering. Despite its broad assortment (we estimate domestic While its Jet.com acquisition proved something of a namesake stores contain roughly 130,000 stock-keeping misfire as the unit has struggled to meet management’s units on average), Walmart features a more concentrated sales growth expectations amid inconsistent fulfillment, offering than no-moat retailers like Target. We estimate we believe Walmart’s online properties (including that Walmart’s U.S. namesake stores garner around $2.5 Bonobos and ModCloth in apparel, Moosejaw in outdoor million in sales per SKU (excluding e-commerce, on goods, Hayneedle in home furnishing, and shoes.com) account of the marketplace’s extended assortment), have helped it optimize its main Walmart.com effort. versus around $1 million for Target. Moreover, we suspect a presence on the other banners in

Walmart Inc WMT (XNYS)

its online portfolio may be more palatable to 3.1% in fiscal 2020 to 4.1% by fiscal 2030. manufacturers wary of the stigma associated with Walmart. While digital sales accounted for a small Sam’s Club (11% of fiscal 2020 sales) should improve as percentage of its overall take, Walmart posted over $25 it focuses on its best-performing locations, but we expect billion in U.S. e-commerce sales in fiscal 2020, which for it to continue to lag rival Costco from a growth and context would rank it among the largest 20 domestic profitability standpoint. Still, we expect roughly 2.5% retailers by sales (as identified by the National Retail comparable store sales growth long term (driven by traffic Federation) on a standalone basis. and high-teens e-commerce growth). The need to keep prices low should keep margins near fiscal 2020’s 2.8% Fair Value & Profit Drivers mark. Zain Akbari, Eq. Analyst, 14 April 2020 Reflecting the COVID-19 pandemic and the time value of We do not include unannounced acquisitions or money, we are lifting our valuation of Walmart to $108 divestitures in our forecast given their uncertain timing per share from $105. Our valuation implies forward 2021 and nature. Instead, we assume Walmart returns excess enterprise value/adjusted EBITDA of 10 times and funds, with dividends and buybacks combining to account adjusted P/E of 21. for nearly 60% of annual operating cash flow.

We assume customer stock-ups during the pandemic lead Risk & Uncertainty to low-double-digit comparable growth at the U.S. Zain Akbari, Eq. Analyst, 14 April 2020 namesake stores, high-single-digit comparable expansion The COVID-19 pandemic has roiled retail, but we expect at Sam’s Club, and a high-single-digit percentage revenue little long-term change for Walmart. Near-term results are uptick internationally in the first quarter. As more uncertain than usual, as sales of lower margin items shelter-in-place orders ease (which we expect starting in surge (often with higher-cost fulfillment) and social mid- to late-May), comparable sales growth should revert distancing mandates limit traffic. In the long run, with to a more normal low-single-digit rate of expansion, competition rife and negligible switching costs for although with lingering margin pressure from mix, higher consumers, Walmart faces a landscape that demands digital sales, and heightened store cleaning efforts. strong execution across a range of channels. Consumer habits are far from settled as retail digitizes, and we expect We expect Walmart’s e-commerce offerings to drive 2.5% the sector to remain turbulent. comparable growth in its namesake domestic division (66% of fiscal 2020 sales) long term. We assume roughly Long term, we believe customers will demand a variety of 20% annual e-commerce growth, tapering from fiscal fulfillment options (ship-to-home, delivery, click-and-collect, 2020’s 37% expansion as the firm’s efforts scale and and in-store shopping) based on individual preference and mature. With negligible unit expansion (with limited the items purchased, suggesting Walmart’s store network growth coming from small-format stores), we expect should be an advantage. However, evolving demands segment revenue performance similar to comparable necessitate adapting quickly to new channels while also growth. We expect growing scale and cost leverage in preserving traditional strength. Walmart’s quality of e-commerce to help fuel continued aggressive pricing, execution as it digitizes could lead results to deviate from leaving segment margins near their 5.2% fiscal 2020 our forecasts. We also believe Walmart’s success will be mark. affected by external factors, particularly the degree to which Amazon’s distribution scale will allow it to drive its Walmart International (23% of fiscal 2020 sales) should costs down and extend its rapid shipment proposition to see similar top-line performance. New and existing customers unwilling or unable to buy a Prime membership markets should offer some opportunity for Walmart to at its current rate. expand its non-U.S. store base; we assume 0.5% growth annually. Our forecast does not assume Walmart divests Walmart’s size and success have made it a frequent target Asda, though we suspect it remains open to opportunities of politicians and subject it to a level of media scrutiny to reduce its exposure. Profitability dilution caused by that few other retailers face. A regulatory or public Flipkart should ebb over time, with margins rising from backlash (which could include resurgent efforts to unionize

Walmart Inc WMT (XNYS)

its domestic workforce) could impose reputational as well agreement’s demise, we are encouraged that Walmart is as financial costs. As Walmart’s online sales grow, the looking to focus its international offerings on the most management of customer data also adds risks. advantageous markets.

Despite its size, Walmart is not immune to costs imposed Less than 10% of McMillon’s compensation comes from by wage laws, trade policy, and the state of the global salary (with other executives under 15%), with the economy. Walmart could use its scale and cost leverage remainder linked to performance. Key performance to mitigate such challenges to a greater extent than we metrics include adjusted sales, operating income, and anticipate, but the competitive environment leaves little return on investment. We particularly applaud the potential succor from pricing. inclusion of the last measure, and believe Walmart ties pay to performance and aligns incentives well. Stewardship Zain Akbari, Eq. Analyst, 14 April 2020 Members of the founding Walton family are the beneficial We assign management’s stewardship of shareholder owners of just over half of outstanding shares. While the capital a Standard rating. arrangement could disadvantage minority shareholders, we believe incentives are aligned. Furthermore, seven of Doug McMillon has served as Walmart’s fifth CEO since the firm’s 11-person board of directors are independent 2014. McMillon came to the role with a wide range of (McMillon and three members of the Walton family also experience within the company (which he joined serve), which we see as positive for minority investors. permanently in 1990), heading Walmart International from 2009 to 2014 and Sam’s Club from 2005 to 2009. While Sam’s Club continues to lag rival Costco despite Walmart’s procurement leverage, McMillon’s operational results have generally been strong, with returns on invested capital (including goodwill) averaging around 12% during his tenure at the firm’s helm.

We had a favorable view of Walmart’s $16 billion purchase of a 77% stake in Flipkart in 2018, and though the unit remains subject to regulatory pressure in its home Indian market, we expect its capabilities should help accelerate the rest of Walmart’s digital efforts (as should the firm’s stake in Chinese online grocer Dada-JD Daojia). The transaction came after its $3 billion purchase of Jet.com in 2016, which has seen uneven results, though we suspect the deal accelerated the growth of Walmart’s namesake digital properties. McMillon has also looked to boost Walmart’s understanding of e-commerce through purchases of more focused digital properties (such as Bonobos and ModCloth) and the creation of Store No. 8, a retail technology incubator. We see these transactions as relatively low-risk ways for Walmart to boost its e-commerce offerings while giving it advance exposure to emerging retail technologies.

Apart from e-commerce, we had a positive view of plans to combine its Asda unit with Sainsbury in a $10 billion deal (Walmart was due to retain 42% of the combined entity). While regulatory demands ultimately led to the

Walmart Inc WMT (XNYS)

remain near its current $105 per share, with soft year-end Analyst Notes Archive results and fiscal 2021 guidance offset by the time value of money. We still believe that Walmart will transition to After Walmart’s Third-Quarter Meets Our Expectations, an omnichannel powerhouse, with our 10-year forecast Our Outlook Is Intact; Shares Seem Rich calling for low-single-digit annual percentage top-line Zain Akbari, Eq. Analyst, 14 November 2019 growth and 4% adjusted operating margins, on average. Our $101 per share valuation for wide-moat Walmart We suggest prospective investors await a more attractive should not change much after it posted solid third-quarter entry point. results. We still call for low-single-digit top-line growth and 4% adjusted operating margins over the next decade, At 1.9% and 0.8%, Walmart U.S. and Sam’s Club lagged on average. While we expect Walmart to succeed despite our 2.8% and 2.0% respective quarterly comparable broader retail’s digitally induced agita, we believe growth targets, and the international unit’s 2.3% net sales investors should await a greater margin of safety before growth also trailed our 3.2% forecast. Diluted GAAP EPS building a position in a leading seller that is nevertheless of $5.19 for fiscal 2020 met our target, though the $4.93 adapting to a turbulent environment and executing a adjusted mark fell short of our $5.02, partly due to necessary but difficult channel diversification. unrealized investment gains. Management set fiscal 2021 adjusted diluted EPS guidance at $5.00 to $5.15. While The U.S. and Sam’s Club units posted 3.2% and 0.8% forecast share repurchases account for part of the third-quarter comparable growth, respectively (the latter difference between the range and our prior $5.25 mark, includes fuel and a 350 basis point headwind from we anticipate curbing our operational expectations as a tobacco), bracketing our 3.0% and 2.0% respective result of the year-end sales softness, lingering effects of targets. Its international unit (about 25% of net sales unrest in Chile, and the prospect of coronavirus-related versus 65% for the U.S. unit and 10% for Sam’s) saw 1.3% slowdowns in China (the latter of which is not incorporated sales growth versus our 1.8% mark. Reflecting a lower in guidance). than planned tax bill, management now calls for fiscal 2020 adjusted diluted EPS slightly higher than fiscal While slow apparel sales (attributed to a surplus of 2019’s $4.91 (previously slightly lower to slightly higher), seasonal and low-price attire) contributed to the U.S. consistent with our $4.94 pre-announcement estimate. shortfall, we are encouraged management is focusing on boosting general merchandise sales, particularly online. Omnichannel capabilities progressed, with U.S. With grocery operating margins tight (estimated in the low e-commerce sales up 41% even as it introduced Delivery single digits versus Walmart U.S.’ mid-single-digit marks) Unlimited (no per-order grocery delivery fees in exchange and pressured by relentless competition, Walmart’s ability for a $98 annual or $12.95 monthly fee) in 1,400 American to use food to spur more lucrative general merchandise stores, started testing in-home delivery and expanded turnover will be critical to e-commerce profitability and grocery pickup and delivery options in the U.S. and abroad. protecting returns. Despite relentless price pressure, we While we believe Delivery Unlimited’s value proposition expect adjusted operating margin of about 4.5% in 10 will need to be tuned (the $98 annual fee is not far from years (from 4.1% in fiscal 2020) as digital profits emerge Amazon’s $119 charge for Prime, which includes and costs scale. entertainment and other features), we expect Walmart’s investments to reinforce its omnichannel strength, critical as we expect customers’ fulfillment preferences will change order to order based on situation, timing, basket, and other factors. We see click-and-collect as particularly valuable in the U.S., giving advantage to Walmart’s stores.

Despite a Lackluster End to Fiscal 2020 and Tepid Guidance, Our Long-Term View of Walmart Is Intact Zain Akbari, Eq. Analyst, 18 February 2020 Our fair value estimate for wide-moat Walmart should

Last Close Fair ValueQ Market Cap Sector Industry Country of Domicile 14 Apr 2020 14 Apr 2020 02:00 UTC 14 Apr 2020 129.00 113.13 365.4 Bil s Consumer Defensive Discount Stores USA United States

There is no one analyst in which a Quantitative Fair Value Estimate and Quantitative Star Rating are attributed to; however, Mr. Lee Davidson, Head of Quantitative Price vs. Quantitative Fair Value Research for Morningstar, Inc., is responsible for overseeing the methodology that 2016 2017 2018 2019 2020 2021 Quantitative Fair Value Estimate supports the quantitative fair value. As an employee of Morningstar, Inc., Mr. Total Return Davidson is guided by Morningstar, Inc.’s Code of Ethics and Personal Securities Sales/Share Trading Policy in carrying out his responsibilities. For information regarding Conflicts 180 of Interests, visit http://global.morningstar.com/equitydisclosures Forecast Range Forcasted Price 144 Dividend Company Profile Split America's largest retailer by sales, Walmart operates over 108 Momentum: Neutral 11,300 stores under 58 banners, selling a variety of general Standard Deviation: 18.85 merchandise and grocery items. Its home market accounted Liquidity: High 72 for 76% of sales in fiscal 2019, with Mexico and Central America (6%), the United Kingdom (6%), and Canada (4%) its 98.85 52-Wk 129.79 largest external markets. In the United States, around 56% of 36 sales come from grocery, 33% from general merchandise, and 56.30 5-Yr 129.79 11% from health and wellness items. The company operates several e-commerce properties apart from its eponymous site, 16.0 45.8 -3.6 29.9 9.0 Total Return % 3.6 24.3 1.5 -1.4 24.1 +/– Market (Morningstar US Index) Quantitative Scores Scores 2.89 2.07 2.23 1.78 1.65 Trailing Dividend Yield % All Rel Sector Rel Country 2.89 2.07 2.23 1.78 1.67 Forward Dividend Yield % Quantitative Moat Wide 100 100 100 15.0 26.2 53.5 23.8 24.9 Price/Earnings Valuation Overvalued 2 3 2 0.4 0.6 0.5 0.7 0.7 Price/Revenue Quantitative Uncertainty Medium 100 99 99 Morningstar RatingQ Financial Health Strong 92 65 92 QQQQQ QQQQ QQQ WMT QQ Q USAs 2016 2017 2018 2019 2020 TTM Financials (Fiscal Year in Mil) Undervalued Fairly Valued Overvalued 482,130 485,873 500,343 514,405 523,964 523,964 Revenue

Source: Morningstar Equity Research -0.7 0.8 3.0 2.8 1.9 0.0 % Change 24,105 22,764 20,437 21,957 20,568 20,568 Operating Income -11.2 -5.6 -10.2 7.4 -6.3 0.0 % Change Valuation Sector Country Current 5-Yr Avg Median Median 14,694 13,643 9,862 6,670 14,881 14,881 Net Income Price/Quant Fair Value 1.14 0.98 0.84 0.83 27,389 31,530 28,337 27,753 25,255 25,255 Operating Cash Flow Price/Earnings 24.9 24.7 19.6 20.1 -11,477 -10,619 -10,051 -10,344 -10,705 -10,705 Capital Spending Forward P/E 24.7 — 16.9 13.9 15,912 20,911 18,286 17,409 14,550 14,550 Free Cash Flow Price/Cash Flow 14.6 9.1 12.6 13.1 3.3 4.3 3.7 3.4 2.8 2.8 % Sales Price/Free Cash Flow 25.4 15.0 21.4 19.5 4.57 4.38 3.28 2.26 5.19 5.19 EPS Trailing Dividend Yield % 1.65 2.43 2.28 2.35 -9.5 -4.2 -25.1 -31.1 129.6 0.0 % Change Price/Book 4.9 3.4 2.0 2.4 4.93 6.80 6.18 6.22 4.82 5.07 Free Cash Flow/Share Price/Sales 0.7 0.5 1.1 2.4 1.96 2.00 2.04 2.08 2.12 2.12 Dividends/Share 25.16 25.49 25.79 24.83 25.59 26.36 Book Value/Share Profitability Sector Country 3,202 3,073 2,962 2,905 2,837 2,832 Shares Outstanding (Mil) Current 5-Yr Avg Median Median Return on Equity % 20.2 15.4 12.1 12.9 Profitability 18.2 17.2 12.7 8.9 20.2 20.2 Return on Equity % Return on Assets % 6.5 5.7 5.8 5.2 7.3 6.9 4.9 3.2 6.5 6.5 Return on Assets % Revenue/Employee (K) 238.2 222.1 646.1 325.9 3.1 2.8 2.0 1.3 2.8 2.8 Net Margin % 2.39 2.44 2.48 2.43 2.30 2.30 Asset Turnover Financial Health Sector Country Current 5-Yr Avg Median Median 2.5 2.6 2.6 3.0 3.2 3.2 Financial Leverage Distance to Default 0.7 0.7 0.6 0.5 25.1 25.7 25.4 25.1 24.7 24.7 Gross Margin % Solvency Score 466.7 — 467.9 552.4 5.0 4.7 4.1 4.3 3.9 3.9 Operating Margin % Assets/Equity 3.2 2.7 1.8 1.7 38,214 36,015 30,045 43,520 43,714 43,714 Long-Term Debt Long-Term Debt/Equity 0.6 0.5 0.2 0.4 80,546 77,798 77,869 72,496 74,669 74,669 Total Equity 4.1 4.2 4.4 4.5 4.4 4.4 Fixed Asset Turns Growth Per Share Quarterly Revenue & EPS Revenue Growth Year On Year % 1-Year 3-Year 5-Year 10-Year Revenue (Bil) Apr Jul Oct Jan Total Revenue % 1.9 2.6 1.5 2.5 2020 123.9 130.4 128.0 141.7 524.0 Operating Income % -6.3 -3.3 -5.4 -1.5 2019 122.7 128.0 124.9 138.8 514.4 4.4 Earnings % 129.7 5.8 0.8 3.4 2018 117.5 123.4 123.2 136.3 500.3 4.1 3.8 Dividends % 1.9 2.0 2.0 6.9 2017 115.9 120.9 118.2 130.9 485.9 2.5 Book Value % 6.7 1.5 1.1 3.7 Earnings Per Share () 1.9 1.8 2.1 1.4 Stock Total Return % 29.1 22.7 11.7 10.4 2020 1.33 1.26 1.15 1.45 5.19 1.0 2019 0.72 -0.29 0.58 1.27 2.26 2018 1.00 0.96 0.58 0.73 3.28 2018 2019 2020 2017 0.98 1.21 0.98 1.22 4.38

Research Methodology for Valuing Companies

Qualitative Equity Research Overview intangible assets, switching costs, network effect, cost Our model is divided into three distinct stages: At the heart of our valuation system is a detailed projection advantage, and efficient scale. of a company's future cash flows, resulting from our Stage I: Explicit Forecast analysts' research. Analysts create custom industry and Companies with a narrow moat are those we believe In this stage, which can last five to 10 years, analysts company assumptions to feed income statement, balance are more likely than not to achieve normalized excess make full financial statement forecasts, including items sheet, and capital investment assumptions into our globally returns for at least the next 10 years. Wide-moat such as revenue, profit margins, tax rates, changes in standardized, proprietary discounted cash flow, or DCF, companies are those in which we have very high working-capital accounts, and capital spending. Based modeling templates. We use scenario analysis, in-depth confidence that excess returns will remain for 10 years, on these projections, we calculate earnings before competitive advantage analysis, and a variety of other with excess returns more likely than not to remain for at interest, after taxes, or EBI, and the net new analytical tools to augment this process. We believe this least 20 years. The longer a firm generates economic investment, or NNI, to derive our annual free cash flow bottom-up, long-term, fundamentally based approach profits, the higher its intrinsic value. We believe low- forecast. allows our analysts to focus on long-term business drivers, quality no-moat companies will see their normalized which have the greatest valuation impact, rather than short- returns gravitate toward the firm's cost of capital more Stage II: Fade term market noise. quickly than companies with moats. The second stage of our model is the period it will take the company's return on new invested capital—the Morningstar's equity research group (“we," "our") believes To assess the direction of the underlying competitive return on capital of the next dollar invested ("RONIC")— that a company's intrinsic worth results from the future advantages, analysts perform ongoing assessments of to decline (or rise) to its cost of capital. During the Stage cash flows it can generate. The Morningstar Rating for the moat trend. A firm's moat trend is positive in cases II period, we use a formula to approximate cash flows in stocks identifies stocks trading at an uncertainty-adjusted where we think its sources of competitive advantage lieu of explicitly modeling the income statement, discount or premium to their intrinsic worth—or fair value are growing stronger; stable where we don't anticipate balance sheet, and cash flow statement as we do in estimate, in Morningstar terminology. Five-star stocks sell changes to competitive advantages over the next Stage I. The length of the second stage depends on the for the biggest risk-adjusted discount to their fair values several years; or negative when we see signs of strength of the company's economic moat. We forecast whereas 1-star stocks trade at premiums to their intrinsic deterioration. this period to last anywhere from one year (for worth. companies with no economic moat) to 10–15 years or All the moat and moat trend ratings undergo periodic more (for wide-moat companies). During this period, Four key components drive the Morningstar rating: (1) our review and any changes must be approved by the cash flows are forecast using four assumptions: an assessment of the firm's economic moat, (2) our estimate of Morningstar Economic Moat Committee, comprised of average growth rate for EBI over the period, a the stock's fair value, (3) our uncertainty around that fair senior members of Morningstar's equity research normalized investment rate, average return on new value estimate and (4) the current market price. This department. invested capital, or RONIC, and the number of years process ultimately culminates in our single-point star rating. until perpetuity, when excess returns cease. The 2. Estimated Fair Value investment rate and return on new invested capital 1. Economic Moat Combining our analysts' financial forecasts with the decline until the perpetuity stage is reached. In the case The concept of an economic moat plays a vital role not firm's economic moat helps us assess how long returns of firms that do not earn their cost of capital, we only in our qualitative assessment of a firm's long-term on invested capital are likely to exceed the firm's cost of assume marginal ROICs rise to the firm's cost of capital investment potential, but also in the actual calculation capital. Returns of firms with a wide economic moat (usually attributable to less reinvestment), and we may of our fair value estimates. An economic moat is a rating are assumed to fade to the perpetuity period over truncate the second stage. structural feature that allows a firm to sustain excess a longer period of time than the returns of narrow-moat profits over a long period of time. We define excess firms, and both will fade slower than no-moat firms, Stage III: Perpetuity economic profits as returns on invested capital (or ROIC) increasing our estimate of their intrinsic value. Once a company's marginal ROIC hits its cost of capital, over and above our estimate of a firm's cost of capital, we calculate a continuing value, using a standard or weighted average cost of capital (or WACC). Without perpetuity formula. At perpetuity, we assume that any a moat, profits are more susceptible to competition. We growth or decline or investment in the business neither have identified five sources of economic moats: creates nor destroys value and that any new investment provides a return in line with estimated WACC.

Morningstar Research Methodology for Valuing Companies Because a dollar earned today is worth more than a dollar earned tomorrow, we discount our projections of cash flows in stages I, II, and III to arrive at a total present value of expected future cash flows. Because we are modeling free cash flow to the firm—representing cash available to provide a return to all capital providers—we discount future cash flows using the WACC, which is a weighted average of the costs of equity, debt, and preferred stock (and any other funding sources), using expected future proportionate long-term market-value weights.

Research Methodology for Valuing Companies

3. Uncertainty Around That Fair Value Estimate Morningstar Equity Research Star Rating Methodology Morningstar's Uncertainty Rating captures a range of likely potential intrinsic values for a company and uses it to assign the margin of safety required before investing, which in turn explicitly drives our stock star rating system. The Uncertainty Rating represents the analysts' ability to bound the estimated value of the shares in a company around the fair value estimate, based on the characteristics of the business underlying the stock, including operating and financial leverage, sales sensitivity to the overall economy, product concentration, pricing power, and other company-specific factors.

Analysts consider at least two scenarios in addition to their base case: a bull case and a bear case. Assumptions are chosen such that the analyst believes there is a 25% probability that the company will perform better than the bull case, and a 25% probability that the company will perform worse than the bear case. The distance between the bull and bear cases is an important indicator of the uncertainty underlying the fair value estimate.

Our recommended margin of safety widens as our uncertainty of the estimated value of the equity increases. The more uncertain we are about the estimated value of the equity, the greater the discount we require relative to our estimate of the value of the firm before we would recommend the purchase of the Morningstar Star Rating for Stocks The Morningstar Star Ratings for stocks are defined below: shares. In addition, the uncertainty rating provides Once we determine the fair value estimate of a stock, we guidance in portfolio construction based on risk compare it with the stock's current market price on a daily QQQQQ We believe appreciation beyond a fair risk- tolerance. basis, and the star rating is automatically re-calculated at adjusted return is highly likely over a multiyear time frame. the market close on every day the market on which the The current market price represents an excessively Our uncertainty ratings for our qualitative analysis are stock is listed is open. pessimistic outlook, limiting downside risk and maximizing low, medium, high, very high, and extreme. Please note, there is no predefined distribution of stars. upside potential. That is, the percentage of stocks that earn 5 stars can × Low–margin of safety for 5-star rating is a 20% discount fluctuate daily, so the star ratings, in the aggregate, can QQQQ We believe appreciation beyond a fair risk- and for 1-star rating is 25% premium. serve as a gauge of the broader market's valuation. When adjusted return is likely. × Medium–margin of safety for 5-star rating is a 30% there are many 5-star stocks, the stock market as a whole is discount and for 1-star rating is 35% premium. more undervalued, in our opinion, than when very few QQQ Indicates our belief that investors are likely to × High–margin of safety for 5-star rating is a 40% discount companies garner our highest rating. receive a fair risk-adjusted return (approximately cost of and for 1-star rating is 55% premium. equity). × Very High–margin of safety for 5-star rating is a 50% We expect that if our base-case assumptions are true the discount and for 1-star rating is 75% premium. market price will converge on our fair value estimate over QQ We believe investors are likely to receive a less than × Extreme–margin of safety for 5-star rating is a 75% time, generally within three years (although it is impossible fair risk-adjusted return. discount and for 1-star rating is 300% premium. to predict the exact time frame in which market prices may adjust). Q Indicates a high probability of undesirable risk-adjusted 4. Market Price returns from the current market price over a multiyear time The market prices used in this analysis and noted in the Our star ratings are guideposts to a broad audience and frame, based on our analysis. The market is pricing in an report come from exchange on which the stock is listed, individuals must consider their own specific investment excessively optimistic outlook, limiting upside potential and which we believe is a reliable source. goals, risk tolerance, tax situation, time horizon, income leaving the investor exposed to Capital loss. needs, and complete investment portfolio, among other For more details about our methodology, please go to factors. https://shareholders.morningstar.com.

Research Methodology for Valuing Companies

Other Definitions quantitative report and the quantitative ratings, there is no Value Estimate, current market price, and the Quantitative one analyst in which a given report is attributed to; Uncertainty Rating. The rating is expressed as 1-Star, 2-Star, Last Price: Price of the stock as of the close of the market however, Mr. Lee Davidson, Head of Quantitative Research 3-Star, 4-Star, and 5-Star. of the last trading day before date of the report. for Morningstar, Inc., is responsible for overseeing the methodology that supports the quantitative equity ratings Q: the stock is overvalued with a reasonable margin of Stewardship Rating: Represents our assessment of used in this report. As an employee of Morningstar, Inc., safety. management's stewardship of shareholder capital, with Mr. Davidson is guided by Morningstar, Inc.'s Code of Ethics Log (Quant FVE/Price)<–1*Quantitative Uncertainty particular emphasis on capital allocation decisions. Analysts and Personal Securities Trading Policy in carrying out his consider companies' investment strategy and valuation, responsibilities. QQ: the stock is somewhat overvalued. financial leverage, dividend and share buyback policies, Log (Quant FVE/Price) between (–1*Quantitative execution, compensation, related party transactions, and Quantitative Equity Ratings Uncertainty, –0.5*Quantitative Uncertainty) accounting practices. Corporate governance practices are Morningstar's quantitative equity ratings consist of: only considered if they've had a demonstrated impact on (i) Quantitative Fair Value Estimate QQQ: the stock is approximately fairly valued. shareholder value. Analysts assign one of three ratings: (ii) Quantitative Star Rating Log (Quant FVE/Price) between (–0.5*Quantitative "Exemplary," "Standard," and "Poor." Analysts judge (iii) Quantitative Uncertainty Uncertainty, 0.5*Quantitative Uncertainty) stewardship from an equity holder's perspective. Ratings (iv) Quantitative Economic Moat are determined on an absolute basis. Most companies will (v) Quantitative Financial Health QQQQ: the stock is somewhat undervalued. receive a Standard rating, and this is the default rating in (collectively the "Quantitative Ratings"). Log (Quant FVE/Price) between (0.5*Quantitative the absence of evidence that managers have made Uncertainty, 1*Quantitative Uncertainty) exceptionally strong or poor capital allocation decisions. The Quantitative Ratings are calculated daily and derived from the analyst-driven ratings of a company's peers as QQQQQ: the stock is undervalued with a reasonable Quantitative Valuation: Using the below terms, intended to determined by statistical algorithms. Morningstar, Inc. margin of safety. Log (Quant FVE/Price) >1*Quantitative denote the relationship between the security's Last Price ("“Morningstar," "we," "our") calculates Quantitative Uncertainty and Morningstar's quantitative fair value estimate for that Ratings for companies whether it already provides analyst security. ratings and qualitative coverage. In some cases, the Quantitative Uncertainty: Intended to represent Quantitative Ratings may differ from the analyst ratings Morningstar's level of uncertainty about the accuracy of the × Undervalued: Last Price is below Morningstar's because a company's analyst-driven ratings can quantitative fair value estimate. Generally, the lower the quantitative fair value estimate. significantly differ from other companies in its peer group. quantitative Uncertainty, the narrower the potential range × Fairly Valued: Last Price is in line with Morningstar's of outcomes for that particular company. The rating is quantitative fair value estimate. Quantitative Fair Value Estimate: Intended to represent expressed as Low, Medium, High, Very High, and Extreme. × Overvalued: Last Price is above Morningstar's Morningstar's estimate of the per share dollar amount that quantitative fair value estimate. a company's equity is worth today. Morningstar calculates × Low: the interquartile range for possible fair values is less the quantitative fair value estimate using a statistical model than 10%. Risk Warning derived from the fair value estimate Morningstar's equity × Medium: the interquartile range for possible fair values is Please note that investments in securities are subject to analysts assign to companies. Please go to less than 15% but greater than 10%. market and other risks and there is no assurance or https://shareholders.morningstar.com for information about × High: the interquartile range for possible fair values is guarantee that the intended investment objectives will be fair value estimates Morningstar's equity analysts assign to less than 35% but greater than 15%. achieved. Past performance of a security may or may not be companies. × Very High: the interquartile range for possible fair values sustained in future and is no indication of future is less than 80% but greater than 35%. performance. A security investment return and an investor's Quantitative Economic Moat: Intended to describe the × Extreme: the interquartile range for possible fair values is principal value will fluctuate so that, when redeemed, an strength of a firm's competitive position. It is calculated greater than 80%. investor's shares may be worth more or less than their using an algorithm designed to predict the Economic Moat original cost. A security's current investment performance rating a Morningstar analyst would assign to the stock. The Quantitative Financial Health: Intended to reflect the may be lower or higher than the investment performance rating is expressed as Narrow, Wide, or None. probability that a firm will face financial distress in the near noted within the report. Morningstar's Uncertainty Rating future. The calculation uses a predictive model designed to serves as a useful data point with respect to sensitivity × Narrow: assigned when the probability of a stock anticipate when a company may default on its financial analysis of the assumptions used in our determining a fair receiving a "Wide Moat" rating by an analyst is greater obligations. The rating is expressed as Weak, Moderate, value price. than 70% but less than 99%. and Strong. × Wide: assigned when the probability of a stock receiving Quantitative Equity Reports Overview a "Wide Moat" rating by an analyst is greater than 99%. × Weak: assigned when Quantitative Financial Health <0.2 The quantitative report on equities consists of data, × None: assigned when the probability of an analyst × Moderate: assigned when Quantitative Financial Health statistics and quantitative equity ratings on equity receiving a "Wide Moat" rating by an analyst is less than is between 0.2 and 0.7 securities. Morningstar, Inc.'s quantitative equity ratings are 70%. × Strong: assigned when Quantitative Financial Health >0.7 forward looking and are generated by a statistical model that is based on Morningstar Inc.'s analyst-driven equity Quantitative Star Rating: Intended to be the summary ratings and quantitative statistics. Given the nature of the rating based on the combination of our Quantitative Fair

Research Methodology for Valuing Companies

Other Definitions

Last Close: Price of the stock as of the close of the market of the last trading day before date of the report.

Quantitative Valuation: Using the below terms, intended to denote the relationship between the security's Last Price and Morningstar's quantitative fair value estimate for that security.

× Undervalued: Last Price is below Morningstar's quantitative fair value estimate. × Fairly Valued: Last Price is in line with Morningstar's quantitative fair value estimate. × Overvalued: Last Price is above Morningstar's quantitative fair value estimate.

This Report has not been made available to the issuer of the security prior to publication.

Risk Warning Please note that investments in securities are subject to market and other risks and there is no assurance or guarantee that the intended investment objectives will be achieved. Past performance of a security may or may not be sustained in future and is no indication of future performance. A security investment return and an investor's principal value will fluctuate so that, when redeemed, an investor's shares may be worth more or less than their original cost. A security's current investment performance may be lower or higher than the investment performance noted within the report.

The quantitative equity ratings are not statements of fact. Morningstar does not guarantee the completeness or accuracy of the assumptions or models used in determining the quantitative equity ratings. In addition, there is the risk that the price target will not be met due to such things as unforeseen changes in demand for the company's products, changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, and tax rate. For investments in foreign markets there are further risks, generally based on exchange rate changes or changes in political and social conditions.

A change in the fundamental factors underlying the quantitative equity ratings can mean that the valuation is subsequently no longer accurate.

For more information about Morningstar's quantitative methodology, please visit http://global.morningstar.com/equitydisclosures.

Walmart Inc WMT (XNYS)

General Disclosure The analysis within this report is prepared by the person (s) noted in their capacity as an analyst for Morningstar’s equity research group. The equity research group consists of various Morningstar, Inc. subsidiaries (“Equity Research Group)”. In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission.

The opinions expressed within the report are given in good faith, are as of the date of the report and are subject to change without notice. Neither the analyst nor Equity Research Group commits themselves in advance to whether and in which intervals updates to the report are expected to be made. The written analysis and Morningstar Star Rating for stocks are statements the Report and are subject to change. While financial situation or particular needs of any specific of opinions; they are not statements of fact. Morningstar has obtained data, statistics and recipient. This publication is intended to provide information from sources it believes to be reliable, information to assist institutional investors in making The Equity Research Group believes its analysts make Morningstar does not perform an audit or seeks their own investment decisions, not to provide a reasonable effort to carefully research information independent verification of any of the data, statistics, investment advice to any specific investor. Therefore, contained in the analysis. The information on which the and information it receives. investments discussed and recommendations made analysis is based has been obtained from sources herein may not be suitable for all investors: recipients believed to be reliable such as, for example, the The quantitative equity ratings are not a market call, must exercise their own independent judgment as to company’s financial statements filed with a regulator, and do not replace the User or User’s clients from the suitability of such investments and recommendations company website, Bloomberg and any other the conducting their own due-diligence on the security. The in the light of their own investment objectives, relevant press sources. Only the information obtained quantitative equity rating is not a suitability experience, taxation status and financial position. from such sources is made available to the issuer who assessment; such assessments take into account may is the subject of the analysis, which is necessary to factors including a person’s investment objective, The information, data, analyses and opinions presented properly reconcile with the facts. Should this sharing of personal and financial situation, and risk tolerance all herein are not warranted to be accurate, correct, information result in considerable changes, a statement of which are factors the quantitative equity rating complete or timely. Unless otherwise provided in a of that fact will be noted within the report. While the statistical model does not and did not consider. separate agreement, neither Morningstar, Inc. or the Equity Research Group has obtained data, statistics and Equity Research Group represents that the report information from sources it believes to be reliable, Prices noted with the Report are the closing prices on contents meet all of the presentation and/or disclosure neither the Equity Research Group nor Morningstar, Inc. the last stock-market trading day before the publication standards applicable in the jurisdiction the recipient is performs an audit or seeks independent verification of date stated, unless another point in time is explicitly located. any of the data, statistics, and information it receives. stated. Except as otherwise required by law or provided for in General Quantitative Disclosure General Disclosure (applicable to both Quantitative a separate agreement, the analyst, Morningstar, Inc. The Quantitative Equity Report (“Report”) is derived and Qualitative Research) and the Equity Research Group and their officers, from data, statistics and information within Unless otherwise provided in a separate agreement, directors and employees shall not be responsible or Morningstar, Inc.’s database as of the date of the Report recipients accessing this report may only use it in the liable for any trading decisions, damages or other and is subject to change without notice. The Report is country in which the Morningstar distributor is based. losses resulting from, or related to, the information, for informational purposes only, intended for financial Unless stated otherwise, the original distributor of the data, analyses or opinions within the report. The Equity professionals and/or sophisticated investors (“Users”) report is Morningstar Research Services LLC, a U.S.A. Research Group encourages recipients of this report to and should not be the sole piece of information used by domiciled financial institution. read all relevant issue documents (e.g., prospectus) such Users or their clients in making an investment pertaining to the security concerned, including without decision. The quantitative equity ratings noted the This report is for informational purposes only and has limitation, information relevant to its investment Report are provided in good faith, are as of the date of no regard to the specific investment objectives, objectives, risks, and costs before making an

Walmart Inc WMT (XNYS)

Morningstar Rating Last Price Fair Value Estimate Price/Fair Value Trailing Dividend Yield % Forward Dividend Yield % Market Cap (Bil) Industry Stewardship QQ 129.00 USD 108.00 USD 1.19 1.65 1.67 365.36 Discount Stores Standard 15 Apr 2020 14 Apr 2020 15 Apr 2020 14 Apr 2020 14 Apr 2020 14 Apr 2020 01:52, UTC 01:48, UTC investment decision and when deemed necessary, to currently covers and provides written analysis on seek the advice of a legal, tax, and/or accounting • Neither Morningstar, Inc. or the Equity Research please contact your local Morningstar office. In professional. 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Walmart Inc WMT (XNYS)

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