Discounted Cash Flow (DCF) Analysis Levered
Walmart Inc. (WMT)
$146.87
+0.81 (+0.55%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 514,405 | 523,964 | 559,151 | 572,754 | 611,288.99 | 638,391.43 | 666,695.50 | 696,254.47 | 727,123.99 | 759,362.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 27,753 | 25,255 | 36,074 | 24,181 | 29,101 | 32,748.46 | 34,200.41 | 35,716.74 | 37,300.30 | 38,954.06 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -10,344 | -10,705 | -10,264 | -13,106 | -16,857 | -13,962.19 | -14,581.22 | -15,227.70 | -15,902.85 | -16,607.93 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 17,409 | 14,550 | 25,810 | 11,075 | 12,244 | 18,786.27 | 19,619.19 | 20,489.04 | 21,397.45 | 22,346.14 |
Weighted Average Cost Of Capital
| Share price | $ 146.87 |
|---|---|
| Beta | 0.489 |
| Diluted Shares Outstanding | 2,734 |
| Cost of Debt | |
| Tax Rate | 31.36 |
| After-tax Cost of Debt | 2.48% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.946 |
| Total Debt | 58,923 |
| Total Equity | 401,542.58 |
| Total Capital | 460,465.58 |
| Debt Weighting | 12.80 |
| Equity Weighting | 87.20 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 514,405 | 523,964 | 559,151 | 572,754 | 611,288.99 | 638,391.43 | 666,695.50 | 696,254.47 | 727,123.99 | 759,362.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 27,753 | 25,255 | 36,074 | 24,181 | 29,101 | 32,748.46 | 34,200.41 | 35,716.74 | 37,300.30 | 38,954.06 |
| Capital Expenditure | -10,344 | -10,705 | -10,264 | -13,106 | -16,857 | -13,962.19 | -14,581.22 | -15,227.70 | -15,902.85 | -16,607.93 |
| Free Cash Flow | 17,409 | 14,550 | 25,810 | 11,075 | 12,244 | 18,786.27 | 19,619.19 | 20,489.04 | 21,397.45 | 22,346.14 |
| WACC | ||||||||||
| PV LFCF | 17,806.89 | 17,626.91 | 17,448.74 | 17,272.38 | 17,097.80 | |||||
| SUM PV LFCF | 87,252.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.50 |
| Free cash flow (t + 1) | 22,793.06 |
| Terminal Value | 651,230.28 |
| Present Value of Terminal Value | 498,278.66 |
Intrinsic Value
| Enterprise Value | 585,531.38 |
|---|---|
| Net Debt | 50,038 |
| Equity Value | 535,493.38 |
| Shares Outstanding | 2,734 |
| Equity Value Per Share | 195.86 |