Financial Future: The story behind your analysis of your forecast of the future based on your spreadsheet. Why did you choose the specific growth rates? What impact did they have on the value of Walmart? Use the Walmart Proforma Income Excel spreadsheet

2023 Walmart --- Pro Forma Income Statements ($ in millions) M&A - Current Value Estimate - 2019 Actual Year Fiscal Year 2019 2020 2021 2022 Sales $514,405 $524,693 $535,187 $545,891 Variable Costs 75.00% $385,301 $393,520 $401,390 $409,418 Terminal Value 2024 Year 5 $567,945 Growth Rate $425,959 2.00% $556,809 $417,606 Gross Profit $129,104 $131,173 $133,797 $136,473 $139,202 $141,986 $106,510 Fixed Costs - SG&A $98,398 $100.366 $102,374 $104,421 2.00% Other Income $96,469 ($4,800) $10,678 $17,157 $10,892 $11,109 $11,332 $11,558 $11,789 2.00% Depreciation EBIT $21,883 $22,321 $22,767 $23,223 $23,687 Taxes 23.00% $4,790 $5,033 $5,134 $5,237 $5,341 $5,448 Net Income $12,367 $16,850 $17,187 $17,531 $17,882 $18,239 $6.18 EPS - Before Interest Exp. $4.19 $5.71 $5.83 $5.94 $6.06 Cash Flows Operating Cash Flow $27,742 $28,297 $28,862 $29,440 $30,029 Residual Value (OFFER) $364,783.27 PE Mulitple 20 assumed 0 0 0 0 0 0 Capital Spending Cash Flow $0 $27,742 $28,297 $28,862 $29,440 $394,812 Discount Rate (WACC) Net Present Value 11.00% assumed $322,757.14 Our current estimate of WalMart's total value in Millions Shares Outstanding Value Per Share 2,950,000,000 $ 109.41 Based on your growth, PE, WACC, and Outstanding Shares Assumptions this is your valuation of Walmart's shares the value of the Students, you change the numbers above in RED to reflect your analysis of the company company will update based on you assumptions ... Assumptions of growth, cost structure, taxes, PE Ratio, WACC, and Shares Outstanding. WALMART INC. NYSE: WMT US Markets Closed a Quote Search 132.60A +0.75 After Hours : 133.10 +0.50 +0.38% +0.57% August 14, 2020 7:59 PM EDT. Delayed 15 minutes. Currency In USD #SAVE SUMMARY FINANCIALS ANALYSIS OPTIONS OWNERSHIP COMPANY HISTORY RELATED WALMART INC. revenues grew 1.86 % in FY 2020 as compared to FY 2019 to 523.96B. Net income grew 123.10 % to 14.88B. Operating Income 20.57B Operating Margin 3.93 INCOME STATEMENT BALANCE SHEET CASH FLOW ANNUAL QUARTERLY 595.000 3.15 510.000 2.70 425.000 2.25 340.000 1.80 255.000 (11 1.35 170.000 090 85.00 0 0.00 2017 2018 2019 2020 Revenue Net Income Profit Margin (Right Axis) Values in Millions (Except for per share 2017 2018 2019 2020 items) Period End Date 01/31/2017 01/31/2018 01/31/2019 01/31/2020 Stmt Source Annual Annual Annual Annual Stmt Source Date 01/31/2017 01/31/2018 01/31/2019 01/31/2020 Stmt Update Type Currency Code Total Revenue 485,873.0 500,343.0 514,405.0 523,964.0 Cost of Revenue 361,256.0 373,396.0 385,301.0 394,605.0 Gross Profit 124,617.0 126,947.0 129,104.0 129,359.0 Selling General and Administrative 101,853.0 106,510,0 107.147.0 108,791.0 Research and Development Special Income/Charges -3,136.0 -4,800.0 0.0 Operating Expenses 463,109.0 483,042.0 497,248.0 503,396.0 Operating Income 22,764.0 17,301.0 17,157.0 20,568.0 Net Interest Income Other Income/Expense, Net Pre-Tax Income 20,497.0 15, 123.0 11,460.0 20.116.0 Provision for Income Tax Net Income 13,643.0 9,862.0 6,670.0 14,881.0 Dividend Per Share 2.00 2.04 2.08 2.12 Tax Rate 30.2678 31.7397 33.4991 24.4333 Basic EPS 4.40 3.29 2.28 5.22 Diluted EPS 4.38 3.21 2.41 5.19 2023 Walmart --- Pro Forma Income Statements ($ in millions) M&A - Current Value Estimate - 2019 Actual Year Fiscal Year 2019 2020 2021 2022 Sales $514,405 $524,693 $535,187 $545,891 Variable Costs 75.00% $385,301 $393,520 $401,390 $409,418 Terminal Value 2024 Year 5 $567,945 Growth Rate $425,959 2.00% $556,809 $417,606 Gross Profit $129,104 $131,173 $133,797 $136,473 $139,202 $141,986 $106,510 Fixed Costs - SG&A $98,398 $100.366 $102,374 $104,421 2.00% Other Income $96,469 ($4,800) $10,678 $17,157 $10,892 $11,109 $11,332 $11,558 $11,789 2.00% Depreciation EBIT $21,883 $22,321 $22,767 $23,223 $23,687 Taxes 23.00% $4,790 $5,033 $5,134 $5,237 $5,341 $5,448 Net Income $12,367 $16,850 $17,187 $17,531 $17,882 $18,239 $6.18 EPS - Before Interest Exp. $4.19 $5.71 $5.83 $5.94 $6.06 Cash Flows Operating Cash Flow $27,742 $28,297 $28,862 $29,440 $30,029 Residual Value (OFFER) $364,783.27 PE Mulitple 20 assumed 0 0 0 0 0 0 Capital Spending Cash Flow $0 $27,742 $28,297 $28,862 $29,440 $394,812 Discount Rate (WACC) Net Present Value 11.00% assumed $322,757.14 Our current estimate of WalMart's total value in Millions Shares Outstanding Value Per Share 2,950,000,000 $ 109.41 Based on your growth, PE, WACC, and Outstanding Shares Assumptions this is your valuation of Walmart's shares the value of the Students, you change the numbers above in RED to reflect your analysis of the company company will update based on you assumptions ... Assumptions of growth, cost structure, taxes, PE Ratio, WACC, and Shares Outstanding. WALMART INC. NYSE: WMT US Markets Closed a Quote Search 132.60A +0.75 After Hours : 133.10 +0.50 +0.38% +0.57% August 14, 2020 7:59 PM EDT. Delayed 15 minutes. Currency In USD #SAVE SUMMARY FINANCIALS ANALYSIS OPTIONS OWNERSHIP COMPANY HISTORY RELATED WALMART INC. revenues grew 1.86 % in FY 2020 as compared to FY 2019 to 523.96B. Net income grew 123.10 % to 14.88B. Operating Income 20.57B Operating Margin 3.93 INCOME STATEMENT BALANCE SHEET CASH FLOW ANNUAL QUARTERLY 595.000 3.15 510.000 2.70 425.000 2.25 340.000 1.80 255.000 (11 1.35 170.000 090 85.00 0 0.00 2017 2018 2019 2020 Revenue Net Income Profit Margin (Right Axis) Values in Millions (Except for per share 2017 2018 2019 2020 items) Period End Date 01/31/2017 01/31/2018 01/31/2019 01/31/2020 Stmt Source Annual Annual Annual Annual Stmt Source Date 01/31/2017 01/31/2018 01/31/2019 01/31/2020 Stmt Update Type Currency Code Total Revenue 485,873.0 500,343.0 514,405.0 523,964.0 Cost of Revenue 361,256.0 373,396.0 385,301.0 394,605.0 Gross Profit 124,617.0 126,947.0 129,104.0 129,359.0 Selling General and Administrative 101,853.0 106,510,0 107.147.0 108,791.0 Research and Development Special Income/Charges -3,136.0 -4,800.0 0.0 Operating Expenses 463,109.0 483,042.0 497,248.0 503,396.0 Operating Income 22,764.0 17,301.0 17,157.0 20,568.0 Net Interest Income Other Income/Expense, Net Pre-Tax Income 20,497.0 15, 123.0 11,460.0 20.116.0 Provision for Income Tax Net Income 13,643.0 9,862.0 6,670.0 14,881.0 Dividend Per Share 2.00 2.04 2.08 2.12 Tax Rate 30.2678 31.7397 33.4991 24.4333 Basic EPS 4.40 3.29 2.28 5.22 Diluted EPS 4.38 3.21 2.41 5.19