Questions 14 are based on Walmarts 2019 Annual Report, under Consolidated Financial Statement and the Notes to the Consolidated Financial Statements. Data in Excel can be downloaded from Walmarts Investor Relations website. Please submit answers in Excel. Question 1: Calculate the following financial ratios for Walmart for the two years of data provided. Please use an average for the respective balance sheet line items; e.g., equity, assets.

1. Net profit margin

2. EBITDA

3. EBIT

4. Sales/accounts receivables

5. Days sales outstanding

6. COGS/inventory

7. Days inventory held

8. Sales/PPE

9. Accounts payable turnover

10. Days accounts payables

11. Working capital

12. ROA

13. Current ratio

14. Operating income/interest expense

15. Asset turnover ratio

16. Total liabilities/total assets

17. Total liabilities/shareholders equity

18. ROE

19. Cash conversion cycle in days and in dollar value. Question

2: Based on the consolidated financial statements and the calculated financial ratios above, write a one-page summary on the performance of Walmart. Identify drivers of significant changes. You may use any analysis developed in the Module 1 assignment. Specifically address the following:

1. Profitability trend

2. Growth

3. Leverage

4. Overall performance

Question 3: Calculate ROE and identify drivers. Calculate growth rate (g).

Question 4: Project income statement and balance sheet for the next 5 years, assuming that revenue growth continues at the same rate and cost structure and common-size position remain the same.