1. The annual financial statements for Wal-Mart and Target are attached for the last three years. (Note: you will need to format some of the sheets yourself. Also, do not be concerned that the companies have a different year end date.) Prepare a ratio analysis, and based on your ratio analysis, provide an explanation of which company you believe performed better over the time period covered by the financial statements.
2. Look up the stock price for both Wal-Mart and Target. (This as well is readily available on a wide variety of internet sites.) Look at the closing stock price from February 4, 2019; February 3, 2020; April 3, 2020 and September 29, 2020. Briefly comment on how well the stocks have performed over the period prior to COVID, and since COVID.
3. Look up a story from the newspaper in the coming week that comments on the stock market in Canada. Provide your own comment and analysis on the story that the newspaper article refers to. The article could be commenting on the stock market performance of a specific stock, or it could be talking about how investors are reacting to the market as a whole. Basically any news story about the financial markets that interests you will be sufficient.

WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Walmart Inc (WMT US) - Adjusted In Millions of USD except Per Share 12 Months Ending FY 2018 18-01-31 FY 2019 19-01-31 FY 2020 20-01-31 Last 12M 20-07-31 Revenue + Sales & Services Revenue + Other Revenue - Cost of Revenue + Cost of Goods & Services 500,343.00 495,761.00 4,582.00 373,396.00 373,396.00 514,405.00 510,329.00 4,076.00 385,301.00 385,301.00 523,964.00 519,926.00 4,038.00 394,605.00 394,605.00 542,026.00 538,085.00 3,941.00 408,363.00 408,363.00 Gross Profit + Other Operating Income - Operating Expenses + Selling, General & Admin + Research & Development + Other Operating Expense 126,947.00 0 104,054.70 106,510.00 0 -2,455.30 129,104.00 0 107,147.00 107,147.00 0 129,359.00 0 107,937.00 108,791.00 0 -854 133,663.00 0 111,144.70 112,340.00 0 -1,195.30 Operating Income (Loss) - Non-Operating (Income) Loss + Interest Expense, Net + Interest Expense - Interest Income + Foreign Exch (Gain) Loss + Other Non-Op (Income) Loss 22,892.30 2,178.00 1,826.00 1,978.00 152 0 21,957.00 10,497.00 1,758.00 1,975.00 217 0 8,739.00 21,422.00 2,303.50 2,073.00 2,262.00 189 22,518.30 2,552.40 2,052.00 2,203.00 151 352 230.5 500.4 20,714.30 5,591.30 11,460.00 0 19,118.50 -997.5 19,965.90 -4,122.10 Pretax Income (Loss), Adjusted Abnormal Losses (Gains) + Merger/Acquisition Expense + Abnormal Derivatives + Early Extinguishment of Debt + Asset Write-Down + Impairment of Intangibles + Gain/Loss on Sale/Acquisition of Business 3,136.00 727.5 399 293 15 -227.3 163.7 15 163.7 -227.3 -136.4 1,273.10 147 +Gain/Loss on Sale/Acquisition of Business + Legal Settlement + Restructuring + Sale of Investments + Unrealized Investments + Other Abnormal Items IIIIII -1,851.50 -5,317.40 818.4 Pretax Income (Loss), GAAP - Income Tax Expense (Benefit) + Current Income Tax + Deferred Income Tax 15,123.00 4,600.00 4,780.00 -180 24,088.00 5,960.00 11,460.00 4,281.00 4,751.00 -470 20,116.00 4,915.00 4,586.00 329 10,523.00 0 7,179.00 0 15,201.00 0 18,128.00 0 Income (Loss) from Cont Ops - Net Extraordinary Losses (Gains) + Discontinued Operations + XO & Accounting Changes 0 0 0 oo 0 0 0 Income (Loss) Incl. MI - Minority Interest 10,523.00 661 7,179.00 509 15,201.00 320 18,128.00 233 Net Income, GAAP - Preferred Dividends - Other Adjustments 9,862.00 0 6,670.00 0 0 14,881.00 0 17,895.00 0 0 0 0 Net Income Avail to Common, GAAP 9,862.00 6,670.00 14,881.00 17,895.00 Net Income Avail to Common, Adj Net Abnormal Losses (Gains) Net Extraordinary Losses (Gains) 13,293.40 3,431.40 0 6,670.00 0 0 14,207.70 -673.3 0 14,825.80 -3,069.20 0 Basic Weighted Avg Shares Basic EPS, GAAP Basic EPS from Cont Ops Basic EPS from Cont Ops, Adjusted 2,995.00 3.29 3.29 4.44 2,929.00 2.28 2.28 2.28 2,850.00 5.22 5.22 4.99 2,832.00 6.32 6.32 5.23 Diluted Weighted Avg Shares Diluted EPS, GAAP Diluted EPS from Cont Ops Diluted EPS from Cont Ops, Adjusted 3,010.00 3.28 3.28 4.42 2,945.00 2.26 2.26 2,868.00 5.19 5.19 4.96 2,848.00 6.27 6.27 5.19 2.26 Diluted EPS from Cont Ops, Adjusted 4.42 2.26 4.96 5.19 35,004.30 6.46 Reference Items Accounting Standard EBITDA EBITDA Margin (T12M) EBIT Gross Margin Operating Margin Profit Margin Sales per Employee Dividends per Share Total Cash Common Dividends Capitalized Interest Expense Personnel Expenses Depreciation Expense Rental Expense Source: Bloomberg US GAAP 33,421.30 6.68 22,921.30 22,892.30 25.37 4.58 2.66 217,540.43 2.04 6,124.00 17 US GAAP 35,635.00 6.93 24,957.00 21,957.00 25.1 4.27 1.3 233,820.45 2.08 6,092.30 US GAAP 35,079.00 6.69 24,092.00 21,422.00 24.69 4.09 2.71 238,165.45 2.12 6,048.00 22,518.30 24.66 4.15 2.74 2.15 6,071.00 0 10,500.00 2,900.00 10,678.00 3,000.00 0 10,987.00 3,361.00 WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Walmart Inc (WMT US) - Standardized In Millions FY 2018 FY 2019 FY 2020 12 Months 18-01-31 19-01-31 20-01-31 Total Assets + Cash, Ca 6,756.00 7,722.00 9,465.00 + Cash & 6,756.00 7,722.00 9,465.00 + ST Inve 0 0 0 + Account 5,614.00 6,283.00 6,284.00 + Accoun 5,614.00 6,283.00 6,284.00 + Notes F 0 0 0 + Inventor 43,783.00 44,269.00 44,435.00 + Other ST 3,511.00 3,623.00 1,622.00 + Derivat 0 0 + Deferre- + Discont - + Misc ST 3,511.00 3,623.00 1,622.00 Total Curre 59,664.00 61,897.00 61,806.00 + Property ######## ######## ######## + Properi ######## ######## ######## - Accumu 83,039.00 81,493.00 89,820.00 + LT Invesi 0 0 0 + Other LT 30,040.00 46,003.00 47,640.00 + Total In 18,242.00 31,181.00 31,073.00 + Goodw 18,242.00 31,181.00 31,073.00 + Other 0 0 0 + Deferre 1,879.00 1,796.00 1,914.00 + Derivat 508 412 + Misc LT 9,411.00 12,614.00 14,653.00 Total Nonci ######## ######## ######## Total Asset ######## ######## ######## Liabilities & Shareholders' Equity + Payable: 68,859.00 67,715.00 67,559.00 + Accoun 46.092.00 47.060.00 46.973.00 + STOP + Accoun 46,092.00 47,060.00 46,973.00 + Accrue 645 428 280 + Other F 22,122.00 20,227.00 20,306.00 + ST Debt 9,662.00 7,830.00 8,241.00 + ST Borr 5,257.00 5,225.00 575 + ST Leas 667 729 2,304.00 + ST Fin 667 729 511 0 1,793.00 + Current 3,738.00 1,876.00 5,362.00 + Other St 0 1,932.00 1,990.00 + Deferre 0 1,932.00 1,990.00 + Derivat 0 0 + Deferre + Discont + Misc ST 0 0 0 Total Curre 78,521.00 77,477.00 77,790.00 + LT Debt 32,784.00 46,340.00 64,192.00 + LT Borr 26,004.00 39,657.00 43,714.00 + LT Leas 6,780.00 6,683.00 20,478.00 +LT Fina 6,780.00 6,683.00 4,307.00 +LT Ope 0 16,171.00 + Other LT 12,395.00 15,844.00 12,961.00 + Accruel 0 0 0 + Pensior - 0 0 + Pensior - + Other + Deferre 0 0 0 + Deferre 3,831.00 6,296.00 6,204.00 + Derivat 4,227.00 4,291.00 + Misc LT 4,337.00 5,257.00 6,757.00 Total Nonc 45,179.00 62,184.00 77,153.00 Total Liabili ######## ######## ######## + Preferre 0 0 0 + Share Ca 2,943.00 3,253.00 3,531.00 + Commc 295 288 284 + Additio 2,648.00 2,965.00 3,247.00 - Treasury 0 0 0 + Retainec 85,107.00 80,785.00 83,943.00 + Other EC-10,181.00 -11,542.00 -12,805.00 Equity Befo 77,869.00 72,496.00 74,669.00 + Minority 2,953.00 7,138.00 6,883.00 Total Equity 80,822.00 79,634.00 81,552.00 Total Liabili ######## #### ## Reference Items Accounting US GAAP US GAAP US GAAP Shares Out 2,952.00 2,878.00 2,832.00 Number of 0 0 0 Pension Ob 0 0 0 Future Min 15,366.00 14,118.00 26,257.00 Capital Lea: 7,447.00 7,412.00 4,818.00 Options Gri Options Ou - Net Debt 35,690.00 46,448.00 62,968.00 Net Debt to 44.16 58.33 77.21 Tangible Cc 32.01 21.96 21.22 Current Rat 0.76 0.8 0.79 Cash Conve 3.92 1.86 1.93 Cash Held ( 6,500.00 7,666.00 Number of ######## ######## ######## Source: Bloomberg WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Target Corp (TGT US) - Adjusted In Millions FY 2018 FY 2019 FY 2020 12 Months 18-02-03 19-02-02 20-02-01 Revenue 72,714.00 75,356.00 78,112.00 + Sales & 71,786.00 74,433.00 77,130.00 + Other 928 923 982 - Cost of R 51,125.00 53,299.00 54,864.00 + Cost of 51,125.00 53,299.00 54,864.00 Gross Profi 21,589.00 22,057.00 23,248.00 + Other 0 0 0 0 - Operatin 17,370.00 17,947.00 18,607.00 + Selling, 15,140.00 15,723.00 16,233.00 + Resear 0 0 0 + Deprec 2,225.00 2,224.00 2,357.00 + Other 5 0 17 Operating ! 4,219.00 4,110.00 4,641.00 - Non-Ope 471 434 417 + Interes 653 461 477 + Interes 653 461 477 - Interest 0 0 0 + Foreign 0 + (Incom + Other -182 -27 -60 Pretax Inco 3,748.00 3,676.00 4,224.00 - Abnorma 118 0 34 + Early E 123 10 + Asset V- + Gain/LC - + Legal S + Restruc- + Unreali - 41 + Insuran -5 -17 + Other - 0 0 - IIIIIIII IIII - 3,676.00 746 424 322 4,190.00 921 743 178 2,930.00 -7 3,269.00 -12 + Other - Pretax Inco 3,630.00 - Income 1 722 + Current 910 + Deferre -188 + Tax Allc - Income (Lo 2,908.00 - Net Extra -6 + Discont -6 + XO & A 0 Income (Lo 2,914.00 - Minority 0 Net Income 2,914.00 - Preferred 0 - Other Ad 0 Net Income 2,914.00 -7 -12 0 2,937.00 0 2,937.00 0 0 3,281.00 0 3,281.00 0 0 3,281.00 0 2,937.00 Net Income 2,580.00 Net Abnor -328 Net Extrac -6 2,876.00 -54 -7 3,295.00 26 -12 Basic Weig! Basic EPS, Basic EPS fr Basic EPS fr 546.8 5.32 5.32 4.72 528.6 5.55 5.54 5.44 510.9 6.42 6.39 6.45 Diluted We Diluted EPS Diluted EPS Diluted EPS 550.3 5.29 5.28 4.68 533.2 5.51 5.5 5.4 515.6 6.36 6.34 6.39 Reference Items Accounting US GAAP US GAAP EBITDA 6,907.00 6,824.00 EBITDA Ma 9.5 9.06 EBITA 4,445.00 4,364.00 EBIT 4,219.00 4,110.00 Gross Marg 29.69 29.27 Operating! 5.8 5.45 US GAAP 7,519.00 9.63 4,928.00 4,641.00 29.76 5.94 Operating! 5.8 5.45 5.94 Profit Marg 3.55 3.82 4.22 Sales per Er ######## ## #### ## Dividends F 2.46 2.54 2.62 Total Cash 1,356.00 1,347.00 1,345.00 Capitalized 0 0 0 Depreciatic 2,462.00 2,460.00 2,591.00 Rental Expe 212 240 274 Source: Bloomberg WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Target Corp (TGT US) - Standardized o o In Millions FY 2018 FY 2019 FY 2020 12 Months 18-02-03 19-02-02 20-02-01 Total Assets + Cash, Ca 2,643.00 1,556.00 2,577.00 + Cash & 2,643.00 1,556.00 2,577.00 + ST Inve 0 0 + Account 0 0 + Accoun 0 0 + Notes F 0 0 0 + Inventor 8,597.00 9,497.00 8,992.00 + Other ST 1,300.00 1,466.00 1,333.00 + Prepaic 157 157 154 + Derivat 23 19 23 + Discont - + Misc ST 1,120.00 1,290.00 1,156.00 Total Curre 12,540.00 12,519.00 12,902.00 + Property 26,420.00 27,498.00 28,519.00 + Properi 44,818.00 46,185.00 48,183.00 - Accumu 18,398.00 18,687.00 19,664.00 + LT Invest 0 0 0 + Other LT 1,343.00 1,273.00 1,358.00 + Total In 709 699 686 + Goodw 630 633 633 + Other 79 66 53 + Derivat 0 10 137 + Prepaic - + Discont - + Misc LT 634 564 535 Total Nonc 27,763.00 28,771.00 29,877.00 Total Asset 40,303.00 41,290.00 42,779.00 Liabilities & Shareholders' Equity + Pavables 9.080.00 10.154.00 10.322.00 + Payable: 9,080.00 10,154.00 10,322.00 + Accoun 8,677.00 9,761.00 9,920.00 + Accruel + Interes 403 393 402 + Other 0 0 0 + ST Debt 429 1,218.00 361 + ST Borr 0 0 0 + ST Leas 228 219 267 + ST Fin 80 53 67 + ST Op 148 166 200 + Current 201 999 94 + Other ST 3,543.00 3,642.00 3,804.00 + Deferre 0 0 0 + Derivat 0 3 0 + Discont - + Misc S1 3,543.00 3,639.00 3,804.00 Total Curre 13,052.00 15,014.00 14,487.00 + LT Debt 13,041.00 12,227.00 13,613.00 + LT Borr 10,232.00 9,255.00 10,035.00 + LT Leas 2,809.00 2,972.00 3,578.00 +LT Fina 885 968 1,303.00 + LT Ope 1,924.00 2,004.00 2,275.00 + Other LT 2,559.00 2,752.00 2,846.00 + Accrue 0 0 0 + Pensior 41 40 23 + Deferre 600 570 539 + Deferre 693 972 1,122.00 + Derivat 6 0 0 + Discont + Misc LT 1,219.00 1,170.00 1,162.00 Total Nonci 15,600.00 14,979.00 16,459.00 Total Liabili 28,652.00 29,993.00 30,946.00 + Preferre 0 0 0 + Share Ca 5,903.00 6,085.00 6,268.00 + Commc 45 43 42 + Additio 5,858.00 6,042.00 6,226.00 - Treasury 0 0 0 + Retainer 6,495.00 6,017.00 6,433.00 + Retainer 6,495.00 6,017.00 6,433.00 + Other Ec -747 -805 -868 Equity Befo 11,651.00 11,297.00 11,833.00 + Minority 0 0 0 Total Equity 11,651.00 11,297.00 11,833.00 Total Liabili 40,303.00 41,290.00 42,779.00 Reference Items Accounting US GAAP US GAAP US GAAP Shares Out: 541.7 517.8 504.2 Number of 0 0 o Pension Ob 41 40 23 Future Min 3,726.00 2,904.00 3,205.00 Capital Lea: 965 1,021.00 1,370.00 Options Gri 2.1 0 0 Options Ou 5.9 4 2.5 Net Debt 10,827.00 11,889.00 11,397.00 Net Debt to 92.93 105.24 96.32 Tangible Cc 27.64 26.11 26.48 Current Rat 0.96 0.83 0.89 Cash Conve Number of ######## ## Source: Bloomberg WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Walmart Inc (WMT US) - Adjusted In Millions of USD except Per Share 12 Months Ending FY 2018 18-01-31 FY 2019 19-01-31 FY 2020 20-01-31 Last 12M 20-07-31 Revenue + Sales & Services Revenue + Other Revenue - Cost of Revenue + Cost of Goods & Services 500,343.00 495,761.00 4,582.00 373,396.00 373,396.00 514,405.00 510,329.00 4,076.00 385,301.00 385,301.00 523,964.00 519,926.00 4,038.00 394,605.00 394,605.00 542,026.00 538,085.00 3,941.00 408,363.00 408,363.00 Gross Profit + Other Operating Income - Operating Expenses + Selling, General & Admin + Research & Development + Other Operating Expense 126,947.00 0 104,054.70 106,510.00 0 -2,455.30 129,104.00 0 107,147.00 107,147.00 0 129,359.00 0 107,937.00 108,791.00 0 -854 133,663.00 0 111,144.70 112,340.00 0 -1,195.30 Operating Income (Loss) - Non-Operating (Income) Loss + Interest Expense, Net + Interest Expense - Interest Income + Foreign Exch (Gain) Loss + Other Non-Op (Income) Loss 22,892.30 2,178.00 1,826.00 1,978.00 152 0 21,957.00 10,497.00 1,758.00 1,975.00 217 0 8,739.00 21,422.00 2,303.50 2,073.00 2,262.00 189 22,518.30 2,552.40 2,052.00 2,203.00 151 352 230.5 500.4 20,714.30 5,591.30 11,460.00 0 19,118.50 -997.5 19,965.90 -4,122.10 Pretax Income (Loss), Adjusted Abnormal Losses (Gains) + Merger/Acquisition Expense + Abnormal Derivatives + Early Extinguishment of Debt + Asset Write-Down + Impairment of Intangibles + Gain/Loss on Sale/Acquisition of Business 3,136.00 727.5 399 293 15 -227.3 163.7 15 163.7 -227.3 -136.4 1,273.10 147 +Gain/Loss on Sale/Acquisition of Business + Legal Settlement + Restructuring + Sale of Investments + Unrealized Investments + Other Abnormal Items IIIIII -1,851.50 -5,317.40 818.4 Pretax Income (Loss), GAAP - Income Tax Expense (Benefit) + Current Income Tax + Deferred Income Tax 15,123.00 4,600.00 4,780.00 -180 24,088.00 5,960.00 11,460.00 4,281.00 4,751.00 -470 20,116.00 4,915.00 4,586.00 329 10,523.00 0 7,179.00 0 15,201.00 0 18,128.00 0 Income (Loss) from Cont Ops - Net Extraordinary Losses (Gains) + Discontinued Operations + XO & Accounting Changes 0 0 0 oo 0 0 0 Income (Loss) Incl. MI - Minority Interest 10,523.00 661 7,179.00 509 15,201.00 320 18,128.00 233 Net Income, GAAP - Preferred Dividends - Other Adjustments 9,862.00 0 6,670.00 0 0 14,881.00 0 17,895.00 0 0 0 0 Net Income Avail to Common, GAAP 9,862.00 6,670.00 14,881.00 17,895.00 Net Income Avail to Common, Adj Net Abnormal Losses (Gains) Net Extraordinary Losses (Gains) 13,293.40 3,431.40 0 6,670.00 0 0 14,207.70 -673.3 0 14,825.80 -3,069.20 0 Basic Weighted Avg Shares Basic EPS, GAAP Basic EPS from Cont Ops Basic EPS from Cont Ops, Adjusted 2,995.00 3.29 3.29 4.44 2,929.00 2.28 2.28 2.28 2,850.00 5.22 5.22 4.99 2,832.00 6.32 6.32 5.23 Diluted Weighted Avg Shares Diluted EPS, GAAP Diluted EPS from Cont Ops Diluted EPS from Cont Ops, Adjusted 3,010.00 3.28 3.28 4.42 2,945.00 2.26 2.26 2,868.00 5.19 5.19 4.96 2,848.00 6.27 6.27 5.19 2.26 Diluted EPS from Cont Ops, Adjusted 4.42 2.26 4.96 5.19 35,004.30 6.46 Reference Items Accounting Standard EBITDA EBITDA Margin (T12M) EBIT Gross Margin Operating Margin Profit Margin Sales per Employee Dividends per Share Total Cash Common Dividends Capitalized Interest Expense Personnel Expenses Depreciation Expense Rental Expense Source: Bloomberg US GAAP 33,421.30 6.68 22,921.30 22,892.30 25.37 4.58 2.66 217,540.43 2.04 6,124.00 17 US GAAP 35,635.00 6.93 24,957.00 21,957.00 25.1 4.27 1.3 233,820.45 2.08 6,092.30 US GAAP 35,079.00 6.69 24,092.00 21,422.00 24.69 4.09 2.71 238,165.45 2.12 6,048.00 22,518.30 24.66 4.15 2.74 2.15 6,071.00 0 10,500.00 2,900.00 10,678.00 3,000.00 0 10,987.00 3,361.00 WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Walmart Inc (WMT US) - Standardized In Millions FY 2018 FY 2019 FY 2020 12 Months 18-01-31 19-01-31 20-01-31 Total Assets + Cash, Ca 6,756.00 7,722.00 9,465.00 + Cash & 6,756.00 7,722.00 9,465.00 + ST Inve 0 0 0 + Account 5,614.00 6,283.00 6,284.00 + Accoun 5,614.00 6,283.00 6,284.00 + Notes F 0 0 0 + Inventor 43,783.00 44,269.00 44,435.00 + Other ST 3,511.00 3,623.00 1,622.00 + Derivat 0 0 + Deferre- + Discont - + Misc ST 3,511.00 3,623.00 1,622.00 Total Curre 59,664.00 61,897.00 61,806.00 + Property ######## ######## ######## + Properi ######## ######## ######## - Accumu 83,039.00 81,493.00 89,820.00 + LT Invesi 0 0 0 + Other LT 30,040.00 46,003.00 47,640.00 + Total In 18,242.00 31,181.00 31,073.00 + Goodw 18,242.00 31,181.00 31,073.00 + Other 0 0 0 + Deferre 1,879.00 1,796.00 1,914.00 + Derivat 508 412 + Misc LT 9,411.00 12,614.00 14,653.00 Total Nonci ######## ######## ######## Total Asset ######## ######## ######## Liabilities & Shareholders' Equity + Payable: 68,859.00 67,715.00 67,559.00 + Accoun 46.092.00 47.060.00 46.973.00 + STOP + Accoun 46,092.00 47,060.00 46,973.00 + Accrue 645 428 280 + Other F 22,122.00 20,227.00 20,306.00 + ST Debt 9,662.00 7,830.00 8,241.00 + ST Borr 5,257.00 5,225.00 575 + ST Leas 667 729 2,304.00 + ST Fin 667 729 511 0 1,793.00 + Current 3,738.00 1,876.00 5,362.00 + Other St 0 1,932.00 1,990.00 + Deferre 0 1,932.00 1,990.00 + Derivat 0 0 + Deferre + Discont + Misc ST 0 0 0 Total Curre 78,521.00 77,477.00 77,790.00 + LT Debt 32,784.00 46,340.00 64,192.00 + LT Borr 26,004.00 39,657.00 43,714.00 + LT Leas 6,780.00 6,683.00 20,478.00 +LT Fina 6,780.00 6,683.00 4,307.00 +LT Ope 0 16,171.00 + Other LT 12,395.00 15,844.00 12,961.00 + Accruel 0 0 0 + Pensior - 0 0 + Pensior - + Other + Deferre 0 0 0 + Deferre 3,831.00 6,296.00 6,204.00 + Derivat 4,227.00 4,291.00 + Misc LT 4,337.00 5,257.00 6,757.00 Total Nonc 45,179.00 62,184.00 77,153.00 Total Liabili ######## ######## ######## + Preferre 0 0 0 + Share Ca 2,943.00 3,253.00 3,531.00 + Commc 295 288 284 + Additio 2,648.00 2,965.00 3,247.00 - Treasury 0 0 0 + Retainec 85,107.00 80,785.00 83,943.00 + Other EC-10,181.00 -11,542.00 -12,805.00 Equity Befo 77,869.00 72,496.00 74,669.00 + Minority 2,953.00 7,138.00 6,883.00 Total Equity 80,822.00 79,634.00 81,552.00 Total Liabili ######## #### ## Reference Items Accounting US GAAP US GAAP US GAAP Shares Out 2,952.00 2,878.00 2,832.00 Number of 0 0 0 Pension Ob 0 0 0 Future Min 15,366.00 14,118.00 26,257.00 Capital Lea: 7,447.00 7,412.00 4,818.00 Options Gri Options Ou - Net Debt 35,690.00 46,448.00 62,968.00 Net Debt to 44.16 58.33 77.21 Tangible Cc 32.01 21.96 21.22 Current Rat 0.76 0.8 0.79 Cash Conve 3.92 1.86 1.93 Cash Held ( 6,500.00 7,666.00 Number of ######## ######## ######## Source: Bloomberg WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Target Corp (TGT US) - Adjusted In Millions FY 2018 FY 2019 FY 2020 12 Months 18-02-03 19-02-02 20-02-01 Revenue 72,714.00 75,356.00 78,112.00 + Sales & 71,786.00 74,433.00 77,130.00 + Other 928 923 982 - Cost of R 51,125.00 53,299.00 54,864.00 + Cost of 51,125.00 53,299.00 54,864.00 Gross Profi 21,589.00 22,057.00 23,248.00 + Other 0 0 0 0 - Operatin 17,370.00 17,947.00 18,607.00 + Selling, 15,140.00 15,723.00 16,233.00 + Resear 0 0 0 + Deprec 2,225.00 2,224.00 2,357.00 + Other 5 0 17 Operating ! 4,219.00 4,110.00 4,641.00 - Non-Ope 471 434 417 + Interes 653 461 477 + Interes 653 461 477 - Interest 0 0 0 + Foreign 0 + (Incom + Other -182 -27 -60 Pretax Inco 3,748.00 3,676.00 4,224.00 - Abnorma 118 0 34 + Early E 123 10 + Asset V- + Gain/LC - + Legal S + Restruc- + Unreali - 41 + Insuran -5 -17 + Other - 0 0 - IIIIIIII IIII - 3,676.00 746 424 322 4,190.00 921 743 178 2,930.00 -7 3,269.00 -12 + Other - Pretax Inco 3,630.00 - Income 1 722 + Current 910 + Deferre -188 + Tax Allc - Income (Lo 2,908.00 - Net Extra -6 + Discont -6 + XO & A 0 Income (Lo 2,914.00 - Minority 0 Net Income 2,914.00 - Preferred 0 - Other Ad 0 Net Income 2,914.00 -7 -12 0 2,937.00 0 2,937.00 0 0 3,281.00 0 3,281.00 0 0 3,281.00 0 2,937.00 Net Income 2,580.00 Net Abnor -328 Net Extrac -6 2,876.00 -54 -7 3,295.00 26 -12 Basic Weig! Basic EPS, Basic EPS fr Basic EPS fr 546.8 5.32 5.32 4.72 528.6 5.55 5.54 5.44 510.9 6.42 6.39 6.45 Diluted We Diluted EPS Diluted EPS Diluted EPS 550.3 5.29 5.28 4.68 533.2 5.51 5.5 5.4 515.6 6.36 6.34 6.39 Reference Items Accounting US GAAP US GAAP EBITDA 6,907.00 6,824.00 EBITDA Ma 9.5 9.06 EBITA 4,445.00 4,364.00 EBIT 4,219.00 4,110.00 Gross Marg 29.69 29.27 Operating! 5.8 5.45 US GAAP 7,519.00 9.63 4,928.00 4,641.00 29.76 5.94 Operating! 5.8 5.45 5.94 Profit Marg 3.55 3.82 4.22 Sales per Er ######## ## #### ## Dividends F 2.46 2.54 2.62 Total Cash 1,356.00 1,347.00 1,345.00 Capitalized 0 0 0 Depreciatic 2,462.00 2,460.00 2,591.00 Rental Expe 212 240 274 Source: Bloomberg WMT and TGT Financial Statement Data Source Bloomberg LLP Accessed, 9/15/2020 Target Corp (TGT US) - Standardized o o In Millions FY 2018 FY 2019 FY 2020 12 Months 18-02-03 19-02-02 20-02-01 Total Assets + Cash, Ca 2,643.00 1,556.00 2,577.00 + Cash & 2,643.00 1,556.00 2,577.00 + ST Inve 0 0 + Account 0 0 + Accoun 0 0 + Notes F 0 0 0 + Inventor 8,597.00 9,497.00 8,992.00 + Other ST 1,300.00 1,466.00 1,333.00 + Prepaic 157 157 154 + Derivat 23 19 23 + Discont - + Misc ST 1,120.00 1,290.00 1,156.00 Total Curre 12,540.00 12,519.00 12,902.00 + Property 26,420.00 27,498.00 28,519.00 + Properi 44,818.00 46,185.00 48,183.00 - Accumu 18,398.00 18,687.00 19,664.00 + LT Invest 0 0 0 + Other LT 1,343.00 1,273.00 1,358.00 + Total In 709 699 686 + Goodw 630 633 633 + Other 79 66 53 + Derivat 0 10 137 + Prepaic - + Discont - + Misc LT 634 564 535 Total Nonc 27,763.00 28,771.00 29,877.00 Total Asset 40,303.00 41,290.00 42,779.00 Liabilities & Shareholders' Equity + Pavables 9.080.00 10.154.00 10.322.00 + Payable: 9,080.00 10,154.00 10,322.00 + Accoun 8,677.00 9,761.00 9,920.00 + Accruel + Interes 403 393 402 + Other 0 0 0 + ST Debt 429 1,218.00 361 + ST Borr 0 0 0 + ST Leas 228 219 267 + ST Fin 80 53 67 + ST Op 148 166 200 + Current 201 999 94 + Other ST 3,543.00 3,642.00 3,804.00 + Deferre 0 0 0 + Derivat 0 3 0 + Discont - + Misc S1 3,543.00 3,639.00 3,804.00 Total Curre 13,052.00 15,014.00 14,487.00 + LT Debt 13,041.00 12,227.00 13,613.00 + LT Borr 10,232.00 9,255.00 10,035.00 + LT Leas 2,809.00 2,972.00 3,578.00 +LT Fina 885 968 1,303.00 + LT Ope 1,924.00 2,004.00 2,275.00 + Other LT 2,559.00 2,752.00 2,846.00 + Accrue 0 0 0 + Pensior 41 40 23 + Deferre 600 570 539 + Deferre 693 972 1,122.00 + Derivat 6 0 0 + Discont + Misc LT 1,219.00 1,170.00 1,162.00 Total Nonci 15,600.00 14,979.00 16,459.00 Total Liabili 28,652.00 29,993.00 30,946.00 + Preferre 0 0 0 + Share Ca 5,903.00 6,085.00 6,268.00 + Commc 45 43 42 + Additio 5,858.00 6,042.00 6,226.00 - Treasury 0 0 0 + Retainer 6,495.00 6,017.00 6,433.00 + Retainer 6,495.00 6,017.00 6,433.00 + Other Ec -747 -805 -868 Equity Befo 11,651.00 11,297.00 11,833.00 + Minority 0 0 0 Total Equity 11,651.00 11,297.00 11,833.00 Total Liabili 40,303.00 41,290.00 42,779.00 Reference Items Accounting US GAAP US GAAP US GAAP Shares Out: 541.7 517.8 504.2 Number of 0 0 o Pension Ob 41 40 23 Future Min 3,726.00 2,904.00 3,205.00 Capital Lea: 965 1,021.00 1,370.00 Options Gri 2.1 0 0 Options Ou 5.9 4 2.5 Net Debt 10,827.00 11,889.00 11,397.00 Net Debt to 92.93 105.24 96.32 Tangible Cc 27.64 26.11 26.48 Current Rat 0.96 0.83 0.89 Cash Conve Number of ######## ## Source: Bloomberg