Valuation of Walmart's International Business. In addition to its stores in the United States, Walmart Stores, Inc. has numerous retail units in Argentina, Brazil, Canada, China, Mexico, and the United Kingdom. Consider that the value of Walmart is composed of two parts, a U.S. part (due to business in the United States) and a non-U.S. part (due to business in other countries). Explain how to determine the present value (in dollars) of the non-U.S. part assuming that you had access to all the details of Walmart businesses outside the United States. Use the multinational valuation model over multiple periods to answer this question.