Report
John Brick, CFA
EUR 98.48 For Business Accounts Only

Incorporating Expected U.S. Tax Reform Into Our Valuations

We currently believe that U.S. corporate tax reform is more likely than not to occur during the Trump administration. While it’s true that the administration’s agenda has taken a step back after pulling legislation regarding the Affordable Care Act, Congress now has more bandwidth to work on less-contentious tax reform. Additionally, as we believe Republicans will be more open to compromise and will likely use budget reconciliation, they should have the needed votes to effect change.
We expect t...
Underlying
Walmart Inc.

Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the U.K. The company's operations are conducted in three reportable segments: Walmart U.S., which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
John Brick, CFA

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