Wal-Mart Continues to Grow, but at What Cost?
Wide-moat Wal-Mart reported second-quarter results that are largely tracking in line with our full-year estimates, but we plan to raise our $82 fair value estimate by $1 to incorporate faster-than-anticipated digital growth of 60%, ahead of our 40% estimate for the year. As this number suggests, the firm continues to focus on driving its omnichannel experience (online, delivery, and pickup in store), which enabled strong traffic through its vast network (U.S. traffic up 1.3%, Sam’s Club traffic ...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.
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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.
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