Wal-Mart's Digital and E-Commerce Initiatives Continue; Shares Undervalued
Wide-moat Wal-Mart reported year-end results that were in line with expectations, thus we are reiterating our $76 fair value estimate, excluding time value of money adjustments. Revenue increased 3.0% on a constant currency basis, which was in line with our estimate, driven by U.S comparable-store sales of 1.8% (1.4% traffic and 0.4% ticket). These sales came despite a 90-basis-point headwind of food deflation that we note is a sequential improvement to third-quarter results of a 150-basis-point...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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