Strong End to Fiscal 2019 Does Not Alter Our Long-Term Outlook for Walmart; Shares Slightly Rich
With the wide-moat retailer posting a solid end to fiscal 2019, we do not plan to make a large change to our $94 fair value estimate for Walmart. Strong domestic performance drove full-year results that we believe are consistent with our view that the firm enjoys enduring competitive advantages that should allow it to deliver returns even as retail changes. We anticipate leaving our long-term forecast largely intact (low- to mid-single-digit percentage revenue growth, 4% adjusted operating margi...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.
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.
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