With Third-Quarter Results Meeting Our Expectations, We Believe Walmart Shares Trade Near Fair Value
We do not plan to make a large change to our $96 per share valuation for wide-moat Walmart after it posted on-track third-quarter earnings. Strength in its domestic physical and digital operations has propelled strong year-to-date results, and we believe the performance supports our contention that the firm can continue to deliver returns even as it adapts to a changing retail landscape and builds omnichannel strength. Our long-term forecast is largely intact (low- to mid-single-digit percentage...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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