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Wal-mart Stores Inc: Cash Flow Valuation Update 3 commentsMar 28, 2012 3:34 PM | about stocks: WMT
Current Price: ~ $61/share
Projected Yield: ~ 2.60%
Wal-Mart is the largest retailer in the world with more than $400 billion in annual revenue and fast approaching 10,000 stores across the globe. The company mainly operates supercenters, followed by wholesale warehouse clubs and also is testing a smaller store format for urban areas, which the company has yet to penetrate.
Estimated WACC for the firm today is 6.09% using the Capital Asset Pricing Model and the company's recent SEC filings.
Recent free cash flows and noted growth rates:
Year FCF $Millions 2003 3177 2004 5688 2005 2151 2006 3070 2007 4498 2008 5417 2009 11648 2010 14065 2011 10944 2012 10745
Average Annual Growth FCF: ~ 26%
Consensus Forecast Industry 5-Year Growth: ~ 14% per year
Consensus Forecast Company 5-Year Growth: ~ 9% per year
Internal Growth Rate: ~ 6%
Sustainable Growth Rate: ~ 18%
Scenario 1
- Start at $10745 million FCF
- Assume a 5-year growth rate in FCF of 9% per year, then no growth or 0% growth in FCF per year forever:
Discounted Cash Flow Valuation
Year FCF $Millions 0 10745 1 11712 2 12766 3 13915 4 15167 5 16533 Terminal Value 295841
The firm's future cash flows, discounted at a WACC of 6.09%, give a present value for the entire firm (Debt + Equity) of $278429 million. If the firm's fair value of debt is estimated at $53043 million, then the fair value of the firm's equity could be $225386 million. $225386 million / 3430 million outstanding shares is approximately $66 per share and a 20% margin of safety is $53/share.
Scenario 2
All else being equal,
- Assume a 5-year growth rate in FCF of 9% per year, then 1% growth in FCF per year forever:
Discounted Cash Flow Valuation
Year FCF $Millions 0 10745 1 11712 2 12766 3 13915 4 15167 5 16533 Terminal Value 353949
- Present Value of the entire firm (Debt + Equity): $321664 million
- Value of Equity: $268621 million or $78/share
- 20% margin of safety is $62/share
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.Stocks: WMTBack To Eric Cota's Instablog HomePage »
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.Comments (3)Track new comments
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Why do you not use a Free Cash Flow to Equity since that is what you will ultimately pay for? Can you please provide further analysis on your CAPM analysis? What risk free rate did you use and for what date?
Hi Biz:
Thanks for the detailed explanation. Professionally I am a private business appraiser, so I understand that you must make assumptions (i.e. discount rate, FCF) when preparing a valuation. Your assumptions seem pretty sound. Recently I spoke with Zeke Ashton of Centaur Capital Partners and he said that for his analysis he simply uses your same calculation of FCF. I enjoy your analysis and look forward to many more posts.
Johnson & Johnson: $JNJ Cash Flow Valuation http://goo.gl/zGPyqN Jun 25, 2014
Johnson & Johnson: JNJ Cash Flow Valuation $JNJ http://seekingalpha.com/p/1sqfx Jun 25, 2014
Analog Devices Inc: $ADI Cash Flow Valuation Update http://goo.gl/Ixp3hO Jan 9, 2014
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First, I am a total beginner. I find the Pioneer user manual unhelpful for a beginner to figure out how to connect electronic components. I have a Pioneer VSX-921-K that I want to connect to an HDMI TV and HDMI cable box. I have the Pioneer connected to the cable set top using HDMI video 1 on the Pioneer and then connected to the only HDMI port on the cable set top box. Where on Pioneer do I plug in the HDMI from the TV set? Also when connecting my IPad 2 I can only get the iTunes library. How can I connect IPad 2 to stream from IPad 2 to the TV screen? I want to display on TV the pictures from the iPad photo gallery. How do I access the internet using TV screen from my Ipad2 which is connected wirelessly to my Linksys router?
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See Soundgarden rocking Segways in Dave Grohl-directed music video
Soundgarden is about as serious as rock bands get these days, so its fun to see the Chris Cornell-fronted group loosen up a little bit in the music video for its latest single "By Crooked Steps."
The Dave Grohl-directed video opens with the guys finishing up a poker game and slipping on Crooked Steps biker jackets as they head out into the night. But just when you expect to see them revving their Harleys, a medium shot reveals the guys doing their best tough guy expressions while cruising along on some Segways. »Read Full Blog Post
Chieftains keep it simple and fun at Pabst Theater
After 52 years, you might expect the Chieftains to give a phoned-in performance.
You'd be wrong. »Read Full Article(1)
Theatrical Tendencies' 'Temperamentals': Being gay in '50s
Late in playwright Jon Marans' "The Temperamentals," the lead character addresses the audience, challenging the notion that the gay liberation movement began with those now-legendary 1969 riots outside a Greenwich Village bar.
"Before Stonewall," gay activist Harry Hay (Mark R. Neufang) tells us, "an even braver bunch of us stood up to the plate — before there even was a plate!" Led by Hay and his lover in Los Angeles, these brave pioneers called themselves the Mattachine Society. »Read Full Article
6 chefs, 5 courses, 5 beers as dinner series kicks off at Hinterland
The first in a series of beer dinners that bring together some of the city's top chefs will be March 25 at Hinterland Erie Street Gastropub.
Chefs cooking for the Best of Milwaukee beer dinner are Justin Aprahamian of Sanford, Daniel Jacobs of Odd Duck, Paul Zerkel and Lisa Kirkpatrick of Goodkind (due to open in spring in Bay View), Dan Van Rite of Hinterland and Matt Kerley of Blue Jacket. »Read Full Blog Post
'Cesar Chavez,' the movie and the book
"Cesar Chavez" a new feature film that tells the story of the famed farm worker organizer and civil rights leader, opens soon in theaters across the country.
The movie bio-pic stars Michael Peña, and Rosario Dawson. »Read Full Blog Post
Brewers still working out details on Hank the dog's new home
Phoenix — The question persists: Where will home be for Hank, the Brewers dog?
For the answer, apparently, we'll have to wait a little longer. »Read Full Article(18)


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"Having trouble picking out gifts? Try Borders' Giftmixer3000 -- a talking computer, à la HAL from 2001, who is more than happy to help. Just another viral bon bon from -- need we say it -- Crispin Porter + Bogusky."
While it's an amusing idea, it picks out shite gifts for me. Perhaps that's just their stocks fault though.
yeah, it'd be cool if it actually worked
Hmmmm... Does high IQ automatically get Elvis collections suggestions or is that just when I try it? I've gotten Elvis every time now. Maybe Elvis makes you dumb.
I got Elvis compilations too! Maybe they're just trying to get rid of 'em! ;))


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Lunar lander
From Wikipedia, the free encyclopedia
(Redirected from Lunar Lander)
For other uses, see Lunar lander (disambiguation).
A Lunar lander or Moon lander is a kind of lander (spacecraft) designed to conduct a moon landing.
Examples of lunar landers or programs to design lunar landers include:
- Lunar Lander (space mission), an ESA mission to send an autonomous lander to the moon
- Lunar Lander Challenge, a competition to produce VTVL vehicles with sufficient delta-v to fly from the Moon to orbit
- Apollo Lunar Module, used for the 1969-1972 human spaceflight program of the United States
- LK Lander, designed for the human spaceflight program of the Soviet Union
- Altair (spacecraft), a proposed spacecraft previously known as the Lunar Surface Access Module
- Luna programme, lander spacecraft used by the Soviet Union for robotic exploration of the Moon
- Mighty Eagle lander (previously called NASA Robotic Lunar Lander) current NASA program for developing a new generation of small, autonomous lunar landers[1]
- Surveyor Program, lander spacecraft used by the United States for robotic exploration of the Moon
- Project Morpheus, a NASA research and development program whose test bed may evolve into a 21st Century lunar lander
See also[edit]
- List of man-made objects on the Moon, a list of objects that have landed or crashed on the Moon
- ^ Robotic Lunar Lander, NASA, 2010, accessed 2011-01-10.


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Wise® Weekender Jump Seat
Item # WX2-203798SOLD OUT
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Hop into this Wise® Weekender Jump Seat for comfort as you cruise!
Update your boating seating with Wise®! This Weekender Jump Seat comes fully loaded with the quality components you've come to expect from a leading marine retailer!
State-of-the-art, high-impact plastic framing with a molded plastic base stands up to heavy use and the constant jarring of life on the water. It's the perfect lounge spot with compression-foam padding that's easy on your body while you wait for your turn on the towable tube.Check out the rest:
- Scuff / mar-resistant exterior keeps the Seat in near-mint condition
- Removable seat cushion for storage underneath
- Heavy-duty, 28-oz. marine-grade vinyl outside
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- 6-year warranty on the frame, 3-year warranty on upholstery. Measures 17 x 16 x 27"h. Seat depth is 13". Base is 13 1/4 x 14 x 10"h.
State Color, as available in the Shopping Cart. Cushy on-board seating ONLINE for LESS!


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For free patterns and more paper piecing fun, visit my website www.piecebynumber.com
The Mind's Eye quilt block pattern contains a clearly labeled paper piecing pattern and complete instructions to sew the design in a range of sizes. The pattern pieces as given make a 6 inch (15.2 cm) and 12 inch (30.4) block; for other sizes, use the handy percentages chart to enlarge or reduce the pattern to your desired block size.A single large block would make a fabulous wall hanging, table topper or baby quilt. But the real magic begins to happen when you have 4 x 4, 4 x 6, 6 x 6 (or more!) blocks together, especially with gradations of value and/or color. A coloring page is provided for you to experiment with your own colorways before you start sewing. Note that block sizes smaller than 6" are NOT recommended and I've rated the pattern as intermediate difficulty, due to the many pieces in each block (not because the actual sewing is particularly tricky). I happily provide email support for questions with sewing the block pattern. Basic paper piecing instructions are not included; visit piecebynumber.com/links.htm for links to my favorite on-line paper piecing tutorials. For personal use only.
Be the first to comment on this pattern!
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realmagick.com The shrine of knowledge.
French Fries Origin
A selection of articles related to french fries origin.
Original articles from our library related to the French Fries Origin. See Table of Contents for further available material (downloadable resources) on French Fries Origin.
- Origin of the Zodiac Signs
- Zodiac is that imaginary belt encircling the earth through which the sun, moon, and the planets pass during the year.
Mystic Sciences >> Astrology
- Tarot Cards Overview
- Tarot is made up of four suites of regular playing cards, each having 14 pieces of cards. What distinguishes a deck of tarot cards from conventional playing cards is a single card called the Fool.
Divination >> Tarot Cards
- History of Voodoo
- The notoriously perceived notion of Voodoo as practiced in the western world is that of grotesquely molded wax dolls with pins sticking out of them. Let's look deeper than that!
Parapsychology >> Spirits
- The Legend of Stonehenge
- Stonehenge has fascinated thousands of people throughout the ages, even today people are still wondering about the origins of the mysterious Stonehenge. Today's scientists and historians are still unable to come to a solid theory of when, why, by whom, and...
Earth Mysteries >> Mystic Places
French Fries Origin is described in multiple online sources, as addition to our editors' articles, see section below for printable documents, French Fries Origin books and related discussion.
Great care has been taken to prepare the information on this page. Elements of the content come from factual and lexical knowledge databases, realmagick.com library and third-party sources. We appreciate your suggestions and comments on further improvements of the site.
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Schmidt-Cassegrain Telescopes
Celestron - C8-SGT XLT 8" Schmidt-Cassegrain Computerized Telescope
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Top Definition
an emotional jerky sound w/ refers to a certain place,with a tase of soft punk,progressive rock type.w/ once experienced..
this road to nowhere
localy unkown
desirable death
localy unkown
desirable death
de b-boy(crying out for help) 25 Ianuarie 2005
Trending Now
Can you define these popular missing words?
emo w/c specify the place w/c ones experienced tragedy,pain,loveloss solemn soft type of emo/acaustic type or something.
dried tears
crying out for help
crying out for help
de xXxihilakxXx 19 Ianuarie 2005


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Pumpkin Chocolate Chip Oatmeal Bars.
Soft & chewy pumpkin spice oatmeal bars loaded with chocolate chips. Perfect for "on the go" on those chilly fall days.
Photos updated September 2015!
I dream about my Peanut Butter Banana Chocolate Chip Oatmeal Bars every time I gobble the last one up from the batch. So soft, moist, wholesome, and chock-full of banana and peanut butter flavor. The chocolate chips are dreamy too.
I've had an itch to remake the bars with a little fall-ish makeover. Sub some pumpkin for the bananas, some molasses for the peanut butter, and fill them with pumpkin spice and everything nice. Love love love.
I'm in a pumpkin-state-of-mind these days and there's no turning back.
Until, of course, it's time to roll out the green & red Christmas sprinkles.
Pumpkin-chocolate-oatmeal was my regular breakfast some years ago. A sprinkle of cinnamon, a dash of cocoa powder, a spoonful of honey, a smothering of pure pumpkin, and chewy, buttery oats were the start of my fall days.
It's been a few years since I made my pumpkiny oats, but the taste and texture comes to my mind whenever the air begins to cool. Pumpkin and oats go hand-in-hand for me, so I knew this recipe would turn out perfectly. Plus, there's chocolate.
The pumpkin leaves these bars soft and moist, exactly like my original recipe with bananas. The oats give each bite a chewy texture. I use old-fashioned whole rolled oats in my recipe, not quick oats. Quick oats are finely ground up whole oats, and would leave these bars with little texture.
The molasses & brown sugar blend give the bars a rich sweetness and depth of flavor. You could use any type of molasses in these, just go by your taste preference. I used dark molasses, which is less sweet than light molasses but slightly sweeter and easier to handle than black-strap molasses.
I also didn't use too many chocolate chips in these. I opted for mini chips and only used 1/2 cup. I didn't want the chocolate to overpower the pumpkin.
The bars are dense, but not heavy. They're low in fat, but NOT in flavor. I love that I didn't have to clog these bars with any extra fats like oil or butter. There was simply no need for it! Healthy AND tasty recipes do exist.
Perfect as quick pre-workout fuel or a wholesome mid-afternoon snack.
Serving suggestion: warm up in the microwave for 15 seconds. Eat. Grab a napkin. (I was left with melty chocolate on my face and pumpkin on my fingers.)
1 bowl. 1 pan. Easy clean-up. 20 minutes. Healthy. Low-fat. Quick. Chocolate.
Pumpkin Chocolate Chip Oatmeal Bars
Yield: 16 bars
Soft & chewy pumpkin spice oatmeal bars loaded with chocolate chips. Perfect for "on the go" on those chilly fall days.
- 2.5 cups old-fashioned rolled oats (not instant or quick oats)
- 1/4 cup whole wheat flour (or all-purpose flour)
- 1/4 cup packed light or dark brown sugar
- 1 teaspoon baking powder
- 1/2 teaspoon salt
- 1 teaspoon ground cinnamon
- 1/2 teaspoon pumpkin pie spice
- 1 teaspoon vanilla extract
- 3/4 cup pure pumpkin (not pumpkin pie filling)
- 1/2 cup almond milk1
- 1 large egg2
- 1/4 cup molasses
- 1/2 cup mini chocolate chips
- Preheat oven to 350F degrees. Lightly spray 8 x 8 square baking pan with cooking spray or line with parchment paper. Set aside.
- Mix together oats, flour, brown sugar, baking powder, salt, cinnamon, and pumpkin pie spice. Add in the vanilla, pumpkin, milk, egg, and molasses. Mix together until evenly combined. Stir in mini chocolate chips. Do NOT overmix.
- Pour the mixture into the pan and bake for 20 minutes-30 minutes, or until baked through in the center. Allow to cool and cut into bars.
- Make ahead tip: Bars stay fresh for up to one week in a covered container at room temperature or in the refrigerator. Bars freeze well, up to 2-3 months. Thaw overnight in the refrigerator before enjoying.
Additional Notes:
- Or any milk you prefer.
- You can choose to leave out the egg by using a "flax egg" instead of a regular egg. Flax egg = mix 1 tbsp ground flax with 3 tbsp warm water and let it sit for 10 minutes while it "gels" up. Use the "flax gel" as a replacement for the egg. To make vegan, use this flax egg as well as dairy free milk and chocolate chips.
© Sally's Baking Addiction. All images & content are copyright protected. Please do not use my images without prior permission. If you want to republish this recipe, please re-write the recipe in your own words, or link back to this post for the recipe.
Here are a few similar favorite recipes.
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148 Responses to "Pumpkin Chocolate Chip Oatmeal Bars."
Thanks for another great recipe, Sally–though I'm commenting to report more successful deviations. I wanted to use a whole can of organic pumpkin puree (instead of having to figure out what else to make with remaining puree), so doubled the recipe and used a bigger pan. I only had four and a half cups of oats on hand, however, so I increased the flour to 3/4 cups (and used King Arthur's organic all-purpose). Instead of a 1/2 cup of molasses (and to reduce sugar content), I used 1/4 cup of maple syrup. Instead of regular brown sugar, I used dark muscovado sugar (which has more molasses flavor). Instead of chocolate chips in the bars, I added 1/2 cup of raw cocoa nibs and 1/2 cup of raw pumpkin seeds–and then, after I'd removed the baked bars from the oven, sprinkled a cup of chocolate chunks (72% cocoa content) on top. I used 2% cow's milk instead of almond milk. The baking time ended up being 45 minutes in my oven. The result: bars that are attractive, chewy (not rubbery), and not overly sweet, with pronounced pumpkin flavor. My family is enjoying eating them, but agree that they are more healthy-tasting (because of the reduced sweetness) than treat-like–definitely more like baked oatmeal-style "breakfast" bars than cookies, which is fine. I will make these again. It's great to have a recipe which calls for no oil or butter.