Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Wal-Mart de México, S.A.B. de C.V. (WALMEX.MX)

Company Dividend Discount ModelIndustry: Discount StoresSector: Consumer Defensive

Valuation Snapshot

Stable Growth$69.19 - $191.71$107.21
Multi-Stage$68.17 - $74.56$71.31
Blended Fair Value$89.26
Current Price$56.57
Upside57.79%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.79%5.62%2.152.671.701.621.782.071.472.461.671.82
YoY Growth---19.31%56.81%4.86%-8.87%-13.97%40.56%-40.17%47.57%-8.21%45.83%
Dividend Yield--3.82%4.04%2.36%1.98%2.76%3.71%2.81%5.30%3.86%4.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)50,490.50
(-) Cash Dividends Paid (M)37,399.45
(=) Cash Retained (M)13,091.05
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10,098.106,311.313,786.79
Cash Retained (M)13,091.0513,091.0513,091.05
(-) Cash Required (M)-10,098.10-6,311.31-3,786.79
(=) Excess Retained (M)2,992.956,779.749,304.26
(/) Shares Outstanding (M)17,381.4917,381.4917,381.49
(=) Excess Retained per Share0.170.390.54
LTM Dividend per Share2.152.152.15
(+) Excess Retained per Share0.170.390.54
(=) Adjusted Dividend2.322.542.69
WACC / Discount Rate7.10%7.10%7.10%
Growth Rate3.62%4.62%5.62%
Fair Value$69.19$107.21$191.71
Upside / Downside22.31%89.52%238.90%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)50,490.5052,824.2955,265.9557,820.4760,493.0763,289.2065,187.87
Payout Ratio74.07%77.26%80.44%83.63%86.81%90.00%92.50%
Projected Dividends (M)37,399.4540,810.8944,457.7848,354.6252,516.7256,960.2860,298.78

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.10%7.10%7.10%
Growth Rate3.62%4.62%5.62%
Year 1 PV (M)37,740.2738,104.4838,468.69
Year 2 PV (M)38,019.4538,756.8039,501.23
Year 3 PV (M)38,240.6339,358.4640,497.87
Year 4 PV (M)38,407.2839,911.4741,459.42
Year 5 PV (M)38,522.7340,417.7642,386.65
PV of Terminal Value (M)994,021.111,042,919.531,093,723.64
Equity Value (M)1,184,951.471,239,468.501,296,037.49
Shares Outstanding (M)17,381.4917,381.4917,381.49
Fair Value$68.17$71.31$74.56
Upside / Downside20.51%26.06%31.81%

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