Wal-Mart Message Board - Msg: 1963252

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Non-Tech : Wal-Mart

WMT 102.49

-0.1%

3:59 PM EST

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To: Leo Francis who wrote (245)	8/13/1997 1:30:00 PM
From: Ken Turetzky	of 1166

Alex. Brown DAILY RESEARCH HIGHLIGHTS--PART B Wednesday, August 13, 1997 WAL-MART (WMT) (8/12/97, 35 15/16, MARKET PERFORMER) Patrick McCormack (212) 237-2009 -- Q2 EPS of $0.35 versus $0.31 were in-line with expectations. -- Maintain EPS estimates and 14% long-term growth rate. -- At 23 times 12 month forward EPS or 115% of the market p/e we think the stock's valuation is reasonable. -- More benefits from better inventory and accounts payable management are likely although at a lesser rate going forward. -- Continue to think the discount store competitive environment will remain rational.

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