Wal-Mart Message Board - Msg: 3672362

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Non-Tech : Wal-Mart

WMT 102.57

-0.9%

3:59 PM EST

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To: S. HYDER who wrote (351)	3/11/1998 11:25:00 AM
From: Ken Turetzky	of 1166

RESEARCH SUMMARIES:Morning Notes Summary 07:56am EST 11-Mar-98 Merrill Lynch (Investor Support) WalMart Stores (Wmt; $50 15/16; A-1-1-7) International Expansion Enhances Blue Chip Appeal of Stock (Bulletin Available) 98E $1.77; 99E $2.00; Market Cap.: $115,475mn o International operations expand growth potential for WalMart well beyond next decade o International should add 3% to 4% to earnings growth over the next five years o North America is first priority for international operations followed by South America, Asia and Europe o Domestic supercenters remain the key driving force behind sales and earnings growth o Additional international acquisitions are likely over the next several years o Management committed to 15% annual total shareholder return boosted by dividends and share repurchases o Aggressive share buyback program should continue o Expect retailing stocks to continue to outperform (D. Barry/R. Ford/G. Sommers/M. Byun)

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