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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (59330)	4/8/2017 8:36:55 PM
From: Graham Osborn	Read Replies (1) \| Respond to of 78954

I don't know much about the short float, but it looks like it's been high and growing for a number of years. Starting from basics, it seems like revenue has leveled off since 2000, so I doubt that much of a growth premium is warranted. Tangible book has declined since then, whereas WMT has steadily improved theirs. Yet the two companies have roughly comparable EV/ Revs, EV/ EBITDAs, and P/ TBs. At a high level, it looks like WMT is the better value. I'm sure some would slice and dice it in terms of specific retail vertical/ margins. Nor are their liabilities much more favorable.. they have 1B in lease obligations which is about 50% in excess of their tangible book.. not unusual for a retailer but not great either when negative retained earnings are likely to continue.