对Wal-Mart公司的权益估值分析
沃尔玛绩效的评估指标
沃尔玛绩效的评估指标一、引言沃尔玛是全球最大的零售商之一，其业绩表现一直备受关注。
对于沃尔玛绩效的评估指标，不仅能够帮助公司了解自身的经营情况，还能够为投资者提供参考。
本文将从财务、运营、市场等多个方面来分析沃尔玛的绩效评估指标。
二、财务指标1.销售额：销售额是衡量公司业绩的重要指标之一。
沃尔玛在2019年实现了514亿美元的销售额，较上年度增长1.9%。
2.净利润率：净利润率反映了公司盈利能力的高低。
沃尔玛在2019年实现了21.4亿美元的净利润，净利润率为4.2%。
3.毛利率：毛利率反映了商品销售所获得的毛收入与成本之间的差额比例。
沃尔玛在2019年实现了125亿美元的毛利润，毛利率为24.3%。
三、运营指标1.存货周转率：存货周转率反映了公司管理存货及其使用效果的好坏。
沃尔玛在2019年实现了9.4次的存货周转率。
2.员工人数：员工人数反映了公司规模及其管理效率。
沃尔玛在2019年拥有220万名员工。
3.门店数量：门店数量反映了公司扩张速度及其市场占有率。
沃尔玛在2019年拥有11654家门店。
四、市场指标1.市场份额：市场份额反映了公司在行业中的地位及其竞争力。
沃尔玛在美国零售业中占据了超过10%的市场份额。
2.客户满意度：客户满意度反映了公司产品及服务质量的高低。
沃尔玛在全球范围内得到了较高的客户满意度评分。
3.品牌价值：品牌价值反映了公司品牌知名度及其影响力。
沃尔玛被评为全球最有价值品牌之一。
五、风险指标1.财务风险：财务风险反映了公司面临的财务压力和偿还能力。
沃尔玛在2019年实现了6亿美元的自由现金流，净债务比率为0.87。
2.经营风险：经营风险反映了公司面临的市场风险和管理风险。
沃尔玛在过去几年中不断优化其供应链管理和电子商务业务，以应对市场变化。
3.声誉风险：声誉风险反映了公司在公众心目中的形象。
沃尔玛曾因员工待遇问题和环境污染问题受到舆论质疑，但其在社会责任方面的努力也得到了肯定。
企战沃尔玛SWOT分析小组作业
企业战略管理小组作业关于沃尔玛公司的SWOT分析小组成员：======================= Wal-Mart's business background: Wal-Mart company by the UnitedStates retail legend Sam Walton in Arkansas in 1962 set up. After forty years of development, the company has become the world 's largest private employer and the largest chain, in the global 14 countries opened more than 7000 stores, the total number of employees more than 2000000 people, a weekly visit Wal-Mart customers totaling 176000000.Wal-Mart entered China in 1996, in Shenzhen opened its first Supercenter and Sam's club. The Wal-Mart global procurement center headquarters set up in Shenzhen in 2002. After twelve years of development, the current Wal-Mart in the country has a total of 63 city opened 115 stores, including Wal-Mart shopping plaza, Sam's club, Wal-Mart store in three formats, including Wal-Mart shopping plaza in 110, Sam's Club 3, a community shop 2, at the same time have Haoyouduo 35% stake. Wal-Mart has in China created more than 50000 jobs.As a good corporate citizen, Wal-Mart since entering the China will actively participate in community service and charity events, twelve years accumulative total to various charities donated more than $57000000 of goods and capital. Wal-Mart attaches great importance to environmental protection and sustainable development, and environmental protection 360 into the concept of Wal-Mart's daily work of every link, while also encouraging partners become the Wal-Mart environmental protection 360 part of the plan, a common commitment to China 's environmental protection and sustainable development.Elsewhere, the Wal-Mart in China always adhere to the company's fine tradition, that is good to focus on every restaurant, every good customer service. Committed to the" everyday low price" to provide customers with a full range of high quality products and friendly service. Wal-Mart opens a market every time in China, both for the local introduction of advanced technology and innovative retail concept retail. By promoting a healthy competition, we hope to continue to improve the management level and service quality, so as to contribute to the prosperity of local economyWal-Mart in China business always adhere to the local procurement, through the purchase of high-quality products for the local to provide more employment opportunities, supports the local manufacturingindustry, promoting the development of local economy. At present, the products sold by Wal-Mart in China local products reached more than 95%, and nearly 2 ten thousand supplier to establish a cooperative relationship. We always treat our suppliers as partners, and suppliers of common development. In 2008 September, by the Shanghai News - supplier satisfaction evaluation Office Center released" 2008 supplier satisfaction survey report", it again was named " comprehensive satisfaction chain stores". In addition, Wal-Mart annual direct procurement of Chinese goods exports amount to about $9000000000. Wal-Mart and Chinese consumer goods manufacturers work closely together, share our information and resources, and support manufacturing enterprises to improve production, technology and management level; the world's leading retail techniques and experience to promote China, the domestic retail industry to raise the level of.Wal-Mart 's internal strengths ( S )In 1, management of highly standardized, philosophy of science. Wal-Mart all management through information technology to complete, no matter the managerial staff of the headquarters or mall sales are in accordance with the instruction of computer work, will not randomly. Wal-Mart in the price of domestic enterprises is not the killer and its advanced management concepts and scientific management;In 2, a highly developed information technology. Wal-Mart in the information technology investment spare no effort, specifically responsible for the software design engineers have more than 2000, China and the United States headquarters linkages by satellite, the application of computer technology to get in by every opening;3, business promotional features. Wal-Mart store layout is very active, in the commodity sales promotion is also very distinctive. Wal-Mart is not completely at the expense of suppliers and their own interests to do promotions, but very exquisite skill, the skill in the consumer psychology made a lot of efforts. In addition to the commodity demonstration, time-limited sales promotions, and arcade entertainment promotional activities and other aspects are very distinctiveIn 4, the training system of. Wal-Mart employees from entry to the entry after training are very perfect, training for quite a long time, Chinese employee training before the shortest amount of not less than 3 months, after the training staff for the positions of knowledge very comprehensive;In 5, a strong logistics system ( mainly referring to foreign ). Walmart has not yet large-scale in the domestic set up distribution centers, only in Yantian Port has a distribution center of Guangdong Province, all the stores for distribution. And Guangdong Province shop, usually require purchasing localization, part no local procurement of goods required Shenzhen to set up offices in the local suppliers for distribution;In 6, the United States of America brand commodity prices have obvious advantages. This is not reflected in the price sign, and reflected in the purchase rebates. For example, the United States of America Procter & gamble on Chinese domestic businesses to supply price is the same, but as Procter & Gamble's biggest clients, Wal-Mart in the United States each year can be P & G company headquarters made substantial procurement commission. This description if blindly in some big brand goods and Wal-Mart are price war, the loss will be larger;7, brand advantage. Wal-Mart is wearing the world the first halo, this brand is absolutely can not be ignored, for example, many of the retail industry the ideal of the youth is the hope to be able to enter the Wal-Mart, Wal-Mart brand advantages brought about by lethality and charisma is any cannot replace.In 8, management of human nature, the enterprise culture the importance of human resource management, the staff as a partner, outstanding talent.Wal-Mart's internal disadvantages ( W )1, although has the leading IT technology, but because it stores allover the world, this span will lead to some aspects of the control force not strong enough. Huge scale, bring on the management challenges, problems are more.In 2, fair wages and welfare treatment, currently in the country is very common. ( in foreign countries their government's trade union causes, so foreign employees will be better ). As you all know, oppression of suppliers. Many suppliers are afraid to talk about price and wal-mart. There is so large a group, including differences must be serious.In 3, the company so far, all the local branch, is still the only accredited senior director, below the middle level is the local staff, and this company future localization full development, mutual contradiction. Cause to the future development of advanced local management staff shortage, local employees in the personal future occupation career planning development boundaries : local management staff is easy to lose, not conducive to the company's future in China for the global procurement center development strategy orientation, training mode to the occupation skill, has neglected to employee occupation ethics and occupation standard education and training. The lack of enterprise and employee affective interaction management.In 4, due to the mainland domestic production and supporting infrastructure, thus causing serious economic and social problems. If the government did not take timely relative effective measures, the scale of production and social purchasing power cannot form benign loop condition, will likely increase the current domestic deflation. The company is large in scale, bring on the management challenges, problems are more, no internal innovationIn 5, Wal-Mart, best thing is using satellite support background information processing system, this system will manufacturers, logistics business completely into their information under the control of. Although the logistics outsourcing, while still achieving such as Crossdocking ( en route distribution ), vendor managed inventory and automatic replenishment system. A piece of goods from the factory to the shelves of the average time control in 5 to 7 days, while rivals often have to use 30 days. It is Wal-Mart ahead of all of the opponent's core competitiveness, and this point even impossible toimitate, but in China, the satellite useless, policy restrictions making it impossible to share the global procurement system, global logistics system. The Wal-Mart China to become American Wal-Mart, must wait for the Chinese retail industry, the right to import and export trade, logistics industry comprehensive opening of synchronization. In other words, the retail industry opening degree has decided the Wal-Mart business area; the right to import and export trade openness decided its circulation of goods : sales is the small circle or global big circle, is one-way flow or free in and out. 2 to 4 years after the problem of course does not become an issue. The problem is the world's 50 largest retail corporations have Qi Qi into China, expand the enclosure movement, Wal-Mart is not much time left.5, control force is not strong enough6, because the product diversification relative to other products more focused competitors relatively inflexible. Covered by clothing, food and other departments, competitive weaknesses7, globalization, at present only a few countries develop the marketThe external threat ( T )In 1, the retail industry leader status to become all competitors to overtake the target, such as a huge market, the strength of the carrefour.2, globalization strategy makes it possible to its operations in countries experiencing political issues.3, the reduction of manufacturing cost, so that the variety of consumer goods cost tends to drop. Causes and reducing the manufacturing cost is the main cause of the outsourcing of production to the world of low cost area. This has led to price competition, and in some areas caused by the deflation. Malignant price competition is a threat.4, political issues, cultural differences will affect the application of Wal-MartWal-Mart ( O ) external opportunities1, expand the market ( such as China, India)In 2, and other international retailersIn 3, focused on the European or Chinese specific marketIn 4, the existing large supermarket strategy onIn 5, the scale of operations, the low price strategy carry the world before oneIn 6, and other retailers to form strategic alliancesThe overall analysis and summaryBy using SWOT analysis method from the four aspects of Wal-Mart global analysis, we to Wal-Mart in all aspects of the company to have the further understanding, play advantage: to logistics as specified, Wal-Mart from building the first day on the goal for his" customer first", and keep on carving on the target, in order to to achieve this goal it using JIT management, called JIT is timely, timely, the use of information technology of satellite position system in the first time to understand the surplus goods, on time in advance to order to order, to ensure that the goods is enough, can be done when the customer demand, can provide goods in time. Take JIT also can realize zero inventory, eliminate the inventory cost, save this part of cost profit transferred to customers, so that customers can buy a low demand for the product, thereby stabilizing the customer, bring profit to the enterprise, can become the basis of retail industry leader. Wal-Mart to establish their own distribution system, omitting the dealer's participation, simplify the company's purchase link, in order to reduce the cost of. Face China to this particular market, Wal-Mart in the understanding of Chinese consumption patterns, the first time made in the management team, procurement and management mode, the rapid implementation of localization. Especially in the retail store management method has carried on the innovation and change.Eliminate the disadvantages: 1) financial management target only and management or business strategy together, form and business consistent performance driving ability, ability makes the enterprise obtain sustainable growth momentum, and the final realization. Wal-Mart putting the customer first business strategy is to achieve financial goals in a way, it is often the most successful way. And those directly to maximize shareholder value or stakeholder maximization as the goal of financial management of the enterprise, not all consumers, financial management target is zero. The balanced scorecard is used in conjunction with a strategic evaluation and drive business performance, but its ideas also tells us, financial results are gained the customer to drive, the customer won on the outstanding performance of the process to achieve flexible and efficient operation, process and the need to keep learning and growing. In order to adapt to the changing environment. In the financial, customer, process and study and growth, Wal-Mart can effectively, promote the realization of the strategy, also achieved the realization of financial management objectives.2) cash flow model can be used for daily cash holdings control, also can change an angle to strategy application, the key is how to treat the cash flow, the turnover rate of these financial elements embodied in the management thought and management strategy. Wal-Mart through maximize inventory and accounts receivable turnover, and as far as possible to delay the accounts payable turnover, free access to a large number of suppliers, for the enterprise strategy management to provide financial resources. How to improve the inventory turnover is the strategic need to consider the issue, how to delay payment of receivables time only in the strategic alliance and the long-term cooperation on the premise condition, supplier will be most willing to accept. Cash flow internal flow pattern for Wal-Mart strategic investment provides a clear clue and direction.3) improve the long-term efficiency in the use of assets often through the internal potential, through the reorganization, or by taxi to achieve. Wal-Mart gave us another demonstration, can communicate with suppliers of common use of long-term assets, let suppliers share part of the cost, improving efficiency in the use of assets. Of course, let suppliers share cost condition is to let suppliers have good prospects of gain, long-term assets must be flexible and efficient operation. This is still the management need to address the problem, but the financial or to provide a space for imagination, to improve the achievement of company finance affairs has contributed to. 4) the brand for the enterprise provides intangible resources, the brand can be added to amaterial or commodity procurement price leverage, so that from the source, in terms of cost can obtain some competition advantage. On the other hand, the benefits can be compared to the competitor to delay payment, and can obtain funds on interest. Brand and reputation are often associated with the brand, and reputable companies to do business, can reduce the business risk and financial risk. In response to the external environmental threat: in recent years, with the increasing competition of enterprises of the same kind of Wal-Mart, Carrefour is the most powerful one of the competitors, Carrefour in price, location, and enterprise collaboration continued to win support among the people, but also from the customer market stores, the downtown area. Secondly, Hualian, MerryMart, small Aries also in competition range, Wal-Mart to face all challenges, threats are urgent. In order to increase profits, reduce the cost of each enterprise is shared by means of. So, will cause the price competition, has the potential to increase sales, but does not necessarily increase the profits, but will cause the burden on enterprises, continued to lose money. Therefore, Wal-Mart the need for different customers, different forms of retail operation, were occupied high, low market. And to strengthen the professional, enhance competition ability, reduce the malignant price competition. Grasp the external opportunities: Wal-Mart first impact to people is a lot of things, very cheap, especially daily necessities. Their slogan is" everyday low price", to high quality, low price to other stores out. By reducing cost to win, is characterized by large bulk purchases of goods, but also directly from the manufacturers procurement, eschewing distributors, the opportunity is from the enterprise external favorable conditions, Wal-Mart acquired, merged or take the way of the strategic alliance with other international retailers, to Europe or the specific market. Wal-Mart in only a few countries have, we can expand the market, in other countries that offer Wal-Mart, can bring greater opportunity to wal-mart. Wal-Mart also can adopt the new shopping mall location and forms to obtain market development opportunity, give customers more conveniencePlay advantage, overcome inferior position, opportunity factor, defuse threat factors; consider the past, present, future. According to the above analysis we think team SWOT ST strategy more suitable for Wal-Mart, because Wal-Mart has its own advantages diversified products range, high quality and inexpensive, but in a wide variety ofsituations with a wide coverage of phenomena, causes the enterprise in certain aspects cannot be well controlled, Wal-Mart to different consumption target, different forms of retail operation, were occupied high, low market. And Wal-Mart company a long time, followed by Sam Walton's business law, will be the interests of customers in the first place, the staff as the key to success in business, has been the vast number of consumers and the industry praise and trust.。
投资学作业walmart估值分析
（3）基于 DDM 的三阶段增长型模型对 Wal-Mart 每股内在价值进行估计 首先假设 Wal-Mart 的增长模式为该行业公司的前期低速增长模式。则由案例 可知第 1 阶段的期限是 9 年，以 13.7%的速度增长；第 2 阶段的期限是 8 年； 第 3 阶段的期限是 8 年后到永久，以 45%的速度增长。根据这些数据，以及案 例中表 4 的方法，可知利用三阶段增长型的红利贴现模型得到的 Wal-Mart 股 票的每股内在价值为$51.65。具体数据如下: Year Assumption
r=rf+β (rm-rf)。 根据案例中的数据可知 rf=4.4%， β =0.84， 风险溢价为 5.05%， 则 r=8.64%，即 k=8.64%。此外，案例中预测 2005 年和 2006 年的每股红利分 别为$0.58 和$0.64，由此可以推出预期固定红利增长率为 7.5%。 综上，D0=0.58,D1=0.64,g=7.5%，k=8.64% 所以 P0=0.64/(8.64%-7.5%)=$56.14 （2）基于 DDM 的两阶段增长型模型对 Wal-Mart 每股内在价值进行估计 已知模型公式为 P0=
投资学作业
1、 （1）首先考查其变现能力，变现能力是指企业产生现金的能力，能够决定 可以在近期转变为现金的流动资产（Current Assets）的多少。 流动比率=流动资产合计/流动负债合计 2004 年=5199/3267=1.5914 2005 年=5488/3812=1.4397
与 2004 年相比，2005 年的流动资产虽然增加了，但其短期债务却增加得更 多，导致流动比率下降，也就是 Wal-Mart 的偿还短期债务的能力变弱了。 （2）考查其资产管理比率，其中存货周转率是重要的指标之一，提高存货 周转率能缩短营业周期，提高企业的变现能力。 存货周转率=产品销售成本/{（期初存货+期末存货）/2} 2005 年=219793/{（26612+29447）/2}=7.8415 对企业而言存货周转速度反映存货管理水平，Wal-Mart 存货周转率较高， 所以存货的占用水平较低，流动性较强，存货转变为现金的速度就较快。 （3）考查其负债比率，负债比率是反映债务和资产、净资产关系的比率， 反映企业偿付到期长期债务的能力。 产权比率=（负债总额/股东权益）*100% 2004 年=（ （37840+20099）/43623）*100%=1.3281 2005 年=（ （42888+23669）/49396）*100%=1.3474 产权比率反映债权人与股东提供的资本的相对比例， 该比率反映了其产权比 率较高，所以是高风险、高报酬的财务结构，对于股东来说，在通货膨胀时 期举债可以将损失和风险转移给债权人，在经济繁荣时期，举债经营可以获 得额外的利润。 （4）考查盈利能力比率，盈利能力表示企业赚取利润的能力，所以作为投 资人或是债务人都应该关心该比率。 销售毛利率={（销售收入-销售成本）/销售收入}*100% 2004 年={（258681-198747）/258681}*100%=0.2317 2005 年={（287989-219793）/287989}*100%=0.2368 销售毛利率表示的是每一单位销售收入扣除销售成本后， 还剩多少资金可用 于各项期间费用和形成盈利。Wal-Mart 有足够大的销售毛利率能够形成盈
沃尔玛财务报表分析
目录沃尔玛财务报表分析 (1)引言 (1)背景介绍 (1)目的和意义 (2)沃尔玛公司概况 (3)公司简介 (3)经营范围 (4)公司历史 (4)财务报表分析方法 (5)横向比较分析 (5)纵向比较分析 (6)财务比率分析 (7)沃尔玛财务报表分析 (8)资产负债表分析 (8)利润表分析 (8)现金流量表分析 (9)财务报表分析结果 (10)沃尔玛的财务状况 (10)沃尔玛的盈利能力 (11)沃尔玛的偿债能力 (12)沃尔玛的现金流量状况 (13)财务报表分析的局限性 (13)数据可靠性 (13)分析方法的局限性 (14)外部环境因素的影响 (15)结论 (16)沃尔玛的财务状况总结 (16)对沃尔玛的建议 (17)参考文献 (17)沃尔玛财务报表分析引言背景介绍沃尔玛是全球最大的零售商之一，总部位于美国。
自1962年创立以来，沃尔玛一直致力于为全球消费者提供高质量、低价位的商品和服务。
如今，沃尔玛在全球拥有超过11,000家门店，遍布28个国家，员工总数超过220万人。
沃尔玛的财务报表是了解该公司经营状况和财务健康状况的重要工具。
财务报表包括资产负债表、利润表和现金流量表。
通过对这些报表的分析，可以深入了解沃尔玛的财务状况、经营绩效和未来发展趋势。
首先，资产负债表是一份反映公司资产、负债和所有者权益的报表。
它展示了公司在特定日期的财务状况。
资产负债表可以帮助我们了解沃尔玛的资产结构和负债情况。
资产包括现金、应收账款、存货、固定资产等，而负债则包括应付账款、短期借款、长期借款等。
通过分析资产负债表，我们可以了解沃尔玛的资产配置情况、债务水平以及公司的偿债能力。
其次，利润表是一份反映公司在特定期间内收入、成本和利润的报表。
利润表可以帮助我们了解沃尔玛的销售收入、成本结构以及盈利能力。
利润表包括销售收入、销售成本、营业费用、税前利润等。
通过分析利润表，我们可以了解沃尔玛的销售增长情况、成本控制能力以及盈利能力的变化。
沃尔玛的投资分析
沃尔玛企业的投资分析公司简介：沃尔玛公司由美国零售业传奇人物山姆·沃尔顿先生于 1962 年在肯色州成立。
经过 40 多年的发展，已经成为美国最大的私人雇主和世界上最大的连锁零售商。
目前，沃尔玛在全球开设了超过 7,000 家商场，员工总数 190 多万人，分布在全球 16 个国家。
每周光临沃尔玛的顾客超过 1 亿人次。
沃尔玛的职业价值定位职业价值定位即是员工或求职者在沃尔玛工作时或考虑加入沃尔玛的过程中所获得或预计可获得的总价值。
这些价值主要通过五个纬度进行衡量，包括经济回报、职业发展机会、工作及工作环境、公司状况和公司人员。
而每个纬度都包含了若干个成功要素，这些要素是员工决定是否加入公司、是否投入工作以及是否继续留下工作的最主要考虑因素。
在众多成功要素当中，沃尔玛的职业价值定位建立在三个核心要素之上：企业文化建设、人才可持续发展战略以及企业社会责任。
沃尔玛成功塑造雇主品牌，建设职业价值定位核心竞争力的最坚实的基础是企业文化建设战略。
尽管沃尔玛雇员成千上万、遍布世界，但员工之间的关系仍犹如兄弟姐妹。
山姆·沃尔顿和其继承人一再强调人对于沃尔玛成功的重要性，并身体力行，在沃尔玛着力培育和发展一种企业文化氛围，使他们所赞扬的品质在公司内得以发扬，成为公司成长最可靠的基石。
而这基石概括成三句话，即是沃尔玛的三项基本信仰：尊重个人、服务顾客、追求卓越。
沃尔玛另一个提升雇主品牌，缔造核心竞争力的成功要素还在于人才可持续发展战略。
在三项基本信仰的引领下，沃尔玛的人力资源战略可以归纳为：留住人才、发展人才、吸纳人才。
及时发现人才，并积极创造环境以最大限度发挥人才潜力，同时营造融洽的工作氛围，使每一个员工都能感受到沃尔玛大家庭的温暖，留住了人心，也留住了人才。
除了在企业内部积极推进雇主品牌建设外，沃尔玛还通过积极承担企业公民的社会责任，大力支持可持续发展等外部措施不断提升自身的雇主品牌形象。
沃尔玛财务分析1
• 其实正好相反。事实上，因为Kmart在2000 年遭遇财务危机，往来供货商要求Kmart以 现金取货，或大力收缩Kmart的赊账额度及
期限，在应付账款（流动比率的分母）快 速减少之下，才会造成Kmart如此高的流动 比率。
• 传统的财务报表分析强调企业的偿债能力， 要求企业的流动比率至少在1.5以上。然而， 由竞争力的角度着眼，能以小于1的流动比 率（营运资金为负数）来经营，显示了沃
公司
流动比率
沃尔玛
0.81
国美电器
0.86
王府井
0.45
接下来，将以沃尔玛为 例，进行具体分析
简介：沃尔玛百货有限公司由美国零售业的传奇人物山姆·沃尔顿先生于
1962年在阿肯色州成立。经过四十多年的发展，沃尔玛公司已经成为美国最大的 私人雇主和世界上最大的连锁零售企业。目前，沃尔玛在全球15个国家开设了超 过8,000家商场，下设53个品牌，员工总数210多万人，每周光临沃尔玛的顾客2亿 人次，连续三年在美国《财富》杂志全球500强企业中居首。
沃尔玛SWOT分析
沃尔玛SWOT分析矩阵
企业内部 因素
企业外部 环境
机会（O）
1、多渠道策略联盟 2、世界各国经济格局转变 3、零售业高级人才增多 4、发展规模经济
优势（S）
弱点 （W）
1、经营理念和企业文化 2、管理规范化 3、信息通讯网络完备 4、多渠道营销网络 5、发达的物流系统 6、顾客体验，一站式服务
1、电子商务发展不理想 2、顾客群体掌握困难 3、海外市场开发难度大
沃尔玛公司威胁分析
多渠道购物+竞争者
①网络购物的兴起, 新型的购物形式不断 涌现; ②竞争对手不断提高经营技巧,原有的竞 争特色不断被“克隆”;
各国政治因素+经济危机
①政治问题、文化差异会影响 到walmark在海外市场的运作、 ②全球经济危机的冲击
零售业发展+顾客因素
零售业发展迅速，竞争加大 各国本土的零售业态不断成长; 在建立顾客数据库方面的压力 较大
沃尔玛市场分析
汇报人： 汇报时间：2019/12/20
Contents Contents of this report
PART 01 沃尔玛有限公司外部分析
PART 02 沃尔玛有限公司内部分析
PART 03 沃尔玛有限公司SWOT分析
PART 04 公司备选战略及实施建议
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沃尔玛有限公司外部分析
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沃尔玛财务特征分析报告(3篇)
第1篇一、引言沃尔玛（Walmart）作为全球最大的零售商，自1962年成立以来，以其独特的商业模式和高效的供应链管理在全球范围内取得了巨大的成功。
本文将从财务特征分析的角度，对沃尔玛的财务状况进行深入剖析，以期为投资者、分析师及企业决策者提供有益的参考。
二、财务特征概述1. 收入规模沃尔玛的收入规模在近年来持续增长，主要得益于其庞大的零售网络和全球化的布局。
根据最新财务报告，沃尔玛的年收入已突破5000亿美元，位居全球企业收入排行榜首位。
2. 利润水平尽管沃尔玛的收入规模巨大，但其利润水平却相对较低。
这主要得益于沃尔玛的低成本战略，通过降低运营成本、优化供应链和提高效率来提升利润空间。
在过去几年，沃尔玛的净利润在200亿美元左右。
3. 资产负债结构沃尔玛的资产负债结构相对稳定，负债水平较低。
截至2020年底，沃尔玛的总负债为1300亿美元，资产负债率为24.2%。
这表明沃尔玛具有较强的偿债能力和财务稳定性。
4. 股东权益沃尔玛的股东权益较高，反映了其良好的盈利能力和稳健的财务状况。
截至2020年底，沃尔玛的股东权益为2800亿美元，占总资产的比例为52.8%。
5. 营运能力沃尔玛的营运能力较强，主要表现在以下几个方面：（1）存货周转率：沃尔玛的存货周转率较高，说明其存货管理效率较高。
根据最新财务报告，沃尔玛的存货周转率为6.5。
（2）应收账款周转率：沃尔玛的应收账款周转率也较高，表明其信用管理能力较强。
（3）总资产周转率：沃尔玛的总资产周转率较高，说明其资产利用效率较高。
三、财务特征分析1. 成本控制能力沃尔玛的成本控制能力是其财务特征的一大亮点。
沃尔玛通过以下方式降低成本：（1）采购优势：沃尔玛庞大的采购规模使其在供应商谈判中拥有较强的议价能力，从而降低采购成本。
（2）仓储物流优势：沃尔玛在全球范围内拥有大量的仓储设施和物流网络，降低了物流成本。
（3）优化供应链：沃尔玛通过优化供应链，提高库存周转率，降低库存成本。
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实验4：对Wal-Mart公司的权益估值分析一．根据财务报表分析评价Wal-Mart的财务健康状况这部分将从盈利能力比率、周转能力比率、偿债能力比率和发展能力比率四个维度对Wal-Mart公司的财务健康状况进行分析和评估。
1. 盈利能力分析企业经营的目的就是使得经济效益最大化，而企业盈利水平是衡量经济效益的主要标准，所以盈利能力是企业所有能力中最重要的，其他能力的发展都是为盈利能力服务。
衡量企业盈利能力的比率主要有净资产收益率、总资产收益率、毛利率、销售净利润率、每股收益率和市盈率。
1.1净资产收益率（Return of Capital, ROE）该比率说明了企业普通股股东本期获得的账面投资收益。
净资产收益率能够对一个企业是否拥有较强的收益能力做出较为全面的评价。
公式如下：净资产收益率净利润期初净资产期末净资产其中因为2009年没有平均净收益，所以只计算2010年。
净资产采用报表中的所有者权益。
2010年：14335/[(67079+72929)/2]=20.477%1.2毛利率毛利率主营业务收入主营业务成本主营业务收入2009年：100318/404374=24.8%2010年：103557/408214=25.36%1.3 每股收益根据表中数据可知，Wal-Mart在2009年每股净收益为3.4美元，2010年为3.71美元1.4 分析在盈利能力比率中，净资产收益率在2010年为20.477%，高于零售业内平均水平，说明从总体上来说，该公司的收益能力较强。
企业的毛利率较高且出现增长趋势，说明Wal-Mart 公司的企业核心业务收益能力强，收益能力可持续性比较强，同时从这个方面也可以看出Wal-Mart公司处于竞争优势地位。
从Exhibition-6 中可看出2006年之前Wal-Mart公司市盈率水平一直高于标普500（市场平均水平），而在2006年后则低于平均水平，市场给出的市盈率预测值说明市场预期未来Wal-Mart的收益能力可能会有所下降，但是也说明Wal-Mart 公司的股票价格和其内在价值不断接近，从增长期逐渐进入成熟期。
2. 周转能力分析由于从损益表中难以得到赊销收入净额的数据。
所以计算应收账款周转次数时，以营业收入净额代替赊销收入净额。
2.1 应收账款周转率应收账款周转率赊销收入净额本期应收账款平均值2010年：405046/[(3905+4144)/2]=100.645应收账款周转天数应收账款周转天数应收账款周转率2010：365/100.645=3.63天2.2 存货周转率存货周转率销售成本存货平均数值2010年：304657/ [(34511+33160)/2]=9.00存货周转天数存货周转天数存货周转率2010年：365/9=40.62.3 营业周期营业周期存货周转天数应收账款周转天数2010年：3.63+40.6=44.232.3总资产周转率总资产周转率赊销收入净额本期总资产平均值2010年：405046/[(163429+170706)/2]=2.42总资产周转天数总资产周转天数总资产周转率2010年：365/2.42=150.832.4 分析从周转能力比率分析中可以发现Wal-Mart公司应收账款周转率为100.645，应收账款的周赚天数为3.63天，说明该公司应收账款的回收和管理效率较高，资产流动性和盈余质量较高；其存货周转率为9.00，说明其销售能力强，可以用一定的存货资金支持较多的销售。
2.债偿能力分析·短期偿债能力3.1 流动比率流动比率流动资产流动负债2009年：48949/55390=0.8837 2010年：48331/55561=0.873.2 速动比率速动比率（现金应收账款有价证券）流动负债因为在此报表中有价证券没有体现，故忽略不计。
2009年：（7275+3905）/55390=0.202010年：（7907+4244）/55561=0.2163.3 现金比率现金比率现金类资产流动负债2009年：7275/55390=0.13 2010年：7907/55561=0.14·长期偿债能力3.4 资产负债率资产负债率负债总额资产总额2009年：(163429-67079)/163429=0.5896 2010年：(170706-72979)/170706=0.5725 3.5 利息保障倍数利息保障倍数息税前利润利息支出2009年：20898/1900=10.9992010年：22066/1884=11.7123.6 分析衡量企业短期偿债能力的指标中，流动比率一般认为为2左右比较合适，而速动比率一般为1左右比较好。
Wal-Mart公司的流动比率在0.9左右，速动比率在0.2左右，均低于合适水平，所以可以认为Wal-Mart公司的短期偿债能力较弱、变现速度较慢。
从长期偿债能力的角度来看，Wal-Mart公司的资产负债率较高，说明当前的企业债权人权益面临一部分危险。
但是利息保障倍数较高，说明企业在一定期间内支付利息的能力较强。
4. 成长能力分析4.1 销售增长率销售增长率本期销售增长额上期销售收入总额Wal-Mart公司的销售增长率为：(405046-401087)/401087=0.987% 4.2 资产增长率资产增长率本期资产增长额上期期末资产总额Wal-Mart公司的资产增长率为：(170706-163429)/163429=4.453% 4.3 利润增长率净利润增长率本期净利润增长额上期净利润总额Wal-Mart公司的利润增长率为：(14335-13400)/13400=6.977% 4.4 资本积累率资本增长率本期所有者权益增长额上期期末所有者权益总额Wal-Mart公司的资本积累率为：(72929-67079)/67079=8.721%4.5 分析从成长能力方面来看，销售增长率、资产增长率、利润增长率和资产积累率均为正值，说明Wal-Mart公司实现盈利、保持盈利的持续程度及价值增长的可能性较高。
但四个指标中可以发现销售增长率较小，体现Wal-Mart公司进入成熟期，发展速度有所降低，不再高速增长。
5. 总结基于盈利能力、周转能力、债偿能力和成长能力四大比率的分析，可以看Wal-Mart公司的盈利能力较强、周转能力较强、债偿能力稍弱而成长能力较强。
从财务报表分析的角度来看，Wal-Mart公司是一家值得投资的公司。
二．经济状况，行业的关键成功要素和竞争状况及Wal-Mar的优势和劣势1. 经济状况2009年世界经济从第二次世界大战以来第一次呈现负增长。
国际货币基金组织(IMF)估计，2009年的全球经济增长为-1.1%，尤其是美国等发达经济体经济收缩达3.4%到3.3%。
2010年经济虽处在回暖阶段，但全面复苏动力不足。
各个行业都处在萧条的状态中，其中银行系统非常脆弱，导致投资增长缓慢。
此外，金融市场因危机的冲击而变得不够活跃，许多股票价格持续走低，投资者希望在不够景气的市场中寻找新的具有投资价值和潜力的股票，各个公司所处行业的地位和其业绩评价成了关键评估指标，基本面分析变得尤为重要。
2. 行业的关键成功要素零售行业在2010年成功的关键要素在于该行业生产产品一般为居民生活必需品，居民的需求不会受到市场波动太大影响。
所以零售业对市场波动的反应程度较轻，对市场变化的敏感度较小，即贝塔值普遍小于1，故在经济相对不景气时期仍旧能有增长，抵抗市场波动，且其在长期过程中都能保证平稳的增长，具有较高的股票投资价值。
3. 竞争状况从阅读材料可知，Wal-Mart公司的合作伙伴只有仓储商（S AM’S Club）和小型杂货店（Neighborhood Markets）。
而因为Wal-Mart公司的经营范围较广，所以其面对的行业内竞争非常激烈。
在日常杂货领域，Wal-Mart公司的竞争对手有Sears and Target。
而涉及到专业零售领域，Wal-Mart 公司则面对着来自Gap和Limited的威胁。
除此以外，百货公司领域，Wal-Mart公司的竞争公司包括D illard’s、M acy’s和J.C. Penney。
它的食品零售领域的竞争者则有Kroger、Supervalu 和Safeway。
且初步呈现几大公司共同进行竞争的局面。
而其仓储领域的唯一合作者也面临着来自Costco Wholesale竞争。
4. Wal-Mart的优劣势Wal-Mart公司的优势分为以下几个方面：一Wal-Mar公司拥有非常杰出的公司领导人，能对公司进行非常良好的整体把控；二是Wal-Mart公司在全世界拥有超过8400家门店，分布在美国、日本、德国、墨西哥等多个国家，从世界范围来看，Wal-Mart公司市场占有率分高，受众面非常广；三是Wal-Mart公司的行业范围广泛，可以提供各种不同的产品和服务，并以此提高自身的市场占有率和社会影响力；四是其价格较为低廉实惠，消费群体较广；五是其历史久远，知名度高且商业信誉较好。
而劣势在于：该公司已经成为成熟企业，其增长率出现下降的趋势，在其他条件不变的情况下，投资潜力弱于一些新兴企业；市场对于最近几年该公司的市盈率估计开始走低，预期其投资收益下降，不利于其进行融资；涉猎行业较广，且每个领域中都有强有力的竞争对手，在进行多行业操作的同时专业性弱于市场其他竞争对手。
三. 采用红利贴现模型的三种形式进行估值：常数增长型，两阶段增长型和三阶段增长型估算每股内在价值。
说明对于wal-mart股票，估计投资者要求收益率时所作的假设。
1. 常数增长型常数型增长模型中，采用每年的收益增长率作为权益资本增长率k，并使用CAPM模型中对于单个证券增长率的估计作为必要增长率（即投资者的要求收益率），故权益资本增长率k计算公式如下：根据公式求得从材料中已知，永久股利收益率大概为5%，2011年股利为1.21（）。
则股票估值结果为：2. 两阶段增长型使用两阶段增长模型进行估值时，投资者的必要报酬率k采用常数增长模型中的k 值，第一阶段中，用历史股利数据作为求和的依据；第二阶段中，Gupta给出的研究报告表明股利增长率为5.0%。
必要收益率7.01%第一阶段：成长期年数 5股利增长率23%第二阶段：成熟期股利增长率5%其他信息成长期期初股利（D1） 1.21年份股利增长率必要收益率现值2011 成长期：第一年 1.21 23.00% 7.01% 107.01% 1.130742012 成长期：第二年 1.49 23.00% 7.01% 114.51% 1.2997 2013 成长期：第三年 1.83 23.00% 7.01% 122.54% 1.49392014 成长期：第四年 2.25 23.00% 7.01% 131.13% 1.717132015 成长期：第五年 2.77 23.00% 7.01% 140.32% 1.973712016 永续期 5.00% 7.01% 103.104理论价值110.72 根据两阶段股利增长模型得出2010年Wal-Mart公司每股股票的理论价值为110.72。