現在価格
$132.08
適正株価
下記の計算機で算出
Walmart Inc. のフルDCF分析。ファンダメンタルズ自動入力、仮定値の調整、感応度ヒートマップ付き。
Walmart Inc. engages in the operation of retail, wholesale, other units, and eCommerce worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam's Club. It operates supercenters, supermarkets, hypermarkets, warehouse clubs, cash and carry stores, and discount stores under Walmart and Walmart Neighborhood Market brands; membership-only warehouse clubs; ecommerce websites, such as walmart.com.mx, walmart.ca, flipkart.com, PhonePe and other sites; and mobile commerce applications. The company offers grocery and consumables, including dairy, meat, bakery, deli, produce, dry, chilled or frozen packaged foods, alcoholic and nonalcoholic beverages, floral, snack foods, candy, other grocery items, health and beauty aids, paper goods, laundry and home care, baby care, pet supplies, and other consumable items; fuel, tobacco and other categories. It is also involved in the provision of health and wellness products covering pharmacy, optical and hearing services, and over-the-counter drugs and other medical products; and home and apparel including home improvement, outdoor living, gardening, furniture, apparel, jewelry, tools and power equipment, housewares, toys, seasonal items, mattresses and tire and battery centers. In addition, the company offers consumer electronics and accessories, software, video games, office supplies, appliances, and third-party gift cards. Further, it operates digital payment platforms; and offers financial services and related products, including money transfers, bill payments, money orders, check cashing, prepaid access, co-branded credit cards, installment lending, and earned wage access. Additionally, the company markets lines of merchandise under private brands, including Allswell, Athletic Works, Equate, and Free Assembly. The company was formerly known as Wal-Mart Stores, Inc. and changed its name to Walmart Inc. in February 2018. Walmart Inc. was founded in 1945 and is based in Bentonville, Arkansas.
ROIC (TTM)
11.9%
ROE (TTM)
23.7%
FCF Yield
1.42%
直近12ヶ月のデータでは、WMT の1株当たりFCFは N/A、投下資本利益率（ROIC）は 11.9% で、これらはDCF法による株式評価の重要な入力値です。P/FCFは N/A、FCF利回りは 1.42% で、WMT の相対的なバリュエーションを評価する際の参考指標となります。
WMT の適正株価は、将来の成長率、割引率（WACC）、ターミナルバリューの仮定に依存します。DCF法は将来のFCFを現在価値に割引きますが、WACCの僅かな変動で20%以上ぶれる可能性があるため、感応度分析が不可欠です。
WMT が割安かどうかは、DCFによる適正株価と現在の株価 $132.08 の比較で判断します。安全マージンがプラス（適正株価 > 市場価格）なら割安の可能性がありますが、確度は成長率と割引率の仮定の信頼性に依存します。
Walmart Inc. のDCF評価手順：(1) 直近12ヶ月の1株当たりFCFをベースに、(2) Discount Stores 業種のトレンドと企業ファンダメンタルズをもとに今後5〜10年のFCF成長率を予想、(3) WMT のリスクを反映した割引率（WACC）を設定、(4) 予測期間後のターミナルバリューを加算します。
DCF（割引キャッシュフロー法）は、企業の将来のキャッシュ創出能力に基づいて現在価値を算出する手法です。Walmart Inc. に当てはめると、Discount Storesが今後5〜10年で生み出すFCFを予測し、それを現在価値に割引きます。WMT のROICは 11.9%、中程度の資本リターンを示します。
WACC（加重平均資本コスト）はDCFモデルの割引率——投資家が要求する最低リターンを反映します。WMT については、資本構成と株式リスクプレミアムがWACCを決定します。WACCが1%上昇すると、適正株価は通常10〜15%下落します。
