沃尔玛公司：是否足够好？

Is Fine Good Enough? Equity AnalystPedro.Gil@morganstanley.com+1 212 761-2022Zachary AbrahamResearch Associate WMT's 1FQ27 results guidance are fine in an absolute sense, but at 43x NTM P/E, Zach.Abraham@morganstanley.comSkylar Tennant leave a bit to be desired, in our view Research AssociateSkylar.Tennant1@morganstanley.com+1 212 761-9963 eCommerce sales +26%, advertising +36%, Membership +DD%.. That said, a similar theme keeps repeating: the flywheel's top-line KPlscontinue to outperform, while the corresponding profit flow-through isnot outsized..Fuel expense, which all retailers are dealing with, extracts a penalty fromadjusted Ol growth so long as energy prices remain elevated..1FQ27 adjusted OI (cc) would have grown +7.6% y/y had it not been forhigher fuel prices.Eventually, profit conversion needs to accelerate to justify and/orexpand the valuation from here.. In the meantime, these results are solid in the context of what'shappening in the broader retail environment, and show WMT is wellpositioned to continue taking share. Hardline/Broadline/Food Retail | United States of America Stock RatingOverweight Industry ViewIn-LinePrice target$140.00Shr price, close (May 19, 2026)$134.20Mkt cap, curr (mm)$1,072,81752-Week Range$135.16-93.43 Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict oiinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision For analyst certification and other important disclosures,referto the Disclosure Section, located at the end of thisreport. Ourpricetarget representsa~44.0xblendedP/Emultipleon ourF28eEPS of $3.19,ora~22x EV/EBITDA multiple against our F28e EBITDA of ~$52.8b.A P/E of 44.0x is above WMT's10-year average historical of 21x, which we believe is warranted because the company hastransformed from a brick-and-mortar retailer being disenfranchised by AMZN to an eCom-merce and supply chain disruptor. Sustainable US e-comm growth of 40%+ behind momentum in Retail Media,Membership, 1P/3P, and AutomationCompetitive moat deepens from grocery market share gains E-commerce Losses begin to rise again after briefly moderating■ US eCommercegrowth slows to<15% (comps<2%)Greater than expected Flipkart losses The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C.TV.M. S.A, and/or Morgan Stanley Mexico, Casa de Bolsa, Casa de Bolsa, S.A. de C.V, Morgan Stanley Canada Limited and their affiliates as necessary.For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orpricetargetreferencedinthis researchreport,pleasecontactthe Client SupportTeamasfollows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternativelyyoumaycontactyour investment representativeorMorgan StanleyResearchat1585Broadway.(Attention:ResearchManagement),NewYork,NY10036USAAnalyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Pedro Gi, CFA; Simeon Gutman, CFA. Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies The analyst or strategist (or a household member) identified below owns the following securities (or related derivatives): Zachary Abraham - Target Corp(common or preferred stock); Pedro Gil, CFA - Home Depot Inc(common or preferred stock), O'Reilly Automotive Inc(common or preferred stock).As of April 30, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Academy Sports and Outdoors Inc, Advance Auto Parts Inc, Albertsons Companies, Inc, AutoZone Inc., Best Buy Co Inc, B'S Wholesale Club, Costco Wholesale Corp, Dick's Sporting Goods, Dollar GeneralCorporation, Dollar Tree Inc, Five Below Inc, FLloor & Decor Holdings Inc,