When Wal-Mart dropped after reporting earnings the other day, I got excited. But the more I dug into the company, the more I heard the words of the late, great Warren Zevon ringing in my ears: “It ain’t that pretty at all.”
Long story short, we don’t believe there is an opportunity in Wal-Mart at this time. To see the reasoning, please download the valuation-only Tear Sheet.