Part 3:Valuation of WMT,

Part 2: http://wp.me/p2OaYY-2nB  and

Part 1: http://wp.me/p2OaYY-2np

Stock Splits

Wal-Mart Stores, Inc. was incorporated on Oct. 31, 1969. On Oct. 1, 1970, Walmart offered 300,000 shares of its common stock to the public at a price of $16.50 per share. Since that time, we have had 11 two-for-one (2:1) stock splits. On a purchase of 100 shares at $16.50 per share on our first offering, the number of shares has grown as follows:

2:1 Stock SplitsSharesCost per ShareMarket Price on Split DateRecord DateDistributed
On the Offering100$16.50
May 1971200$8.25$47.005/19/716/11/71
March 1972400$4.125$47.503/22/724/5/72
August 1975800$2.0625$23.008/19/758/22/75
Nov. 19801,600$1.03125$50.0011/25/8012/16/80
June 19823,200$0.515625$49.8756/21/827/9/82
June 19836,400$0.257813$81.6256/20/837/8/83
Sept. 198512,800$0.128906$49.759/3/8510/4/85
June 198725,600$0.064453$66.6256/19/877/10/87
June 1990
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