Walmart US 以 40倍 盈利交易，估值偏高，并因业务成熟及缺乏新开门店而面临增长限制。
逐段跳播
我相信你们都知道 Walmart，它大概是其中最……所以，我相信大家都知道 Walmart，它算是最强大的美国企业之一。
I'm sure you all know Walmart, probably one of the most And so, I'm sure everyone knows uh Walmart, one of the most like formidable American business.
Sam Walton 的传记《Made in America》是我最喜欢的商业书籍之一。我相信你们都读过。Walmart 在美国一直是一家了不起的企业，你知道，天天低价。我认为这显然引起了所有消费者的共鸣。
他们在美国建立起密度方面做得极其极其出色，把这种规模优势分享给他们的顾客，并且显然提供能引起顾客共鸣的便宜商品。而且长期以来它一直是一笔了不起的投资。
Sam Walton biography Made in America is one of my favorite business book. I'm sure you've all read it. Um And Walmart has been an amazing business in America, you know, everyday low price.
Um I think that resonates obviously with all the consumers. Uh they've done incredibly incredibly well building, you know, like density across the US, sharing that scale with um their customers and offering obviously um you know, cheap item that resonates with uh with customers. And it's been an amazing investment over time.
不过今天的问题在于，如果你在美国持有 Walmart，你要付 40 倍市盈率。这是一只贵得离谱的股票。而且它是一门成熟得多的生意。你知道，他们不再开新店了。
The issue today though is if you own Walmart in the US, you pay 40 times earning. It's an incredibly expensive stock. And it's a business that's much more mature. You know, they not opening stores anymore.
为什么 Walmart 美国不把它完全拥有？为什么它在墨西哥是部分上市？尤其是在美国有 40 倍市盈率、墨西哥有 15 倍市盈率的情况下。
why doesn't Walmart US own it wholly? Why is it a Why is it a partial listing in the in Mexico? Particularly if there's a 40 times multiple in the US and a 15 times multiple in Mexico.
这个频道对 $WMT 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。