Hey
My point of using Walmart was to showcase historically that people paid up in excess in past for a business and then we had statements like 'If you had invested in Walmart 100 shares druing IPO you would have…" you can complete the rest . In other cases we thanked the stars we didnt invest in some solar business etc.
I am using it as an example and not comparing businesses.
Anyways.
Some of the inferences on the numbers you have made are misplaced.
OPM:
Dmart has one of the best operating margins. Infact it has better margins than Walmart has ever had (not that we are comparing here). Walmart since IPO has never touched 8% I believe.
PE:
Not sure how have you calculated 110 PE. Screener says 93.xx. Not that 90 vs 110 has anything a lot different.
EPS:
Negative growth? There is not one quarter in the last one year in which EPS is lower than the quarter of the previous year’s.
FCF:
I see positive cash flows for Dmart in my calculations. I use the following formula
FCF = NOPLAT *(1- (NOPLAT Growth/ROIC))
More here VP CHINTAN BAITHAK GOA 2017 : Bheeshma Sanghani : INVESTMENT JOURNEY/PHILOSOPHY - #13 by deevee
Aside its negative for Future Retail for instance.
ROE ROCE ROA:
They seem quite appreciable infact.
Aside competition in India is not consistent on these metrics. Walmart though not comparable had 15 years of over 30% ROE. Also they had like over 30% ROE in their initial years.
Debt:
Dmart is good here too. A Future Retail has 0.7 DE.
Rgds