1. Determine the intrinsic value of Wal-Mart (on a per share basis) using the dividend discount model (DDM). Assess the value based on three forms of the DDM: the constant growth version; an assessment based on three years of projected dividends and a projected future stock price, and the three-stage DDM. Clearly state any assumptions including an estimation of Wal-Mart investor required returns. 2. Determine the intrinsic value of Wal-Mart (on a per share basis) using the price-earnings (P/E) approach. As part of your analysis you will need to determine an appropriate forward-looking P/E multiple. Clearly state any assumptions. 3. Based on your analysis, as Rachel Martin, what recommendations would you make? Justify your recommendations and reconcile any differences in your valuation assessments (based on different methods).