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Using the following table of ratios of Walmart, Amazon, andTarget, discuss the variation in return to equity of the threefirms. What is driving the variation (financial/operational) andrelate you answer to the firms' business(es)?

	Target				Amazon				Walmart
	2015	2016	2017		2015	2016	2017		2015	2016	2017
Revenue (Mil)	73,785	69,495	71,879		107,006	135,987	177,866		482,130	485,873	500,343
% of Sales
Revenue	100	100	100		100	100	100		100	100	100
COGS	70.8	70.72	71.13		20.51	22.14	22.87		74.87	74.35	74.63
Gross Margin	29.2	29.28	28.87		6.54	7.11	7.73		25.13	25.65	25.37
SG&A	19.88	19.22	19.82		11.72	11.83	12.72		20.13	20.96	21.29
Operating Margin	6.65	7.15	6		-0.62	-0.22	-0.17		5	4.69	4.08
EBT Margin	6.67	5.71	5.07		1.47	2.86	2.14		4.49	4.22	3.02
	2015	2016	2017		2015	2016	2017		2015	2016	2017
Net Margin %	4.56	3.94	4.08		0.56	1.74	1.71		3.05	2.81	1.97
Return on Assets %	8.24	7.05	7.68		0.99	3.19	2.83		7.29	6.85	4.89
Return on Equity %	24.95	22.89	25.89		4.94	14.52	12.91		18.15	17.23	12.67
Return on Invested Capital %	12.81	11.08	12.49		3.31	8.42	7.09		12.51	11.97	9.17
	2015	2016	2017		2015	2016	2017		2015	2016	2017
Current Ratio	1.12	0.94	0.95		1.08	1.04	1.04		0.93	0.86	0.76
Quick Ratio	0.38	0.26	0.27		0.77	0.78	0.76		0.22	0.19	0.16
Financial Leverage	3.11	3.42	3.33		4.89	4.32	4.74		2.48	2.56	2.63
Debt/Equity	0.92	1.01	0.97		1.06	0.79	1.37		0.55	0.54	0.47
Days Sales Outstanding	3.83	2.13	2.03		20.53	19.81	22.06		4.69	4.3	4.18
Days Inventory	61.04	63.15	60.56		39.78	37.41	36.59		45.3	44.21	42.44
Payables Period	53.27	54.78	56.86		79.08	78.78	79.72		38.88	40.37	42.78
Cash Conversion Cycle	11.6	10.5	5.74		-18.77	-21.56	-21.06		11.12	8.14	3.84
Receivables Turnover	95.27	171.17	179.47		17.78	18.42	16.54		77.75	84.8	87.4
Inventory Turnover	5.98	5.78	6.03		9.18	9.76	9.97		8.06	8.26	8.6
Fixed Assets Turnover	2.88	2.79	2.89		5.52	5.34	4.56		4.14	4.21	4.37
Asset Turnover	1.8	1.78	1.88		1.78	1.83	1.66		2.39	2.44	2.48