Future earnings isn't correct either (through pedantic glasses), because it doesn't handle cases where companies build value and then are acquired for a strateg

Future earnings isn't correct either (through pedantic glasses), because it doesn't handle cases where companies build value and then are acquired for a strategic reasons (think PA Semi). Expectation of future value and dividends is probably the truely pedantic thing to say, since (earnings - dividends) accrues to value. That way Walmart is covered.