Walgreens Boots Alliance Inc (WBA)

[Robbay]

I believe Walgreens Rx sales have been declining over the Last 2.5 years.
Adjustment for the baby boomers growth with new Rx treatment options shows this company has purchased market share with Acquisitions & New store openings.

This is a classic example in Zombie management, they are unable to lead in innovation so they Leverage assets thru debt, creating inflation in inventory and then change Accounting from LIFO to FIFO.

Another trick is to horizonitaly purchase larger and largers companies in the same industry and release reserves into earning,
while Booking the aquired inventory at a higher value.
This increase FCF with the illusion of growth.

Some of Walgreens milestones that where not mentioned where

Amending Wag's governing by-laws for the A/B merger.

Avoidance of Shareholder rights to vote on the A/B merger, to leverage debt.

BOD selection without Shareholder approval.

Down-grade of Walreens Bond ratings,

9%+ loss in revenue.

Dilution of shares out-standing.

Until KKR & S/P unwind and account for each divisions profitabilty as you have pointed out, Walgreens will create it own fiscal cliff..