By Dan Ferris in Extreme Value:

I've pointed out several times that Wal-Mart's international business is a great growth story for such a large business. Last year, it proved that again, with international net sales up 11.9% on a constant currency basis. International operating income was up 12.8% last year on a constant currency basis. Wal-Mart's international-division sales exceeded $100 billion for the first time ever last year.

If you think hundreds of billions in sales means Wal-Mart's growth days are over, think again. In 1997, Wal-Mart's total sales were just under $100 billion. Sales exceeded $400 billion in the fiscal year ended January 31, 2009. That's 12 short years to quadruple sales. A similar performance from the International division would add $300 billion in sales by 2023.

I bet the countries Wal-Mart is operating in internationally are growing faster than the U.S. grew the last 12 years, so maybe it's not so unrealistic to expect Wal-Mart to grow in these markets the way it did in the U.S. from 1997 to 2009. Could you imagine a $1 trillion Wal-Mart during our lifetime? It's not totally out of the question. The bigger Wal-Mart gets, the greater its competitive advantage, and the greater its ability to leverage its expenses and pass on greater savings to customers.

I believe there's plenty of growth left in Wal-Mart. I also think Wal-Mart will keep buying back shares over time and raising its dividend annually.

…Ten years from now, after all the trend chasers have stopped you out of a hundred losing positions, you'll be glad you were smart enough to put 5% of your account in Wal-Mart and just leave it alone.

Crux Note: Dan just published his first Extreme Value pick of the new year, and he hasn't been this excited about a stock in months. It's one of the best-financed companies in a protected market, throws off tons of cash, and trades at less than six times last year's cash flows.  Dan thinks it could easily double from here.  To learn more, click here.

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