dossantd,
i don't think your argument has much basis about new capital being raised - WMT isn't very comparable to WMT. IMHO If you crunch some very rough numbers you'll find that the picture still looks rosy, the beauty about it is that the further the SP rises the less capital needs to be issued for the cap expenditure. So the higher the SP goes the less it will be diluted - almost like snowballing uphill.
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