Another one that has done the rounds more than a Jozi security guard is the rumour that Wal-Mart are sniffing over at Massmart. Massmart released a sales trading update two days ago which looked good, inflation across their product range much lower and sales over eight percent. A big gap has opened up. Massmart now trades on an earnings multiple of twenty times. Analysts surveyed are expecting the company to make less than six bucks this year, seven bucks next year and 870 cents the year after that, 2012. Is this a case of the markets having got it wrong? Or has Massmart been rerated to their international emerging market peers. Wal-Mart Mexico trades on 29 times earnings. Costco trades on 22 times earnings. Tesco who are active in emerging markets trade on nearly 15 times earnings.