However, not all analysts on Wall Street welcomed the deal, which is Wal-Mart's biggest since it took over Asda for $11bn more than a decade ago. MassMart is trading at an earnings multiple of 26.7, higher than any other South African retailer, according to Bloomberg data. "Investors may have reservations about the company's decision to pursue acquisitions in a new part of the world, particularly at such high multiples," said Colin McGranahan, an analyst at Sanford C. Bernstein.