Agility Public Warehousing Company Valuation Multiples

Berkshire Hathaway is a holding company with a wide array of subsidiaries engaged in diverse activities. The firm's core business segment is insurance, run primarily through Geico, Berkshire Hathaway Reinsurance Group, and Berkshire Hathaway Primary Group. Berkshire has used the excess cash thrown off from its operations to acquire Burlington Northern Santa Fe (railroad), Berkshire Hathaway Energy (utilities and energy distributors), and the companies that make up its manufacturing, service, and retailing operations (which include Precision Castparts, Lubrizol, Clayton Homes, Marmon, and IMC/ISCAR). The conglomerate is unique in that it is run on a completely decentralized basis. Berkshire is expected to generate close to $375 billion in revenue in 2025.

Siemens is a multi-industry company focused on the areas of automation, electrification, mobility, and healthcare. Its top three geographic regions—the United States, Germany, and China—contribute over half of group revenue. Siemens has a 71% investment in separately listed Siemens Healthineers. Recent portfolio activity included the listing of Siemens Energy, spinning out its power and gas and Siemens Gamesa business divisions in 2020.

International Holdings Co PJSC is a United Arab Emirates-based public joint stock company. The group, along with its subsidiaries, is engaged in management services and investing in diversified projects; trading and importing of food items; sale of poultry products, and others. The company is organized into business segments as follows: Real estate and construction, Food, Technology, Financial services, Marine and dredging, Hospitality and leisure, Energy, and Services and other segments. It generates the majority of its revenue from the Real estate and construction segment.

ABB supplies electrical equipment and automation products. Founded in the late 19th century, the company was created out of the merger of two old industrial companies: ASEA and BBC. Its products include electrical equipment, industrial robots, and equipment used for industrial automation, sold via approximately 19 business divisions. ABB is the number-one or -two supplier in two-thirds of its product segments.

Schneider Electric is a global leader in energy management and industrial automation. It holds leading positions in electrical distribution. Its four end-markets include: Buildings, Data Center & Networks, Infrastructure, and Industry. Its largest countries include the United States, China and India.

Founded in 1911 by Joseph Eaton, the eponymous company began by selling truck axles in New Jersey. Eaton has since become an industrial powerhouse largely through acquisitions in various end markets. Eaton's portfolio can broadly be divided into two parts: its electrical and industrial businesses. Its electrical portfolio (representing around 70% of company revenue) sells components within data centers, utilities, and commercial and residential buildings, while its industrial business (30% of revenue) sells components within commercial and passenger vehicles and aircraft. Eaton receives favorable tax treatment as a domiciliary of Ireland, but it generates over half of its revenue within the US.

Hitachi Ltd is engaged in diverse businesses spanning industries, energy, IT, and real estate. The company operates through four business segments. The Connective Industries segment covers elevators, escalators, home appliances, air conditioning, semiconductor manufacturing equipment, medical analyzers, industrial and distribution solutions, water and environmental solutions, and industrial equipment. The Digital Systems & Services segment offers system integration, consulting, cloud services, IT products, software, and ATMs. The Green Energy & Mobility segment focuses on power grids, renewable energy, nuclear power, and railway systems. The Others include real estate management, sales, and leasing. It generates the majority of its revenue from the Green Energy & Mobility segment.

Honeywell traces its roots to 1885 with Albert Butz’s firm, Butz Thermo-Electric Regulator, which produced a predecessor to the modern thermostat. Other inventions by Honeywell include biodegradable detergent and autopilot. Today, Honeywell is a global multi-industry behemoth with one of the largest installed bases of equipment. It operates through four business segments: aerospace technologies, industrial automation, energy and sustainability solutions, and building automation. Recently, Honeywell has made several portfolio changes to focus on fewer end markets and align with a set of secular growth trends. The firm is working diligently to expand its installed base, deriving around one third of its revenue from recurring aftermarket services.

Mitsubishi Corp. is Japan’s largest general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses like energy and metals as well as non-resources businesses, both industrial ones like automotive and non-industrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsubishi also participates in upstream production businesses and downstream distribution businesses.

Parker Hannifin started out in 1917 as Parker Appliance, selling pneumatic brakes. Through the acquisition of branded components, the firm has expanded into aerospace engines, agricultural and construction machinery, freight and passenger vehicles, and industrial automation equipment. Within these larger systems, Parker sells a wide array of small, critical pieces such as hydraulic, electromechanical, climate control, and filtration components. Many of its products are designed to work together, resulting in a high rate of cross-selling.

Mitsui is a general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses like energy and metals as well as nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, healthcare, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Mitsui participates in upstream production businesses and downstream distribution businesses. Among Japan’s large trading houses, Mitsui has the highest exposure to resources businesses.

Atlas Copco is a 140-year-old Swedish company that pioneered air compression technology and remains a leading air compressor manufacturer. Atlas Copco is also a leading manufacturer of vacuum pump equipment, industrial power tools, and portable power and air compression equipment. The company's operations match the geographic breadth of its customers, with a presence in 180 countries. Atlas Copco's revenue is derived from three sources: initial equipment sales, spare parts, and maintenance.

Itochu is a general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses such as energy and metals as well as nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, IT consulting, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Itochu also participates in upstream production businesses and downstream distribution businesses. Among Japan’s large trading houses, Itochu has the highest exposure to nonresources businesses and more downstream exposure, such as its ownership of convenience-store chain FamilyMart.

Vinci is one of the world’s largest owners of transport infrastructure. Its concession assets include 4,400 kilometers of toll roads in France and 72 airports across 14 countries, making Vinci the world’s largest airport operator in terms of managed passenger numbers. The concession’s business contributes less than one fifth of group revenue but the majority of operating profit. Vinci’s contracting business provides a broad variety of energy and and construction services. France contributes 42% of group revenue.

Founded in 1890 as the first manufacturer of electric fans in North America, Emerson Electric has become a leading industrial automation player through the acquisition of established brands. Emerson organizes its business into seven segments that sell a wide range of automation software, power tools, and automation hardware such as valves, gauges, and switches. In recent years, Emerson divested its climate technology and consumer businesses to become more of a pure-play industrial automation company. The automation of a factory is an enticing long-term proposition for manufacturers, helping reduce accident rates and raise uptime and productivity.

3M, a multinational conglomerate founded in 1902, sells tens of thousands of products ranging from sponges to respirators. The firm is well known for its extensive research and development capabilities, and it is a pioneer in inventing new use cases for its proprietary technologies. 3M is organized across three business segments: safety and industrial (representing around 44% of revenue), transportation and electronics (36%), and consumer (20%). The firm recently spun off its healthcare business, now known as Solventum. Nearly half of 3M’s revenue comes from outside the Americas.

Marubeni is a general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses such as energy and metals as well as nonresources businesses, both industrial ones like machinery and nonindustrial ones like food, real estate, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Marubeni also participates in upstream production businesses and downstream distribution businesses.

Sumitomo Electric Industries Ltd manufactures and sells electric wires and cables, and other products. The company operates through five segments. The Automotive related business covers wire harnesses, anti-vibration rubber, hoses, electrical parts, and traffic control systems. The Electronics related business provides electronic wires, flexible printed circuits, fluoropolymer products, and metal components. The Environment and Energy related business handles power transmission equipment, substation systems, vacuum and beam equipment, and conductive products. The Industrial Materials business includes steel wire, tools, optical components, and sintered parts. The Information and Communication business offers fiber optic cables, communication equipment, and optical devices.

Sumitomo Corp. is a general trading house, or sogo shosha, a type of conglomerate unique to Japan. Its core role is that of a trading intermediary in a variety of industrial sectors, including resources businesses such as energy and metals as well as nonresources businesses, both industrial ones like machinery and non-industrial ones like food, media, and retail. In addition to acting as a trading intermediary (including midstream processing functions to convert inputs into final products), Sumitomo also participates in upstream production businesses and downstream distribution businesses.

CITIC Ltd is a Hong Kong-based conglomerate. Along with its subsidiaries, it operates in the following reportable segments: Comprehensive Financial Services, Advanced Intelligent Manufacturing, Advanced Materials, New Consumption, and New-type urbanisation. Maximum revenue is generated from the Advanced Materials segment, which includes exploration, processing, and trading of resources and energy products, including iron ore, copper, and crude oil, as well as the manufacturing of special steels. The Comprehensive financial services segment provides banking, securities, trust, insurance, and asset management services. Geographically, the group generates maximum revenue from the Chinese mainland, followed by Hong Kong, Macau and Taiwan, and Overseas markets.

With roots tracing back to the early 1900s, Rockwell Automation is the successor to Rockwell International, which spun off its avionics segment in 2001. It is a pure-play industrial automation company that operates through three segments. Its largest segment by revenue, intelligent devices, sells factory floor-level devices such as motors, drives, sensors, relays, and actuators. Its software and control segment sells visualization, simulation, and human-machine interface software and control products such as programmable controllers, computers, and operator terminals. Its smallest segment, lifecycle services, offers digital consulting, engineered-to-order services, and other outsourced services such as remote monitoring, cybersecurity, and asset and plant maintenance and optimization.

Ferrovial is a global transportation infrastructure investor, developer, and operator, with a strong presence in North American toll roads. In recent years, it shifted its portfolio toward North America and India, and lowered its exposure to Europe (including selling its stake in Heathrow Airport). The jewels in its crown include its stake in the 99-year lease to operate the Highway 407 ETR toll road in Toronto and its concession to develop and operate New Terminal One at JFK until 2060.

Sandvik is a manufacturer of specialized tools and mining equipment used predominantly by global mining, engineering, and automotive customers. The group is composed of three segments: mining and rock solutions, rock processing, and machining. Sandvik was founded in 1862 and listed on the Nordic Exchange in Stockholm in 1901.

Toyota Tsusho Corp is a Japan-based company involved in trading diverse products, along with the manufacturing, processing, sales, investment, and related service activities. The company operates through segments including Africa, Circular Economy, Digital Solutions, Green Infrastructure, Lifestyle, Metal Plus, Mobility, Supply Chain, and Others. It generates the majority of its revenue from the Metal Plus segment, which processes, manufactures, treats, and sells steel products and nonferrous metal ingots, among others.

Mahindra & Mahindra Ltd is a holding company. The company's segment includes Automotive; Farm Equipment and Services. It generates maximum revenue from the Automotive segment. The Automotive segment comprises the sale of automobiles, spares, mobility solutions, construction equipment, and related services. Geographically, it derives a majority of its revenue from India.

Aena SME SA is a Spanish airport operator with various airports in Spain, including Madrid and Barcelona, and has stakes in multiple international airports. The group generates regulated and nonregulated revenue. Regulated revenue includes fees collected from takeoff and landing, passenger fees and security, whereas nonregulated revenue stems from commercial activities such as retail, food and beverage and advertising sales. The Group carries out its business activities in the following segments: Airports; Real estate services; Region de Murcia International Airport (AIRM) and International.

Weg SA produces and sells electric motors, generators, control systems, and other industrial devices world-wide. The company has three reportable segments: industry, energy, and foreign (outside of Brazil). The industry segment manufactures various motors, drives, controls, and equipment for industrial automation. Energy segment products consist of electricity generators, alternators, wind turbines, hydraulic and thermal steam turbines (biomass), substations, transformers, measuring instruments, control panels, and systems integration services. The foreign segment consists of operations carried out through subsidiaries located in different countries.

CK Hutchison Holdings, or CKH, is a Hong Kong headquartered conglomerate with key businesses in ports, retail, infrastructure, and telecommunications. The company was created in 2015 to house the merged assets of Cheung Kong Holdings and Hutchison Whampoa as the group sought to flatten out and simplify its original holding structure. CKH contains most of the businesses previously housed in Hutchison Whampoa, minus the property assets, which were spun off into their own listing, CK Asset Holdings. Telecommunications and infrastructure activities now make up the largest share of EBITDA, at around 53%. The planned sale of most of the ports business is currently being scrutinized by the government.

Adani Enterprises Ltd is a holding company. The company's segment includes Integrated Resources Management, Mining, Commercial Mining, New Energy Ecosystem, Road, Airport, and others. The company generates maximum revenue from the Integrated Resources Management segment.

Roper Technologies is a holding company focused on acquiring, managing, and developing niche market-leading technology businesses. The company operates a decentralized business model whereby each portfolio company operates independently from the others. Roper positions itself as a free cash flow compounder, whereby excess free cash flow generated by its portfolio businesses is repatriated to the parent company, which is then utilized to acquire additional businesses. Presently, the company operates 30 distinct businesses with over three-fourths of the revenue coming from software products and over two-thirds of the revenue coming from recurring and recurring sources.

NARI Technology Co Ltd is engaged in providing power & automation technologies in China. It operates in areas of power system automation, smart grid, renewable energy, railway automation, industrial control, & energy conservation & environment protection.

China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management.

FTAI Aviation Ltd is an aerospace company. It owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI owns and leases jet aircraft, which often facilitates the acquisition of engines at attractive prices. It invests in aviation assets and aerospace products that generate stable cash flows with the potential for earnings growth and asset appreciation.

Founded in 1888 by Harvey Hubbell, the eponymous company was the conduit through which the pull-chain lamp socket was originally sold. Hubbell has since grown into an electricity transmission and distribution behemoth, housing more than 75 brands that sell components found on power lines, in electrical substations, and in commercial and industrial buildings. The company's primary operations are in the United States, where around 90% of revenue is derived.

Alfa Laval is a leading manufacturer of highly engineered equipment, primarily in the areas of separation, heat transfer, and fluid handling used by a diverse range of customers spanning the food, water, energy, and marine industries. These products play a key role in a number of industrial processes, and Alfa Laval enjoys a leading position in all three areas. Alfa Laval’s history stretches back 140 years to when its first separator was developed. The company is listed on the Stockholm stock exchange.

Kyocera is a Japanese conglomerate whose original business consisted of manufacturing fine ceramic components; the firm has since expanded into manufacturing handsets, printers, solar cells, and industrial tools. As a result of reorganization, the firm now consists of three major business segments, which are the core components business (28% of 2024 revenue), electronic components business (18% of revenue), and solutions business (54% of revenue).

FUJIFILM Holdings Corp offers products and services used in photo development and film and photo taking processes. The company produces color films and single use cameras, color paper and chemicals, photofinishing equipment, film and photo processing services, electronic imaging such as digital cameras, optical devices such as camera modules for mobile phones, TV camera lenses and cine lenses, x-ray imaging systems and films, inkjet printers, flat panel materials, recording storage mediums such as data cartridges and videotape products, and office products such as office printers.

Halma consists of 45 operating businesses managed in a decentralized manner. The company, through its products, focuses on trying to make the world safer, cleaner and healthier. The group operates across three segments: safety, environmental and analysis, and medical equipment. Halma’s products include smoke detectors, healthcare equipment, door sensors, and water treatment. Most of the group’s products are niche with limited competition. Over 75% of sales are generated in the United States, Europe and United Kingdom. Halma is listed on the London Stock Exchange.

AerCap Holdings NV is an aircraft leasing company. Its activities include leasing, financing, sales, and management of commercial aircraft and engines. It also provides aircraft asset management and corporate services to securitization vehicles, joint ventures, and other third parties. It has one business segment: leasing, financing, sales, and management of commercial flight equipment (Commercial Flight Equipment Segment). Through its subsidiary, the group also provides engine leasing, certified aircraft engines, airframes, and engine parts. Its geographical segments include China, the United States, and Other countries.

Airports Of Thailand PLC operates airports and provides services related to air transportation. Its airports, located in Thailand, serve both domestic and international flights. The company operates in various business segments such as airport management business, hotel business, ground aviation services, security business, and manages projects on perishable goods. The majority of its revenue is derived from its airport management business under which it generates income mainly from two categories of services: aeronautical and nonaeronautical. Aeronautical revenue is associated with air traffic, including landing and parking charges, and passenger and aircraft service charges. Nonaeronautical revenue is generated from office and state property rents.

Mexico-based Femsa is a beverage and retail conglomerate in Central and South America. The holding company owns controlling stakes in bottler Coca-Cola Femsa (47% economic stake, 56% voting rights), in addition to operating 100%-owned retail assets, including convenience stores under the Oxxo banner, drugstores, and gas stations. The firm divested its 15% stake in Heineken and its distribution business in 2023. Coca-Cola Femsa and the Oxxo chain made up 75% of total company revenue and over 90% of profits in 2024.

SK Inc is an investment holding company engaged in managing and expanding a diversified portfolio across energy, mobility, ICT, and materials. The group operates through units such as SK E&S, which focuses on gas and power generation; SK Eco Plant, which handles construction and eco-friendly projects; SK Innovation, which includes petroleum, chemical, lubricant, battery and resource development businesses; SK Networks, which conducts information, communication, trading and rental activities; SK Square, which manages semiconductor and new ICT businesses; SK Telecom, which offers wireless and fixed-line communication services; and SKC, which provides chemical, electronic materials and mobility materials. Other sectors include IT services, special gases, pharmaceuticals, and life sciences.

Jardine Matheson Holdings Ltd is a conglomerate of businesses operating in Greater China and Southeast Asia. The affiliates offer products and services in motor vehicles and related operations, property investment and development, food retailing, home furnishing, engineering and construction, transport services, insurance broking, restaurants, luxury hotels, financial services, heavy equipment, mining, and agribusiness. In terms of net income, key businesses within the group are Hong Kong Land and Dairy Farm, which are property investment firms and food retailers, respectively.

Alpha Dhabi Holding PJSC is an investment holding company in the UAE. It is organized into eight verticals such as Industrial, Construction, Hospitality, Healthcare, Investments, Energy, Climate Capital; and Real Estate. The Company operates in five main segments: Industrial (dredging, land reclamation, construction contracts), Construction (commercial and residential buildings, infrastructure), Real Estate (property rentals, investments, sales), Healthcare (hospitals, medical services, diagnostics), and Services (management, hospitality, ancillary activities like investments and insurance).

Grupo Carso SAB de CV is a conglomerate based in Mexico with business presence in several countries, mainly in the Americas and Europe. The firm has operations in four main business segments: commercial and retail, industrial and manufacturing, infrastructure and construction, and energy. The largest contributor to sales, the commercial and retail division, serves middle- and high-income consumers and operates department stores, boutiques, restaurants, and multimedia stores. The industrial and manufacturing segment has a portfolio of products and services focused on cables, power transformers and reactors, and alternative energies, among others. The infrastructure and construction division serves sectors like the oil and chemical industries, pipeline installation, and housing development.

Kawasaki Heavy Industries Ltd is a Japan-based conglomerate with operations in aerospace, marine, and vehicles. The company operates through six segments. The Aerospace Systems segment manufactures and sells aircraft, engines, and space-related equipment. The Energy Solutions & Marine segment provides energy equipment, hydrogen systems, marine propulsion, plants, ships, and crushers. The Power Sports & Engine segment produces motorcycles, off-road vehicles, personal watercraft, and general-purpose engines. The Precision Machinery and Robots segment offers hydraulic equipment and industrial robots. The Vehicle segment manufactures railway vehicles and snow removal machinery. The Other segment covers commerce mediation, sales, orders, and welfare facility management.

Grupo Aeroportuario del Pacifico SAB de CV is engaged in the construction, development, and operation of airports in Mexico. The company's segment includes Guadalajara; Tijuana; Puerto Vallarta; San Jose del Cabo; Montego Bay; Hermosillo; Guanajuato and Other Airports. It generates maximum revenue from the Guadalajara segment.

ABB India Ltd enables a more sustainable and resource-efficient future with the technology leadership in electrification and automation. It energizes the transformation of society and industry to achieve a more productive, and sustainable by connecting software to its electrification, robotics, automation, and motion portfolio. The company's revenue is split between its four operating segments: Robotics and Discrete Automation, Electrification, Motion, and Process Automation. The company has several manufacturing sites located in India, and the majority of its revenue is generated in India.