Arashi Vision Valuation Multiples

Alphabet is a holding company that wholly owns internet giant Google. The California-based company derives slightly less than 90% of its revenue from Google services, the vast majority of which is advertising sales. Alongside online ads, Google services houses sales stemming from Google’s subscription services (YouTube TV and YouTube Music, among others), platforms (sales and in-app purchases on Play Store), and devices (Chromebooks, Pixel smartphones, and smart home products such as Chromecast). Google’s cloud computing platform accounts for roughly 10% of Alphabet’s revenue. The firm’s investments in up-and-coming technologies such as self-driving cars (Waymo), health (Verily), and internet access (Google Fiber) make up the rest.

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Amazon is the leading online retailer and marketplace for third party sellers. Retail related revenue represents approximately 74% of total, followed by Amazon Web Services (17%), and advertising services (9%). International segments constitute 22% of Amazon's total revenue, led by Germany, the United Kingdom, and Japan.

Samsung Electronics is a diversified electronics conglomerate that manufactures and sells a wide range of products including smartphones, televisions, home appliances, telecommunications network equipment, as well as electronic and device components such as semiconductors and flat panel displays. Samsung is the world's largest manufacturer of smartphones and televisions as well as memory semiconductor products. The Manufacturing and sale of mobile phones and semiconductors make up >70% of both the company’s revenue as well as its profit.

Netflix’s relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.

Disney operates in three global business segments: entertainment, sports, and experiences. Entertainment and experiences both benefit from the firm’s ownership of iconic franchises and characters. Entertainment includes the ABC broadcast network, several cable television networks, and the Disney+ and Hulu streaming services. Within the segment, Disney also engages in movie and television production and distribution, with content licensed to movie theaters, other content providers, or, increasingly, kept in-house for use on Disney’s own streaming platform and television networks. The sports segment houses the ESPN family of TV networks and streaming services. Experiences contains Disney’s theme parks, cruises, and vacation destinations and also engages in merchandise licensing.

Dell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It focuses on premium and commercial personal computers, as well as enterprise on-premises data center hardware. It holds top-three market shares in its core markets of personal computers, peripheral displays, mainstream servers, and external storage. Dell has a robust ecosystem of component and assembly partners, and also relies heavily on channel partners to fulfill its sales.

Sony Group is a conglomerate with consumer electronics roots, which not only designs, develops, produces, and sells electronic equipment and devices, but also is engaged in content businesses, such as console and mobile games, music, and movies. Sony is the global top company of CMOS image sensors, game consoles, professional broadcasting cameras, and music publishing, and is one of the top players on digital cameras, wireless earphones, recorded music, movies, and so on. Sony's business portfolio is well diversified with five major business segments.

Xiaomi is a technology product and services company founded in early 2010, focusing mainly on smartphones and Internet of Things products and related internet services. An early adopter of online smartphone sales, Xiaomi uses a customized Android operating system called HyperOS and has recently designed its own system-on-chip. As competition in its home Chinese smartphone market intensified and growth has slowed, it has expanded into other markets and has become the smartphone market leader in India, and is gaining market share in Europe. From 2020 to 2024, from a country perspective, around 50% of its overall revenue was generated in mainland China, down from 94% in 2015. The company was listed on the Hong Kong market at the beginning of July 2018.

Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 65 million US homes and businesses, or nearly half of the country. The firm provides services to about 47% of the locations in this territory. Comcast acquired NBCUniversal from General Electric in 2011. Following the spinoff of several cable networks, including CNBC, MSNBC, and USA, NBCU now consists of the NBC network, several local NBC affiliates, Bravo, the Peacock streaming platform, Universal Studios, and several theme parks. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy.

Spotify is the leading global music streaming service provider, with over 750 million monthly active users and 290 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from the subscribers, who pay a monthly fee to access a music library that consists of most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog but cannot customize a similar on-demand experience.

Founded in the late 1990s as an internet portal, NetEase has evolved into China’s second-largest online gaming company. Its early success was anchored by the massively multiplayer online role-playing game Fantasy Westward Journey, which laid the foundation for a durable franchise strategy. Over the past decade, the company has expanded its portfolio with successful titles such as Justice, Identity V, Naraka: Bladepoint, and Eggy Party, all of which continue to maintain sizable and engaged player bases.In addition to its in-house development capabilities, NetEase partners with global IP holders such as Microsoft and Marvel to develop and publish titles based on established franchises, including World of Warcraft, Diablo Immortal, and Marvel Rivals, further strengthening its global presence.

Warner Bros. Discovery operates in three segments: streaming, studios, and linear networks. In 2026, it intends to split its networks from streaming and studios to form two separate companies. The streaming business includes HBO Max, which is rapidly increasing its international footprint in addition to its major presence in the US. Studios include industry leaders in both film and television, which produce movies and television series that are monetized in multiple ways, including theatrical release, sales to third parties, and feeding into Warner's own platforms. global networks consist of basic cable networks like CNN, TNT, TBS, Discovery, HGTV, and The Food Network. The Discovery+ streaming service will remain part of global networks.

Nintendo started its video game console business in 1983 by launching the NES, and started its portable console business in 1989 by launching the Game Boy. Since then, the firm has focused on expanding the gaming population by delivering unique entertainment experiences on its original console systems. However, Nintendo not only makes game consoles, but also owns world-renowned IPs such as Super Mario, Pokemon, and Zelda, which have been a source of cash flow for 40 years.

Panasonic Holdings Corp is engaged in the development, manufacture, and sale of a wide range of electronic and electrical products. The company operates through six segments. The Lifestyle segment provides home appliances such as refrigerators, air conditioners, and beauty and hair care devices. The Automotive segment offers in-vehicle infotainment systems, speaker systems, and advanced driver assistance systems. The Connect segment supplies communication systems, welding machines, and projectors. The Industry segment produces electronic components, motors, and factory automation equipment. The Energy segment develops and sells lithium-ion batteries, dry batteries, and small secondary batteries. The Others segment includes the sale of televisions, cameras, and building materials.

Baidu is the largest internet search engine in China with over 50% share of the search engine market in 2024 per web analytics firm, Statcounter. The firm generated 70% of core revenue from online marketing services from its search engine in 2024. Outside its search engine, Baidu is a technology-driven company and its other major growth initiatives are artificial intelligence cloud, video streaming services, voice recognition technology, and autonomous driving.

Garmin produces GPS-enabled hardware and software for five sectors: fitness, outdoors, automotive, aviation, and marine. Garmin has built a strong reputation for durable, high-precision devices through a vertically integrated design and manufacturing approach. The company’s product lines include smartwatches, fitness trackers, communication equipment, and a comprehensive suite of systems for marine and aviation navigation. Garmin operates globally, with its business focused primarily on North America and Europe.

Quanta Computer Inc is an original design manufacturer of notebook computers and electronic hardware for use in communication, networking, consumer electronics, auto electronics, and cloud computing solutions. Its products include enterprise network systems, home entertainment systems, rack-mount servers, data center networking switches, high-density storage solutions, encoding cameras, and smart home devices. The Majority of the firm's revenue is generated in the American region, with the rest coming from countries across the world.

Satellite television provides the bulk of EchoStar’s revenue. The firm serves about 5 million US satellite customers, about 10% of the traditional television market. It also serves 2 million customers under the Sling brand. EchoStar has also amassed an extensive portfolio of spectrum licenses and is building a nationwide wireless network. It acquired Sprint's prepaid business, serving approximately 7 million customers, primarily under the Boost brand. The firm has agreed to sell a portion of its wireless licenses to AT&T and SpaceX, and will rely heavily on the AT&T network to serve customers. EchoStar’s legacy businesses provide satellite telecom services and equipment to businesses and consumers, including about 800,000 internet customers.

NEC Corp is engaged in IT services, networks, social infrastructure, and solutions. The company operates through three segments: IT Services, Social Infrastructure, and Others. The IT Services segment provides system integration, consulting, maintenance, outsourcing, cloud services, system equipment, and software services. The Social Infrastructure segment offers network infrastructure, including core networks, mobile base stations, optical transmission systems, and marine systems, along with telecom software, OSS/BSS solutions, aerospace and defense system integration, and maintenance. The Others segment covers the development, manufacturing, and sales of system equipment. It generates the majority of its revenue from the IT Services segment.

Fox operates in two segments: cable networks and television. Cable networks primarily includes Fox News, Fox Business, and several pay TV sports stations. Television primarily includes the Fox broadcast network, 29 owned and operated local television stations, of which 18 are affiliated with the Fox network, and streaming platform Tubi, which is not subscription-based and is completely ad-supported. Fox effectively sold most of its entertainment assets to Disney in 2019, so it no longer creates entertainment content and relies heavily on live news and sports, with nearly all tied to the pay TV bundle. The Murdoch family controls Fox.

Canon Inc designs, manufactures, and distributes an extensive range of consumer and electronic products, including copiers, cameras, lenses, and inkjet printers. The company operates five business segments: printing, imaging, medical, industrial, and others. It generates maximum revenue from the printing segment. Printing Business Unit includes Office multifunction devices (MFDs), Document solutions, Laser multifunction printers (MFPs), Laser printers, Inkjet printers, Image scanners, Calculators, Digital continuous feed presses, Digital sheet-fed presses, and Large format printers.

HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.

Lenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 13% of overall sales in fiscal 2024, from 6% in 2015.

Roku enables consumers to stream television programming. It has more than 90 million streaming households and provided 145 billion streaming hours in 2025. Roku is the top streaming operating system in the US, reaching more than half of broadband households, according to the company. Roku’s OS is built into streaming devices and televisions that Roku sells and on connected televisions from other manufacturers that license Roku’s name and software. Roku also operates the Roku Channel, a free, ad-supported streaming television platform that offers a mix of on-demand and live television programming. Roku generates revenue primarily from selling devices, licensing, and advertising, and it receives fees from subscription streaming platforms that sell subscriptions through Roku.

LG Electronics Inc is a South Korea-based company that produces a broad range of electronic products. The group has six reportable segments: the Home Appliance & Air Solution segment, which includes refrigerators, washing machines, air conditioners and vacuum cleaners; the Home Entertainment segment, which covers TVs, audio devices and related products; the Vehicle Component Solutions segment, which provides automobile parts and modules; the Business Solutions segment, which offers monitors, PCs and information displays; the LG Innotek segment, which supplies camera modules, substrate materials and various motors and sensors; and the All Other segment, which includes equipment manufacturing and other ancillary operations.

Huaqin Technology Co Ltd is engaged in the research & development, design, manufacturing, and operation of intelligent hardware products. The company operates four businesses: smart terminal business; high-performance computing business; automotive electronics and industrial products business; and artificial intelligence & internet of things (AIoT) business.

Logitech was founded in 1981 and is headquartered in Lausanne, Switzerland. The company specializes in designing and manufacturing computer peripherals such as mice, keyboards, webcams, conference room cameras, headsets, and music-related products like wireless speakers.

Asustek Computer Inc is a computer hardware and electronics company producing and selling 3C products including PCs, mainboards other boards and cards, tablet PCs, smartphones, and other handheld devices, etc. The company operates in Taiwan, China, Singapore, Europe, the United States, and other countries. Its segment includes BC Brand and Others.

Wistron Corp is engaged in the research, development, design, manufacturing, testing and sales of the following products and semi- finished products, and their peripheral equipment, parts and components. The company has two reporting segments: R&D and Manufacturing, and Others. Majority of revenue is from R&D and Manufacturing Segment. The firm has operations in Taiwan, Asia and Other countries. It derives maximum revenue from Asia.

News Corporation is a diversified media conglomerate with big presence in the US, the UK, and Australia. Key mastheads include The Wall Street Journal, Barron's, New York Post, The Times, The Sun, The Australian, Herald Sun, and The Daily Telegraph. Its 61%-owned REA Group is the dominant property listings platform in Australia. In addition, it owns Harper Collins, one of the largest book publishers in the world, and has a sizable US digital property advertising business, Move. The 65% interest in Foxtel, the Australian pay-TV and streaming provider, was sold in April 2025. The sale to global sports streaming platform, DAZN, was struck at more than 7 times Foxtel's EBITDA.

Shenzhen Sunway Communication Co Ltd is operating in the communication industry. The company is primarily focusing on the research and development, manufacturing, sales and marketing of the mobile terminal antennas and related modules, acoustic modules and connectors with high electromagnetic compatibility. Its products offering include mobile antenna, precision metal parts, MIM metal parts, acoustics and new materials products. Its products mainly apply to consumer electronic fields like smartphone/tablet PC, smart wearable devices, smart home/IoT and smart automobiles, and primarily expand the supporting capability towards industry, automobile, and military fields.

Polycab India Ltd is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods under the POLYCAB brand. The business activities are carried out through Wires and cables, Fast moving electrical goods (FMEG), and the EPC segment. It generates maximum revenue from the Wires and cables segment. Geographically, it derives a majority of revenue from India. Some of its products include Power cables, Control Cables, Instrumentation Cables, Optical Fibre Cables (OFC), Solar Cables, Building Cables, Flexible Wires, and others.

Lite-On Technology Corp is a computer storage device company that manufactures consumer electronics. The main businesses include Research and development design, manufacturing and sales of key modules and system solutions for optoelectronics, cloud computing power management systems, EV chargers, energy management, LED packaging for lighting applications, IoT and networking applications, information technology, and consumer electronics.

TCL Technology Group Corp is a consumer electronics company in China. The company mainly operates its business through four segments. The Semiconductor display business segment focuses on R&D, production, and sales of display panels and modules, and full display processing operations. The New Energy Photovoltaic and Other Silicon Materials Business segment involves producing and selling various silicon-based materials, devices, and new energy products, and operating photovoltaic power plant projects. The Distribution Business segment covers the sales of computers, software, tablets, mobile phones, and other electronics. The Other Businesses segment encompasses industrial finance and investment activities, along with providing technology development and patent maintenance services.

Goneo Group Co Ltd is engaged in the research, development, manufacture, and sale of civil electrical products such as extended line sockets, wall switches, LED lighting, and digital accessories. The company's products include Power Strips, High-end Power Strip, USB Power Strip, Digital Accessories, Decorative Switch Socket, and Eye-care LED Light.

LG Electronics India Ltd is engaged in the manufacturing of televisions (flat panel, signage, projectors, monitor TVs), air conditioners, refrigerators, microwave ovens, washing machines, dishwashers, vacuum cleaners, ceiling fans, audio-visual equipment, water purifiers, air purifiers, compressors, personal computers, and security cameras. It has identified two primary business segments: the Home Appliances and Air Solution division, and the Home Entertainment division. The majority of the company's revenue is generated from the Home Appliances and Air Solution division. The company operates across various geographies, including Domestic markets, Africa, Europe, Asia (excluding India), and others, with the majority of its revenue coming from the Domestic market.

LG Corp is a South Korea-based holding company that is principally engaged in electronics, chemicals, telecommunications, and services businesses. The company operates business through a number of affiliated companies, including LG Electronics, LG Display, LG Innotek, LG Siltron, and others in the electronics industry; LG Chem, LG Household and Health Care, LG Life Sciences, and others in the chemicals industry; and LG N-Sys, LG CNS, LG Sports, and others in the telecommunication and services industry. The company has business presence in Asia-Pacific, the Americas, and Europe.

Anker Innovations Technology Co Ltd is engaged in independent research and development, design, and sales of its own-brand mobile device peripherals, smart hardware products, and other consumer electronic products. The company offers charging and energy storage products, smart innovation products, and smart audio and video products. Its charging and energy storage line includes digital charging devices and accessories under the Anker brand, along with home photovoltaic and storage solutions under the Anker SOLIX series.

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing site. Founded in 2009, it first focused on long-form content centered around anime, comics, and gaming, catering primarily to Gen Z users. Over time, the platform has broadened its content offerings to include a wider range of interests, successfully attracting a more diverse audience beyond the Gen Z demographic.

SiriusXM operates almost exclusively in the US through its SiriusXM and Pandora audio services. SiriusXM is primarily a satellite radio service that offers nationwide coverage and mostly ad-free listening, with proprietary channels and exclusive content. It makes agreements with automakers to install its radios in vehicles and give trial services to vehicle buyers, which have traditionally fed its subscriber base. The company provides the service via a fleet of geostationary satellites it owns and operates, and now offers a streaming SiriusXM option. Pandora, which accounts for a much smaller portion of revenue and profit, offers a subscription and ad-supported streaming music service that competes with industry giants such as Spotify, Apple Music, and YouTube Music.

Shenzhen MTC Co Ltd is a China-based company that manufactures and designs LCD TVs, set-top boxes, LED components and components, network communications terminals and internet entertainment products.

Pegatron Corp produce, design and sell OEM business. Its products include computing devices: notebook PC, desktop PC and motherboard, consumer electronics: tablet devices, game consoles, LCV TV and multimedia player and communication device: smartphone, broadband and networking device.

Gigabyte Technology Co Ltd is a Taiwan-based manufacturer and distributor of computer hardware products. Its products include motherboards for third-party platforms and servers, graphics cards, notebooks, desktop computers, ultrabooks, tablets, mobile phones, server racks, networking equipment, optical drives, computer monitors, keyboards, cooling components, computer cases, and power supplies. Geographically, the company generates a majority of its revenue from Europe, followed by the USA and Canada, Taiwan, China, Singapore and other regions. The company generates the majority of its revenue from the sale of Networking communication products.

Sichuan Changhong Electric Co Ltd is a China-based manufacturer and distributor of electronics and home appliances. It specializes in research and development, manufacturing, and marketing of various series of products, including TVs, refrigerators, air conditioners, cell phones, electronic components, compressors, and IT-integrated service businesses represented by mass distribution of digital products and cloud computing value-added services.

Inventec Corp is a Taiwan-based original design manufacturer of electronic products for use in consumer, commercial, and industrial applications. The company has two reportable segments: the core department and other departments. The company generates maximum revenue from the Core department segment, which manufactures and sells computer products. The other department segment develops and manufactures emerging environmental energy. Its products include notebook PCs, tablet PCs, desktop computers, computer peripherals, personal digital products, multimedia audio products, servers, switches, and data storage equipment. Geographically, the company generates maximum revenue from the United States of America, followed by Taiwan, Hong Kong, Macao and Mainland China, Japan, and other countries.

TCL Electronics Holdings Ltd is an investment holding company. Along with its subsidiaries, it mainly manufactures and sells television (TV) sets, smartphones, smart connected devices, smart commercial displays, and smart home products. In addition, it is involved in all-category marketing, photovoltaic business, and providing internet platform operating services. The company's reportable operating segments are TV, Internet business, Smart mobile, connective devices and services, All-category marketing, Photovoltaic business, and Smart commercial display, smart home, and other businesses. A majority of its revenue is derived from the TV segment. Geographically, the company generates maximum revenue from Mainland China, followed by Europe, North America, and other regions.

Hisense Visual Technology Co Ltd is engaged in the distribution and servicing of home appliances, telecommunications, green energy-saving refrigeration technology, and information technologies. Its brand includes Kelon, Ronshen, Vidaa among others.