Azkoyen Valuation Multiples

Visa is the largest payment processor in the world. In fiscal 2025, it processed almost $17 trillion in total volume. Visa operates in over 200 countries and processes transactions in over 160 currencies. Its systems are capable of processing over 65,000 transactions per second.

Mastercard is the second-largest payment processor in the world, having processed close to $10 trillion in volume during 2024. Mastercard operates in over 200 countries and processes transactions in over 150 currencies.

Home Depot is the world's largest home improvement specialty retailer, operating 2,359 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The 2024 tie-up with SRS will help grow professional demand in roofing, pool, and landscaping projects, while the 2025 purchase of GMS will lift building product sales through 1,250 distribution locations.

American Express is a global financial institution, operating in about 130 countries, that provides consumers and businesses charge and credit card payment products. The company also operates a highly profitable merchant payment network. It operates in four segments: US consumer services, US commercial services, international card services, and global merchant and network services. In addition to payment products, the company's commercial business offers expense management tools, consulting services, and business loans.

Founded in 1987, TJX Companies is the world’s largest off-price apparel and home fashions retailer, operating more than 5,000 stores across nine countries. In fiscal 2025, the company generated roughly $56 billion in sales. TJX operates through four segments: Marmaxx (61% of sales), HomeGoods (17%), TJX Canada (9%), and TJX international (13%). Its off-price model emphasizes branded merchandise at meaningful discounts, driving high traffic and rapid inventory turnover.

Fast Retailing is Japan's largest apparel company. It operates casualwear retail chain Uniqlo, known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales and outsources almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the second-largest apparel company by sales globally in 2024 per Euromonitor, thanks to the expansion of Uniqlo International. As of February 2025, it ran 3,616 stores globally. Other brands in its portfolio include GU and acquired brands like Theory, Comptoir des Cotonniers, and Princesse tam.tam. The Yanai family owned a 40.86% stake in the firm as of July 2025.

Lowe's is the second-largest home improvement retailer globally, with more than 1,750 stores in the US, after the 2023 divestiture of its Canadian locations (RONA, Lowe's Canada, Réno-Dépôt, and Dick's Lumber). The firm's stores offer products and services for home decorating, maintenance, repair, and remodeling, with maintenance and repair accounting for two-thirds of products sold. Lowe's primarily targets retail do-it-yourself (around 70% of sales) and do-it-for-me customers, but has expanded its professional business clients to 30% from less than 20% in the past six years (set ot expand further with the acquisition of FBM). We estimate Lowe's captures a high-single-digit share of the domestic home improvement market, based on US Census data and management's market size estimates.

O’Reilly is an aftermarket automotive parts retailer in the United States and Mexico with more than $16 billion in annual sales. The company operates over 6,000 domestic stores and serves both the do-it-yourself (about 50% of sales) and professional (47% of sales) end markets. O’Reilly differentiates itself by providing quality service to its customers throughout the entirety of the vehicle diagnosis and purchasing process. Furthermore, the firm boasts an impressive hub-and-spoke distribution network designed to provide its localized store base with ample aftermarket part availability across a variety of vehicle makes and models.

Ross Stores, founded in 1982, is a US-focused off-price apparel and home fashion retailer operating more than 2,100 stores across 43 states, primarily under the Ross Dress for Less banner, with a smaller footprint through DD’s Discounts. In fiscal 2024, the company generated over $21 billion in sales. Ross offers branded apparel, footwear, accessories, and home goods at a 20%-60% discount to department and specialty store prices, sourcing closeouts and excess inventory from vendors worldwide.

Wesfarmers is Australia's largest conglomerate. Its retail operations include the Bunnings hardware chain (number one in market share), discount department stores Kmart and Target (number one and three), and Officeworks in office supplies (number one). These activities account for the vast majority of group earnings before taxes. Other operations include chemicals and fertilizers, lithium mining, industrial and safety supplies, and health. Management is focused on generating cash and creating shareholder wealth in the long term.

AutoZone operates as a leading retailer of aftermarket automotive parts in the United States. The firm operates 6,666 stores domestically, serving the do-it-yourself and commercial (do-it-for-me) end markets. Through its vast store footprint and distribution network, AutoZone manages a wide array of stock-keeping units applicable to numerous vehicle makes and models, providing its consumers with ample product availability. The firm drives traffic by providing superior and convenient customer service as AutoZone's team of knowledgeable staff assists consumers with diagnosing a vehicle's problem, selecting the necessary part for replacement, and occasionally, installation. The company also operates internationally, with 895 stores in Mexico and 149 in Brazil.

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. The company generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States.

PayPal was spun off from eBay in 2015 and provides electronic payment solutions to merchants and consumers, with a focus on online transactions. The company had 434 million active accounts at the end of 2024. The company also owns Venmo, a person-to-person payment platform.

Casey's General Stores Inc serves as convenience store chain with its 2,900 locations, positioned in the Midwest United States. About half of Casey’s stores are located in rural towns with populations under 5,000. While fueling stations serve as a key traffic driver, about two-thirds of the company’s gross profit stems from in-store sales of grocery items, prepared meals, and general merchandise. Casey’s owns more than 90% of its stores and operates the majority of its warehousing and distribution processes internally.

Fiserv is a leading provider of core processing and complementary services, such as electronic funds transfer, payment processing, and loan processing, for US banks and credit unions, with a focus on small and midsize banks. Following its 2019 merger with First Data, Fiserv also provides payment processing services to merchants. About 10% of the company’s revenue is generated internationally.

Circle Internet Group Inc is a financial technology firm engaged in digital currencies and public blockchains for payments, commerce, and financial applications. The company is the issuer of USD Coin (USDC).

Asian Paints Ltd manufactures and sells a variety of paint and home improvement products. The firm operates itself as a Paints and Home Decor company which sells interior and exterior paints, metal finish, and wood finish. The home improvement product offerings include kitchen and bathroom products. Asian Paints sells its products to distributors and directly to the home improvement industry through the company's network of retail stores. The majority of revenue comes from India.

Ulta Beauty is the largest specialized beauty retailer in the US with about 1,500 freestanding stores. The firm offers cosmetics (39% of 2024 sales), fragrances (13%), skin care (23%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for about 4% of its revenue and drive traffic. Outside of the US, Ulta acquired premium beauty retailer Space NK and its 83 stores in the UK and Ireland in 2025, is opening franchised stores in Mexico, and has formed a joint venture to expand into the Middle East. In addition, Ulta collects royalties through its Target partnership (set to end in 2026) and credit card revenue. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

With a retail and direct-to-consumer presence, Williams-Sonoma is a player in the $300 billion domestic home category and $450 billion international home market, focused on expanding its exposure in the B2B ($80 billion total addressable market), marketplace, and franchise areas. Namesake Williams-Sonoma (153 stores) offers high-end cooking essentials, while Pottery Barn (183) provides casual home accessories. West Elm (119) is an emerging concept for young professionals, and Rejuvenation (13) offers lighting and house parts. Brand extensions include Pottery Barn Kids and Pottery Barn Teen (45) as well as Mark & Graham and GreenRow. Williams-Sonoma also has a business-to-business team that supports projects that range from residential to large-scale commercial.

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.

Burlington Stores Inc is off-price retailer offering an extensive selection of in-season, fashion-focused merchandise including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. Company sell a broad selection of desirable, first-quality, current-brand, labeled merchandise acquired directly from nationally recognized manufacturers and other suppliers. Company sell product in category such as Ladies apparel, Accessories and shoes, Home, Mens apparel, Kids apparel and baby and Outerwear.

Dick’s Sporting Goods is a retailer that offers sports and outdoor apparel, footwear, and equipment online and in physical stores. The company’s legacy business includes more than 700 stores under its own name, more than 110 Golf Galaxy golf specialty stores, and about 50 outlet stores. In September 2025, Dick’s acquired multinational retailer Foot Locker. With this move, Dick’s added about 2,600 stores under the Foot Locker, Kids Foot Locker, Champs Sports, atmos, and WSS nameplates in North America, the Asia-Pacific, and EMEA—Europe, the Middle East, and Africa. Based in the Pittsburgh area, Dick’s was founded in 1948 by the father of current executive chair and controlling shareholder Edward Stack.

Established in 1984, China Tourism Group Duty Free is China’s largest and the world’s second-largest travel retailer in 2024 with revenue of CNY 56.5 billion. The company primarily operates duty-free stores at airports, border crossings, offshore, downtown, and on flights, cruises and ships, with about 200 stores spanning over 33 provinces in China, as well as overseas. The company also operates a duty-paid business and its 2024 revenue mix comprised 69% duty-free sales and 31% duty-paid sales and others. CTG Duty Free is 50% owned by China Tourism Group, a state-owned enterprise that falls directly under the state-owned Asset Supervision and Administration Commission of the State Council.

Tractor Supply is the largest operator of retail farm and ranch stores in the United States. The company targets recreational farmers and ranchers and has little exposure to commercial and industrial farm operations. Currently, the company operates 2,395 of its namesake banners in 49 states, along with 207 Petsense by Tractor Supply stores. Stores are generally concentrated in rural communities rather than urban and suburban areas. In fiscal 2025, revenue consisted primarily of livestock, equine & agriculture (around 30%), companion animal (25%), and seasonal & recreation (around 25%).

Kaspi.kz JSC is the payment, marketplace, and Fintech ecosystem in Kazakhstan. The firm provides interconnected technologically seamless products and services that help people to pay, shop and manage their finances. Its operating segment includes the Payments Platform that connects its customers, which consist of both consumers and merchants, to facilitate cashless, digital transactions, the Marketplace Platform that connects merchants and consumers enabling merchants to increase their sales and consumers to buy a broad selection of products and services offered by a variety of merchants, and Fintech Platform that enables customers to manage their personal finances online and access consumer finance and deposit products through the Kaspi.kz Super App.

Trent Ltd through its subsidiaries, operates a chain of retail stores. The company offers various brands across women's wear, men's wear, kids' wear, footwear, lingerie, cosmetics, perfumes, handbags, and accessories. It also offers foods, beverages, health and beauty products, vegetables, fruits, dairy products, and others. The company offers these products by operating a portfolio of retail concepts like Westside, Zudio, Samoh, Utsa, Misbu, and others. The company is in the business of retailing/trading predominantly in India.

SECOM Co Ltd is a provider of security services and surveillance systems. The company operates seven business segments. BPO ICT segment provides information security, disaster response, data center, and EPO services. Disaster Prevention supplies fire alarms, extinguishing systems, and other equipment for offices, plants, tunnels, cultural properties, ships, and homes. Geospatial Information Services offers mapping and related services to governments in Japan and abroad. Insurance designs products reflecting risk reduction and specialized health coverage. Medical Services covers home care, nursing, senior residences, medical records, and equipment sales. Security Services delivers centralized systems for safety and monitoring. Others include real estate leasing and construction support.

Chow Tai Fook Jewellery Group Ltd is engaged in the jewelry and watch business located in Mainland China. The company's geographical operating segment includes Mainland China and Hong Kong, Macau, and other markets. It generates maximum revenue from Mainland China. Its product categories include rings, bands, necklaces, pendants, earrings, chains, bracelets, and others. The company derives revenue from Gem-set, Gold products, Platinum/Karat gold products, and Watches.

Abu Dhabi National Oil Co For Distribution PJSC is engaged in the marketing of petroleum products, natural gas, and ancillary products. It owns retail fuel stations in the United Arab Emirates (UAE), the Arab Republic of Egypt, and the Kingdom of Saudi Arabia. In addition, the group also sells petroleum products to government and commercial customers, and provides aviation fuel and fueling services to its clients. Its reportable segments are Commercial (B2B) and Retail (B2C). Maximum revenue is generated from the Retail (B2C) segment, which is engaged in the sale of gasoline and petroleum products, convenience store sales, car wash and other car care services, oil change services, vehicle inspection services, and property leasing and management through the retail sites.

Verisure PLC provides security services that include professionally monitored alarm systems with 24/7 human response to protect homes and small businesses. The company offer installation, monitoring, verification, and rapid intervention of security alarms against intrusions, fires, and emergencies.

Aritzia Inc is an integrated design house of exclusive fashion brands. It designs apparel and accessories for its collection of exclusive brands and sells them under the Aritzia banner. The category of products offered by the firm is blouses, T-shirts, pants, dresses, sweaters, jackets and coats, skirts, shorts, jumpsuits, and accessories. The company reports as a single segment and includes all sales channels accessed by the company’s clients, including sales through the company’s eCommerce website and sales at the company’s boutiques. Its geographical segments include Canada and the United States. The company generates the majority of its revenue from Retail, followed by e-commerce.

Five Below Inc is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company’s edited assortment of products includes select brands and licensed merchandise. It derives revenue from sales of the Company’s merchandise to customers.

With over $41 billion in consolidated 2024 sales, Best Buy is the largest pure-play consumer electronics retailer in the US, boasting roughly 8% share of the North American market and around 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the covid pandemic, have seen the US e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.

Murphy USA Inc is mainly engaged in the marketing of retail motor fuel products and convenience merchandise through a network of several retail stores in the Southwest, Southeast, Midwest, and Northeast United States. The majority of Murphy USA's stores are located in proximity to Walmart Supercenters, but it also operates standalone stores that market gasoline and other products under the Murphy USA, Murphy Express, and QuickChek brands. In addition, the company also markets fuel to unbranded wholesale customers through a mixture of company-owned and third-party product distribution terminals and pipeline positions. The firm generates maximum revenue through retail sales of petroleum products, and the rest from merchandise sales and wholesale of petroleum products.

Penske Automotive Group operates in 19 US states and overseas. It has over 150 US and Puerto Rico light-vehicle stores as well as 210 franchised dealerships overseas, primarily in the United Kingdom but also in Australia, Germany, Italy, and Japan. The company is the third-largest US publicly traded dealership in terms of light-vehicle revenue and sells more than 40 brands, with over 90% of retail automotive revenue coming from luxury and import names. Other segments are service and finance and insurance. The firm's Premier Truck Group owns 45 truck dealerships selling mostly Freightliner and Western Star brands, and Penske owns 16 used-vehicle stores, mostly in the US and UK under the CarShop (US) and Sytner Select (UK) brands. Penske is based in Bloomfield Hills, Michigan.

D'Ieteren Group is a Belgium-based company that imports and distributes automobiles. The group’s reportable operating segments are D’Ieteren Automotive, Belron, Moleskine, TVH and PHE. It generates the majority of its revenue from the Belron segment which performs vehicle glass repair and replacement. The company also distributes Volkswagen, Audi, SEAT, Skoda, Bentley, Lamborghini, Bugatti, Maserati, Cupra, Rimac, and Porsche vehicles, as well as spare parts and accessories; markets of used vehicles; provides maintenance, financing and leasing services.

GameStop Corp is a U.S. multichannel video game, consumer electronics, and services retailer. The company operates across Europe, Canada, Australia, and the United States. The company sells new and second-hand video game hardware, physical and digital video game software, and video game accessories, mainly through GameStop, EB Games, and Micromania stores and international e-commerce sites. The majority of sales are from the United States. The company categorizes its products in three categories: Hardware and accessories, Software, and Collectibles. The company generates the majority of its revenue from the sale of Hardware and accessories products.

Securitas AB is an international security services, consulting, and investigation group based in Stockholm, Sweden. Its activities are centered on manned security, mobile security, monitoring, and risk assessment. Securitas operates in more than 50 countries and is the security firm in manned guarding. The company has four segments: Securitas North America, Securitas Europe, Securitas Ibero-America and Other. It generates maximum revenue from Securitas Europe.

Kesko Oyj is a Finland-based retail conglomerate that operates in three divisions: Grocery, Building and Technical, and Car. The Grocery segment provides the customers with K-food retailers running their locally tailored stores, acting in a chain business model. Chains include K-Citymarket, K-Supermarket, K-Market, and Neste K. The Building and Technical Sector produces construction materials, leisure athletic goods, and infrastructure tools and operates out of Scandinavia and Eastern Europe, both in digital and brick-and-mortar stores. The Car division acts as an importer and leaser for various European car brands, including Volkswagen, SEAT, Audi, and Porsche as well as a seller of used cars online and in-store. The Grocery segment in Finland produces the maximum revenue.

Dillard's Inc is an American fashion apparel, cosmetics, and home furnishings retailer. Its stores offer a large variety of merchandise and feature products from both national and exclusive brand sources. The company also operates a general contracting construction company, CDI Contractors. CDI Contractors' business includes constructing and remodelling stores for Dillards. The merchandise selections include exclusive brand merchandise such as Antonio Melani, Gianni Bini, Daniel Cremieux, Roundtree & Yorke, and private-label merchandise, among others. The company operates in two business segments; Retail Operations and Construction. The Retail Operations segment generates maximum revenue for the company.

Hotai Motor Co Ltd is engaged in assembling, trading, and importing vehicles, automobile air conditioners, and their parts. The segments of the company include the Distributor of Toyota and Hino products segments, Installment trading, Leasing, Property insurance, overseas sales agent, and other segments. It has operations across both Taiwan and mainland China, with the vast majority of revenue derived domestically.

Avolta is the world’s largest duty-free shop operator and leader in travel retail. Airports make up over 80% of the company's total revenue. Following the acquisition of Autogrill in 2022, Avolta now offers a full range of services across travel hubs, including duty-paid and duty-free retail, convenience, and food and beverage operations. The company’s main markets are Europe and the Americas, while Asia contributed around 4% of total sales in 2024.

Vibra Energia SA is engaged in the marketing and distribution of fuel and lubricants. The company's operating segments includes Retail; Consumer Market; Aviation Market and Special Market. It generates maximum revenue from the Retail segment. The business activities of the company include distribution, transportation, distribution and trading of all energy forms, chemical products and asphalt, provision of related services, and importing and exporting related items.

Canadian Tire is a leading general merchandise retailer with over 1,400 affiliated stores across Canada. The company operates about 650 stores, with the remaining operated by franchisees or third-party dealers. The retailer boasts a wide array of owned and affiliated banners that include its iconic namesake brand, Mark’s, Sport Chek, Sports Experts, PartSource, and Party City. Its product assortment includes automotive parts, appliances, home improvement items, sporting goods, and apparel. The firm also offers a loyalty program with 12 million members and owns a financial services arm that manages a credit card portfolio for its more than 2 million active users.

Groupe Dynamite Inc is engaged in the apparel fashion industry. The group is operating retail stores and digital experiences under two complementary and spirited brands, GARAGE and DYNAMITE. It offers a wide range of women's fashion apparel, catering to the needs of Generation Z and Millennials. It operates mainly in Canada and the United States.

Sanrio is a Japanese company best known for creating cute, character-driven brands, most famously Hello Kitty. Founded in 1960 by Shintaro Tsuji, Sanrio specializes in designing and licensing characters that appeal to a wide audience, especially children and young adults. Its portfolio includes beloved characters like My Melody, Cinnamoroll, Kuromi, and Pompompurin. Beyond merchandise, Sanrio's influence extends to animation, fashion, theme parks, and global pop culture, embodying the concept of kawaii (cuteness) as a cultural phenomenon.

AutoNation is the second-largest automotive dealer in the United States, with 2025 revenue of $27.6 billion and over 240 dealerships, plus 52 collision centers. The firm also has 26 AutoNation USA used-vehicle stores, a captive lender, four auction sites, and three parts distributors across 20 states primarily in Sunbelt metropolitan areas. New-vehicle sales account for nearly half of revenue; the company also sells used vehicles, parts, and repair services as well as auto financing. The company (formerly Republic Industries) divested its waste management unit (Republic Services) in 1999 and its car rental businesses (ANC Rental) in 2000. Wayne Huizenga founded the company in the 1990s to bring the rollup acquisition strategy to auto retailing, which has proved to be a smart move.

MSA Safety Inc makes safety products that are used to protect workers in the oil and gas and mining industries. The company's product offerings include breathing apparatuses, fall protection, portable gas detection systems, industrial head protection, fire and rescue helmets, and fixed gas and flame detection systems, among others. The end markets for its products include the fire service, contractor, industrial, mining, oil and gas, and utilities industries. The company has organized its business into four geographical operating segments that are aggregated into two reportable segments: Americas and International. The majority of its revenue is generated from the Americas segment, which is comprised of the company's operations in Northern North America and Latin America geographies.