Garovaglio & Zorraquin 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 German industrial technology group headquartered in Munich that supplies automation, electrification, rail and healthcare equipment, software and services. It was founded in Berlin on October 1, 1847 by Werner von Siemens and Johann Georg Halske as Telegraphen-Bauanstalt von Siemens & Halske. The group reports through Digital Industries (factory automation and industrial software), Smart Infrastructure (buildings and electrical distribution), Siemens Mobility (rolling stock, signalling and rail systems) and Siemens Financial Services, and holds about 75% of separately listed Siemens Healthineers. It sells mainly to manufacturers, utilities, infrastructure owners, transit operators and hospitals, and in fiscal 2025 generated revenue of €78.9 billion and net income of €10.4 billion with about 327,000 employees. In 2020 it spun off Siemens Energy, keeping a 17.1% stake, and bought Varian Medical Systems for US$16.4 billion; in 2025 it added Altair Engineering for about US$10 billion, its largest acquisition, and Dotmatics for US$5.1 billion. Roland Busch has been chief executive since February 2021, and the shares trade on the Frankfurt Stock Exchange as a DAX member.

IHC is an Abu Dhabi-listed diversified operating and investment holding company founded in 1998. Its subsidiaries and equity interests span real estate, healthcare, food, utilities, technology, financial services, marine activities and other industrial sectors. The group serves consumers, businesses and government counterparties through its operating companies. Revenue is generated from consolidated services, product sales, development activity and returns on investment holdings. IHC Capital acted as the group vehicle participating alongside ADQ in the transaction that formed the enlarged Modon Holding. Because IHC Capital carries the parent brand and is not a separately managed external investment house, it is resolved to the existing IHC record under the one-house rule. The listed parent allocates capital centrally while operating through separately managed subsidiaries and associates.

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison, near Paris, whose products cover electrification, automation and digitalisation for buildings, homes, data centers, infrastructure and industry. It sells electrical distribution equipment, switches and sockets, building and home automation, industrial control and process safety systems, grid automation, critical power and cooling for data centers, and energy management and industrial software, under brands including Square D, APC, AVEVA, Clipsal, Merlin Gerin, Telemecanique and Modicon. The company earns most of its revenue from product and system sales to distributors, panel builders, contractors, utilities, data-center operators and industrial customers. It reported revenue of 40.15 billion euros and net income of 4.35 billion euros for 2025 and employed about 177,000 people in 2024. Schneider Electric is registered as a Societas Europaea, trades on Euronext Paris as part of the CAC 40 and Euro Stoxx 50 indices, and is led by chief executive Olivier Blum and chairman Jean-Pascal Tricoire. Its history begins in 1836, when brothers Adolphe and Eugène Schneider took over an iron foundry in Le Creusot and founded Schneider-Creusot, a maker of steel, heavy machinery and transport equipment that later refocused on electrical equipment.

ABB is a Swiss-Swedish electrification and automation group headquartered in Zurich and incorporated in Switzerland as ABB Ltd. It was formed in 1988 by the merger of Sweden's ASEA, founded in 1883, and Switzerland's Brown, Boveri & Cie, founded in 1891, creating a group with about $15 billion of revenue and 160,000 employees at the time. Its roughly 20 divisions sit in four business areas: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. It sells electrical distribution products such as circuit breakers, motors and drives, industrial robots and automation systems to industrial, utility, building and infrastructure customers. ABB sold its power grids business to Hitachi in 2020, spun off its turbocharging business in 2022, and in October 2025 agreed to sell its industrial robotics unit, with about 7,000 employees and $2.3 billion of 2024 revenue, to SoftBank Group for $5.4 billion. Major 21st-century acquisitions include Baldor Electric, Thomas & Betts and GE Industrial Solutions. The shares are listed on the SIX Swiss Exchange and Nasdaq Stockholm, and Morten Wierod has been chief executive since August 2024.

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.

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.

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.

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.

Emerson Electric is an American industrial technology company headquartered in St. Louis, Missouri, that makes automation and control systems, measurement and analytical instruments, test equipment, industrial software and professional tools. Its products serve process and discrete industries such as oil and gas, power generation, chemicals, pharmaceuticals, water treatment and heating and air conditioning in more than 150 countries, and it also makes radar and avionics equipment for aerospace and defence. The company was founded on September 24, 1890 by John Wesley Emerson as Emerson Electric Manufacturing Co. to build electric motors, and in 1892 became the first to sell electric fans in the United States. Over the past decade it has reshaped itself around automation: it sold its Network Power business, now Vertiv, to Platinum Equity in 2016, sold its climate technologies business to Blackstone in stages between 2022 and 2024, and bought National Instruments for $8.2 billion in 2023; Aspen Technology is also a subsidiary. Emerson earns its revenue mainly by selling equipment, systems and software to industrial customers. In 2025 it reported revenue of $18.02 billion, operating income of $2.475 billion and net income of $2.293 billion, with about 71,000 employees. It is listed on the New York Stock Exchange and is led by chief executive Lal Karsanbhai and chairman Jim Turley.

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.

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.

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.

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.

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.

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.

CITIC Limited is a Hong Kong-listed diversified group whose activities include financial services, resources and energy, manufacturing, real estate, infrastructure and engineering contracting. Its businesses operate principally in China, alongside activities in Hong Kong and other overseas markets. The group serves commercial, industrial, institutional and consumer customers through its operating subsidiaries. Revenue comes from financial services, manufactured products, resource-related activities, infrastructure and contracted services across those businesses. In 2015, CITIC Environment, within the group’s wholly owned corporate chain, invested alongside KKR in United Envirotech as part of an expansion into environmental services. The acquired platform combined wastewater-treatment engineering, water-plant investments and membrane manufacturing. CITIC’s 2015 transaction disclosures described environmental protection and stewardship of natural resources as a strategic development area. At June 2015, the broader group reported approximately HK$6.5 trillion of total assets and employed more than 120,000 people across its businesses.

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 Corporation is a Nagoya- and Tokyo-headquartered Japanese trading and operating group within the wider Toyota ecosystem. It combines procurement, distribution, manufacturing, logistics, investment and service businesses rather than functioning only as an export intermediary. The company is organised across eight domains: Metal+, Circular Economy, Supply Chain, Mobility, Green Infrastructure, Digital Solutions, Lifestyle and Africa. Its mobility activities include vehicle and parts import and export, assembly, wholesale and retail, used vehicles, captive finance, leasing and after-sales service. Other divisions handle renewable-energy infrastructure, batteries and recycling, electronics and digital systems, food and healthcare, industrial materials and African operations. Toyota Tsusho uses a global network of subsidiaries and joint ventures to build local supply chains and operating businesses. Its investment in logistics startup Moova fits the group's mobility and supply-chain mandate, but the listed parent earns revenue across a much broader portfolio of industrial and commercial activities.

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.

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

Lifco AB owns niche subsidiaries in a variety of industries, with a focus on three business areas: dental, demolition and tools, and systems solutions. The dental business supplies consumables, equipment, and technical service to dentists. The demolition and tools business manufactures and sells equipment for the construction and demolition industry, including demolition robots and crane attachments. The systems solutions business provides interiors for service vehicles, contract manufacturing, environmental technology, sawmill equipment and construction materials. The Group’s material revenue streams arising from the sale of goods comprise sales of dental products, tools and machinery, infrastructure products, environmental technology, special products and transportation products.

Siemens Ltd produces systems and solutions for electrification, automation, and digitalization. The company's business segments are; Energy, Smart Infrastructure, Mobility, Digital Industries, and others. The Smart Infrastructure segment derives maximum revenue which functions as a supplier of products, systems, solutions, and services for the transmission and distribution of electrical energy for power utilities, industrial companies, and infrastructure segments. The products and services portfolio under this segment includes systems for low and medium-voltage distribution, solutions for smart grids and energy automation, low-voltage power supply systems, provides intelligent and connected infrastructure for grids and buildings. Geographically, it derives maximum revenue from India.

Bosch Ltd is a holding company of subsidiaries manufacturing and trading automotive products. The company sells car parts such as fuel systems, electrical drives and motors, steering systems, and aftermarket products to the automotive industry. The company's reportable segments are; Automotive products which generate maximum revenue, Consumer Goods, and Others. Its operations in the automotive business consist of diesel systems, gasoline systems, and automotive aftermarket products and services. The Consumer Goods segment predominantly consists of trading activities in power tools and consumables, and the Others segment includes industrial technology, building technology products, and services. Geographically, the company generates a majority of its revenue within India.

Modon Holding PSC, and its subsidiaries, operate across multiple business activities, including the development, management, sales, leasing and other associated services for real estate. The company is also engaged in the development, management and operations of hotels and exhibition venues, with a portfolio of assets under management across retail, residential, commercial, and sports & leisure. The company's reportable segments are: i) Real Estate Development, ii) Asset and Investment Management, iii) Hospitality, and iv) Events, Catering and Tourism. The majority of revenue is derived from the Real Estate Development segment, which involves master planning, development, sales, and management of real estate projects in the UAE and international markets.

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.

Yamaha Motor Co Ltd is engaged in the manufacture and sale of motorcycles, marine products, and related equipment. The company operates through four reportable segments: Land Mobility, Marine, Robotics, and Financial Services. The Land Mobility segment includes motorcycles, highway vehicles, electric-assist bicycles, automobile engines, and components. The Marine segment handles outboard motors, water vehicles, boats, and fishing vessels. The Robotics segment provides surface mounters, semiconductor manufacturing equipment, industrial robots, and unmanned helicopters, while the Financial Services segment offers sales financing and leasing related to Yamaha products. It generates the majority of its revenue from the Land mobility segment.

Aker ASA is an industrial investment company that develops businesses and exercises active ownership to create value for its shareholders and society at large. The portfolio has focused on companies in oil and gas, maritime assets, seafood/marine biotechnology, and real estate sectors. The company's investment portfolio comprises two segments: Industrial holdings and Financial investments. The primary focus for businesses within Industrial holdings is long-term value creation. Businesses within Financial investments are managed as a portfolio with a focus on financial and strategic opportunities. The company generates the majority of its revenue from Industrial holdings. Geographically, the company generates the majority of its revenue from Norway.

Koc Holding AS is a Turkish conglomerate. The group's businesses operate in the energy refining, fuel distribution, liquefied petroleum gas distribution, power generation, natural gas, automotive, automotive retailing, farm tractors, defense, white goods, consumer electronics, air conditioning, banking, leasing, REIT, factoring, brokerage, asset-management, consumer finance, food production, food production distribution, do-it-yourself retailing, tourism, marina operations, information technology, and ship and yacht construction industries. The company operates five core business segments: Energy, Automotive, Consumer durables, Finance, and Other. The majority segment by sales is energy, containing the fuel distribution, refining, and power generation businesses.