Gunosy Valuation Multiples

Alphabet is a technology holding company headquartered in Mountain View, California. It was created on October 2, 2015 through a restructuring of Google, which became its largest subsidiary, and it is controlled by founders Larry Page and Sergey Brin. The group earns most of its income from advertising on Google Search, YouTube and its ad network, and it also sells cloud computing services, subscriptions and consumer hardware. Other business units, grouped as Other Bets, include the autonomous driving company Waymo, the life sciences company Verily and the research lab Google DeepMind. Alphabet also holds equity stakes in artificial intelligence, space and energy companies and invests through its own venture arms GV and CapitalG. It has grown through acquisitions of software, hardware and cloud security businesses. Its shares are listed on the Nasdaq under the tickers GOOGL and GOOG.

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.

Wireless services account for 75% of Verizon Communications' total service revenue and nearly all of its operating income. The firm serves about 94 million postpaid and 20 million prepaid phone customers via its nationwide network, making it the largest US wireless carrier. Fixed-line telecom operations include local networks in the Northeast that reach about 30 million homes and businesses, including about 20 million served by the Fios fiber-optic network. Verizon closed its acquisition of Frontier Communications in January, adding networks that reach another 15 million locations, including 9 million with fiber. These networks serve about 11 million broadband customers. Verizon also provides telecom services nationwide to enterprise customers, using a mix of its own and other networks.

BlackRock is an investment management company headquartered in New York City, founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and several partners. It manages assets for institutions, governments, pension funds, insurers and individual savers through index and active strategies, including the iShares exchange-traded fund range. The firm also develops Aladdin, a risk-management and portfolio-operations technology platform that it licenses to other asset managers, banks and insurers. Its alternatives business covers private equity, private credit, real assets and infrastructure, expanded through the acquisitions of Global Infrastructure Partners, HPS Investment Partners and the private-markets data provider Preqin. BlackRock invests through direct, co-investment and fund-of-funds programmes, and takes minority and growth positions in technology companies alongside venture and growth investors. It operates offices across the Americas, Europe, the Middle East and Asia-Pacific, and its shares are listed on the New York Stock Exchange.

Investor AB is an industrial holding company with a long-term, active investment portfolio plan. Its operations are divided into three business areas: Listed Companies, Patricia Industries, and Investments in EQT. The majority of the company's revenue is generated from dividends and changes in the value of its investment in other listed companies. Geographically, it generates the maximum revenue from the United States, with the remainder coming from Sweden, the United Kingdom, France, Germany, South America, Africa, and other regions.

SoftBank Group is a Tokyo-listed technology investment and telecommunications holding company founded in 1981. Its assets include a controlling interest in semiconductor designer Arm, ownership positions in Japanese telecommunications and internet businesses, and a global portfolio of public and private technology companies. SoftBank also sponsors the Vision Funds, which invest large pools of capital in growth-stage companies across artificial intelligence, software, consumer internet, mobility and related sectors. The group earns operating revenue from consolidated businesses and investment returns through asset management, equity ownership and disposals. In September 2021 SoftBank Vision Fund 2 led Sorare’s USD 680 million Series B financing, which valued the fantasy-sports company at USD 4.3 billion. The live Sorare round already names SoftBank Group as lead investor; the Aldea correction only adds the missing participating investor and aligns the date with Sorare’s official announcement.

Spotify is the leading global music streaming service, with over 750 million monthly active users and nearly 300 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 subscribers, who pay a monthly fee to access a music library that includes 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.

Blackstone is an American alternative investment management company based in New York City. It was founded in 1985 as a mergers and acquisitions advisory firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman Brothers. The firm runs private equity, real estate, credit, infrastructure, hedge fund solutions, secondaries, growth equity and insurance solutions businesses. Its private equity arm has been one of the largest leveraged buyout investors for three decades, and its real estate arm has bought commercial property and hotel companies worldwide. Blackstone listed on the New York Stock Exchange in June 2007. Its early private equity funds financed buyouts in hotels, funeral services, packaging, chemicals and waste services.

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals, operating through seven segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity (which generates the highest revenue), Real Estate, and Corporate Activities. The company invests in real assets that form the backbone of the economy to deliver risk-adjusted returns to stakeholders, with the majority of its revenue coming from Asset Management. It has a presence across the United Kingdom, the United States (which contributes the highest revenue), Australia, Canada, Brazil, India, Colombia, Germany, other parts of Europe, other parts of Asia, and additional countries.

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.

KKR is one of the world's largest alternative-asset managers, with $796.5 billion in total managed assets, including $638.4 billion in fee-earning assets under management, at the end of June 2026. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance).

Brookfield Asset Management is one of the world's largest alternative-asset managers, with USD 1.151 trillion in total managed assets, including USD 580.7 billion in fee-earning AUM, at the end of September 2025. The company has three main business segments: private credit (USD 349.0 billion in total AUM and USD 262.8 billion in fee-earning AUM), private equity (USD 151.0 billion/USD 46.3 billion), and real estate/real assets (USD 651.0 billion/USD 271.6 billion). The firm primarily serves institutional investors (90% of AUM) and high-net-worth individuals (10%), and is diversified globally, with 67% of revenue from the Americas, 20% from EMEA, and 13% from Asia-Pacific. Canadian-based Brookfield Corporation owns 73% of Brookfield's outstanding Class A shares.

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.

Apollo is one of the world's largest alternative asset managers, with $908.4 billion in total assets under management, or AUM, including $685.0 billion in fee-earning assets, at the end of September 2025. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in each of its major product lines-private equity (with $125.6 billion in total AUM and $71.7 billion in fee-earning AUM), real estate/real assets ($59.6 billion/$27.1 billion), and private credit ($723.2 billion/$586.2 billion). Apollo has a distribution profile that is likely not too far off from the industry averages-with 84% of its assets held by institutional investors and 16% by high-net-worth clients.

EQT is a Swedish global private markets investment firm, formally EQT AB, headquartered in Stockholm and listed on Nasdaq Stockholm. It was founded in 1994 by Investor AB, SEB and AEA Investors, with Conni Jonsson as founding chairman, and is associated with the Wallenberg family. Its funds invest in private equity, infrastructure, real estate, growth equity and venture capital across Europe, North America and Asia-Pacific, and it runs a private wealth business. EQT ranks second globally in private equity and fifth in infrastructure by capital raised. Together with Coller Capital it reported about €341 billion of assets under management in the second quarter of 2026, and its portfolio companies employ more than 550,000 people across over 330 companies. It set up EQT Ventures in 2016, listed in 2019, bought Life Sciences Partners in 2021 and Baring Private Equity Asia in 2022. Well-known investments include the software company IFS, the pest-control group Anticimex, SUSE, Zayo Group and the Swedish fibre operator IP-Only. It is led by chief executive Per Franzén and chairman Jean Salata, and earns management fees and carried interest.

3i Group PLC is a closed-ended investment fund and an investment company specialising in private equity and infrastructure. The Company generates returns for its shareholders and co-investors by investing in private equity and infrastructure assets. Its business segments are private equity, infrastructure, and Scandlines. The private equity segment invests in business services, consumer, healthcare, and industrial sectors, while the infrastructure segment invests in utilities, transportation, and social infrastructure.

Ares Management is one of the world's largest alternative-asset managers, with $671.3 billion in total assets under management, including $409.9 billion in fee-earning AUM, at the end of June 2026. The company has four main business segments: credit strategies ($440.5 billion in total AUM and $266.1 billion in fee-earning AUM), private equity ($24.5 billion/$13.9 billion), real estate/real assets ($151.2 billion/$88.6 billion), and other alternatives ($55.1 billion/$41.3 billion). The firm primarily serves institutional investors (80% of AUM) and high-net-worth individuals (20%). Ares operates through more than 35 offices in over 15 countries.

Bending Spoons SpA acquires and operates digital businesses, focusing on business transformation and operational optimization. Its activities include acquiring companies, implementing operational improvements, and reinvesting in additional acquisitions. The company owns AOL, Brightcove, Eventbrite, Evernote, Harvest, Komoot, Meetup, Remini, StreamYard, Vimeo, and WeTransfer. The majority of revenue is derived from subscriptions, by selling term-based access to its products to individuals and organizations, and the rest from advertising and other sources.

Most of Baidu's revenue comes from Baidu core, with the rest coming from video-streaming subsidiary iQiyi. The firm’s main businesses include online marketing services from its search engine, AI cloud infrastructure, AI applications, AI marketing, and autonomous driving.

Roku is a connected television company that operates a streaming platform and sells streaming players and smart TV operating system licences. The company was founded in 2002 by Anthony Wood and is headquartered in San Jose, California. Its platform lets households watch streaming channels on televisions, and it earns money from advertising, content distribution and subscription revenue shares, and from sales of streaming devices. The Roku Channel offers free ad-supported and premium content, and the company runs an advertising business that sells video ads and data-driven campaigns to brands and agencies. Roku works with television manufacturers that build its operating system into their sets, and with content publishers that distribute channels on the platform. It went public on the Nasdaq in 2017 after raising venture and strategic funding from media groups such as News Corp, Sky and Hearst. The company has grown by acquiring advertising technology, content and streaming-service businesses.

T. Rowe Price is a global investment management firm headquartered in Baltimore, Maryland, and listed on Nasdaq as T. Rowe Price Group. It was founded in 1937 by Thomas Rowe Price Jr. The firm manages mutual funds, exchange-traded funds, subadvised portfolios, separate accounts and retirement plans for individuals, institutions and financial intermediaries. Its public-equity funds, including the New Horizons, Growth Stock, Science and Technology and Health Sciences strategies, also invest in late-stage private companies through crossover and growth rounds, often as a lead or large participant in rounds alongside venture and growth investors. It earns fees on assets under management and from retirement recordkeeping services. In 2021 it acquired Oak Hill Advisors, which gave it a private credit and alternatives platform. It acquired F/m Investments, a Washington-based ETF and fixed-income manager, in 2026, and runs a product collaboration with Goldman Sachs on private-market offerings for retirement and wealth clients.

Amundi resulted from the merger of the asset manager businesses of French banks Credit Agricole and Societe Generale in 2010. In 2017, it expanded into Italy, Germany, and Austria by acquiring Pioneer Investments, which had previously been UniCredit's asset manager. France accounts for just under half of assets under management, while Italy and the rest of Europe contribute about 30% combined. Assets from Asia are growing rapidly and contribute just shy of 20%. Amundi is the largest European asset manager and a top 10 asset manager globally. Credit Agricole remains a controlling shareholder with a 70% stake.

Two Point Zero Group PJSC is an investment firm involved in the energy and consumer sectors. Its portfolio incorporates AI-enabled and diversified assets designed to support operational efficiency and potential long-term returns. Its business operations are involved in: i) Energy & Infrastructure: renewable energy, infrastructure solutions, and regional mining across the energy value chain. ii) Consumer: media, mobility, retail, beauty, food, and packaging iii) Investments: institutions and fintech initiatives focused on long-term capital, synergies, and financial infrastructure development.

Citicorp established CVC Capital Partners in 1981 as its European venture capital business. In 1993, the senior investment team negotiated a spinout from Citicorp to form an independent firm, at which point CVC also completed its transition from venture capital into leveraged buyouts and investments in mature businesses. Over time, CVC evolved into a manager of private equity, credit, secondaries, and infrastructure funds. CVC invests most of its funds in Europe and the United States, with a smaller exposure to Asia.

EXOR NV is a private equity investment firm based in Amsterdam, Netherlands. The firm seeks to invest in the United States and Europe.

DWS Group is a Frankfurt-headquartered global asset manager with roots dating to 1956. It serves institutional and individual investors through active, passive and alternative investment strategies. The alternatives platform invests directly in infrastructure, real estate and other private-market assets. Its infrastructure business targets transportation, utilities, telecommunications and essential-service companies through equity, debt and separate-account mandates. The group earns investment-management and performance fees from client assets across Europe, the Americas and Asia through a global distribution network. A DWS-managed infrastructure fund partnered with OMERS to buy Grandi Stazioni Retail in 2024. The correct database identity is DWS Group and not DWS Strategic Municipal Income Trust, a United States municipal-bond closed-end fund.

News Corporation is a diversified media and information services conglomerate with significant 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.

Carlyle Group is a global investment firm headquartered in Washington, DC, founded in 1987. It invests through three business segments: Global Private Equity, Global Credit and Carlyle AlpInvest, which covers secondary and primary fund investments. The Global Private Equity platform makes buyout and growth investments across aerospace, defense and government services, consumer and retail, energy and power, financial services, healthcare, industrial, technology and telecom and media, in North America, Europe, Asia and other regions. The firm is listed on Nasdaq under the ticker CG, and co-founders William Conway, Daniel D'Aniello and David Rubenstein served as its senior leaders. Carlyle maintains offices on several continents and has historically invested alongside management teams and co-sponsors in large take-private and carve-out transactions.

Ares Capital Corporation is an American specialty finance company, listed on Nasdaq as ARCC, that makes direct loans and other investments in private middle-market companies in the United States. Founded in 2004, it is regulated as a business development company and is externally managed by a subsidiary of Ares Management, the global alternative investment manager co-founded in 1997 by Antony Ressler, Michael Arougheti and others. It sources borrowers through direct origination and incumbent relationships and lends mainly through first-lien senior secured loans, alongside second-lien, subordinated, preferred and common equity investments, including co-investments with Varagon Capital Partners through its Senior Direct Lending Program and a stake in the Ivy Hill Asset Management platform. As of 30 June 2026 its portfolio was valued at about US$29.3 billion across 619 portfolio companies backed by 273 private equity sponsors, with 59% in first-lien loans and 71% at floating rates, and it reported stockholders' equity of US$13.9 billion. In the second quarter of 2026 it made about US$2.6 billion of new commitments. It was the largest publicly traded BDC by market capitalisation, and it earns interest, dividends and fee income, paying most of its earnings to shareholders as quarterly dividends, set at US$0.48 a share for the third quarter of 2026.

Bajaj Holdings and Investment Ltd is an investment holding company that chooses equities from both the public and private equity markets. The company is essentially a holding and investment company focusing on earning income through dividends, interest, and gains on investments held. The company's sectoral allocations to equity investments include Consumer Discretionary, Consumer Staples, Financials, Industrials, Materials, Real estate, Technology, Energy, Healthcare, and Communication Services.

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.

Sofina SA is a long-term oriented, investment holding company that favors allocating capital to entrepreneurs. The company also provides its investees access to a support network. Sofina only takes minority ownership positions in its long-term holdings with capital from its own balance sheet. Its portfolio holdings constitute the majority of its net asset value and come mostly from Europe. A smaller percentage of its net asset value base comes from investments in venture capital and private equity funds, mostly in the United States and in Asia.

Kakao Corp is a technology and platform company engaged in digital services, content, mobility, and financial technology businesses. The company operates through seven reportable segments. The Kakao segment provides advertising and platform-based service offerings. The Kakao Games segment covers game development, publishing, and related services. The Kakao Entertainment segment focuses on entertainment planning and content production, and distribution. Kakao Mobility offers database-based information provision services, while Kakao Pay provides mobile platform-based financial services. Kakao Piccoma operates a platform for webtoon and web-novel supply, and the SM Entertainment segment engages in entertainment planning and content production.

Ackermans & Van Haaren NV is an investment company with five core business segments: Marine Engineering and Contracting, Private Banking, Real Estate, Energy and resources, and AvH and Growth Capital. The company has a long-term, activist orientation focused on making investments in growth companies with international exposure. A plurality of its net profit mix is derived from its Marine Engineering & Contracting segment, followed closely by its Private Banking & Real Estate division.

Match Group Inc is a provider of online dating products. The company's portfolio of brands includes Tinder, Hinge, Match, Meetic, OkCupid, Pairs, Plenty Of Fish, Azar, BLK, and more, each built to increase its user's likelihood of connecting with others. The company has four operating segments: Tinder, Hinge, Evergreen and Emerging, and Match Group Asia. The company generates the majority of its revenue from the Tinder segment.

TPG is a global alternative asset manager headquartered in San Francisco and Fort Worth that invests across private equity, growth equity, impact, climate, real estate and credit strategies. It was founded in 1992 by David Bonderman, James Coulter and William Price as Texas Pacific Group and began with leveraged buyouts of distressed and turnaround situations. The firm now operates through distinct platforms including TPG Capital for large buyouts, TPG Growth for growth equity and smaller buyouts, TPG Rise for impact and climate investing, TPG Tech Adjacencies for minority technology investments, TPG Healthcare Partners, TPG Real Estate and TPG Asia, with offices across North America, Europe and Asia-Pacific. TPG acquired the credit and real estate manager Angelo Gordon, which now operates as TPG Angelo Gordon. Its investors are institutional limited partners and, increasingly, individual investors reached through wealth channels. TPG completed its initial public offering on Nasdaq in January 2022 and is listed as TPG Inc. Its investments span technology, healthcare, consumer, media, financial services, energy transition and infrastructure.

Duolingo Inc is a technology company that develops a mobile learning platform to learn languages and is the top-grossing app in the Education category on both Google Play and the Apple App Store. Its products are powered by sophisticated data analytics and artificial intelligence and delivered with class art, animation, and design to make it easier for learners to stay motivated master new material, and achieve their learning goals. Its solutions include the Duolingo Language Learning App, Super Duolingo, Duolingo English Test: AI-Driven Language Assessment, Duolingo For Schools, Duolingo ABC, and Duolingo Math. It has four predominant sources of revenue; time-based subscriptions, in-app advertising placement by third parties, and the Duolingo English Test, and In-App Purchases.

Dropbox provides cloud storage and content collaboration tools, focusing on individuals and small to midsize businesses. Founded in 2007, Dropbox was a pioneer in the file sync and share market. In recent years, the firm has been emphasizing its Dash product, which facilitates AI-powered universal search across unstructured cloud data.

Kunlun Tech Co Ltd engages in the development and distribution of online games in China. It also operates software application stores. The company develops and distributes web games, social games, mobile games, and software applications. Geographically, the company distributes its products in domestic and overseas markets.

Nippon Life India Asset Management Ltd is an asset management company managing equity and fixed-income mutual funds. It engages in managing mutual funds including exchange-traded funds (ETFs); managed accounts, including portfolio management services, alternative investment funds, and pension funds; and offshore funds and advisory mandates. The group mainly focuses on equity funds, debt funds, gold funds, liquid funds, ETFs, retirement funds, and others.

Compagnie du Cambodge is a holding company that manages portfolio of investments.

Onex is an alternative asset manager that invests capital on behalf of its shareholders and institutional clients. Established in 1984, the firm developed private equity and credit investment platforms that combine third-party funds with its own investing capital. Its private equity activities include the Onex Partners and ONCAP platforms, while its credit business provides investment strategies and lending solutions across credit markets. Investors include public and private pension plans, sovereign wealth funds, insurance companies and family offices seeking access to managed investment opportunities. The firm earns investment management income from its asset management activities and investment returns on the capital it deploys alongside clients. Onex supports its investment operations with industry knowledge, operating capabilities and origination resources used to identify businesses and financing opportunities.

Bilibili is a Chinese online entertainment platform best known for its YouTube-like video-sharing service. Founded in 2009, it initially focused on long-form content centered around anime, comics, and gaming, or ACG, catering primarily to Generation Z users. Over time, the platform has expanded its content ecosystem to cover a broader range of interests, successfully attracting a more diverse audience beyond its original Gen Z base.

Box is a cloud-based content management platform that provides storage and workflow collaboration services for enterprise customers. The firm was founded in 2005 as a file, sync, and share provider. Over time, it built out and acquired workflow and security tools to evolve the pure-play FSS business into a content management business. Most recently, Box has been pursuing an AI-powered, intelligent content management strategy that can allow for metadata extraction and workflow automation.

Reinet Investments SCA is a Luxembourg-based closed-end, specialized investment fund (SIF). Its primary investment objective is to achieve long-term capital growth. The company focuses on investing in a wide range of asset classes, including listed and unlisted equities, bonds, real estate, and derivative instruments. The company's principal source of earnings is the returns in the form of income and capital gains from the investments made through Reinet Fund and its subsidiaries.

3i Infrastructure is a Jersey-incorporated, London-listed infrastructure investment company launched in 2007. It takes influential or controlling positions in European economic infrastructure businesses across energy transition, utilities, digital communications, transport, logistics, and social and environmental infrastructure. The company and its investment manager work closely with boards and management teams on strategy, capital allocation, governance, operations, sustainability, and growth. Its core-plus approach focuses on resilient essential-service platforms and recycles capital from realisations into new opportunities. At 31 March 2026, its portfolio comprised ten assets valued at GBP 4.3 billion.

Samsung Securities Co Ltd provides customised asset management services to individual investors, as well as brokerage services to institutional investors. The company operates through three major segments: wealth management, which offers tailored wealth management and retirement planning services; sales and trading, which provides financial products such as equities, equity-linked products, fixed-income, currencies, and commodities; and the investment banking segment, which offers corporate financing services that include stock offerings or initial public offerings, issuance of multiple types of bonds, and investment banking services. The company’s revenue stems from brokerage commissions, fund sales, and underwriting and advisory commissions.