Jardine Cycle & Carriage Valuation Multiples

The Coca-Cola Company is a United States beverage company headquartered in Atlanta, Georgia. It owns and markets a global portfolio of sparkling soft drinks, water, sports drinks, juice, dairy, plant-based beverages, tea and coffee brands. Its principal brands include Coca-Cola, Sprite, Fanta, Dasani, Powerade, Minute Maid and Costa. The company generally manufactures concentrates and syrups and works with independent and company-owned bottling partners that produce, package and distribute finished beverages. It serves consumers through retailers, restaurants, entertainment venues and other commercial channels in markets around the world. Revenue comes from sales of concentrates, syrups and finished beverages, together with related brand and distribution activity. The company is publicly listed and traces the Coca-Cola drink to 1886. During Beatrice’s post-buyout breakup, Coca-Cola acquired the former Beatrice soft-drink bottling operations in 1986.

Morgan Stanley is a global financial-services firm founded in 1935 that serves individuals, companies, institutional investors and governments. Its investment-banking and capital-markets businesses advise clients on transactions and help them raise financing. The firm also provides securities sales, trading, market-making and research services to institutional clients. Its wealth-management business supports individuals and organisations in building, preserving and managing their assets. Investment Management offers strategies across public and private markets for institutional and individual investors. The group earns revenue from financial advice, capital-raising services, trading and investment-management activities. It also provides workplace financial solutions for employers and their employees. Its international office network supports cross-border transactions and investment services. Morgan Stanley participated as an equity investor in the 2007 TXU acquisition, a role distinct from merely providing acquisition financing or advisory services.

Goldman Sachs is a financial services group providing investment banking, securities, asset management and wealth management services. Its banking teams advise corporations and institutions on mergers, acquisitions, financing and the management of financial liabilities. Global markets activities help clients trade financial instruments, obtain financing and manage market risks. The asset management business invests across public and private markets for institutions, financial advisers and individual investors, including alternative investment strategies. Wealth management provides investment advice, portfolio services and financial planning for affluent individuals, family offices, foundations and other clients. The firm earns revenue from advisory and transaction fees, investment management, trading and lending, combining these activities across an international network of financial markets and client relationships.

With a 150-year-plus history, Nestle is the largest food and beverage manufacturer in the world by sales, generating roughly CHF 90 billion in annual revenue. Its diverse product portfolio includes brands such as Nescafe, Maggi, Nespresso, and Purina. The company employs 270,000 people around the world and has a vast portfolio of global products, with more than 30 brands each achieving more than CHF 1 billion in sales annually and a geographic presence that spans 185 countries.

PepsiCo is a global leader in snacks and beverages, owning well-known household brands including Pepsi, Mountain Dew, Gatorade, Lay’s, Cheetos, and Doritos, among others. The company dominates the global savory snacks market and also ranks as the second-largest beverage provider in the world (behind Coca-Cola) with diversified exposure to carbonated soft drinks, or CSD, as well as water, sports, and energy drink offerings. Convenience foods account for approximately 58% of its total revenue, with beverages making up the rest. Pepsi owns the bulk of its manufacturing and distribution capacity in the US, but uses bottlers overseas for beverages. International markets made up 40% of both total sales and operating profits in 2024.

BlackRock is an American investment management company headquartered at 50 Hudson Yards in New York City and the largest asset manager in the world, with $15.3 trillion of assets under management as of 2026. It runs index and active funds, the iShares exchange-traded fund range, alternatives including infrastructure and private credit, and retirement assets for institutional and individual clients in 100 countries, and it licenses its Aladdin investment and risk management technology to more than 1,000 institutional clients. BlackRock was founded in 1988 by Larry Fink, Robert Kapito, Susan Wagner and colleagues as a fixed income and risk management manager, and Fink remains chairman and chief executive. It grew through acquisitions including Merrill Lynch Investment Managers in 2006 and Barclays Global Investors, owner of iShares, for $13.5 billion in 2009, followed by Global Infrastructure Partners for $12.5 billion, announced in January 2024, and private credit manager HPS Investment Partners for about $12 billion, agreed in December 2024. The company reported revenue of $24.22 billion and net income of $5.553 billion in 2025. Its shares trade on the New York Stock Exchange and it is a component of the S&P 500.

Anheuser-Busch InBev is a global brewing group based in Leuven, Belgium, with publicly traded shares and American depositary receipts. The company produces, markets and distributes beer across a broad portfolio of international and local brands. Important brands include Budweiser, Corona, Stella Artois, Beck’s, Hoegaarden and numerous regional products. Its revenue derives primarily from beverage sales through wholesale, retail and hospitality distribution channels. The group was formed through the combination of InBev and Anheuser-Busch and operates across both developed and emerging markets. Its business model combines large-scale brewing and distribution with local consumer brands and international brand investment. AB InBev sold Oriental Brewery in 2009 as part of its deleveraging programme and agreed to reacquire the South Korean brewer in 2014. The transaction brought Cass and Oriental Brewery’s domestic operations back into its Asia-Pacific business.

Unilever is a diversified beauty, wellbeing, and personal care (44% of 2024 sales by value), homecare (20%), and packaged food (36%) company. Its brands include Dove personal-care products, Knorr soups and sauces, Hellmann's mayonnaise, Axe and Rexona deodorants, and TRESemme haircare. The firm has been acquisitive in recent years; notable purchases include Paula's Choice, Liquid I.V., Horlicks, and Wild deodorants. The company derives 58% of its sales from emerging markets and 42% from developed markets. The US is its largest market, accounting for around 20% of sales, followed by India, which accounts for 11% of sales.

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.

McKesson Corp is one of three leading pharmaceutical wholesalers in the US engaged in sourcing and distributing branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospitals networks, and healthcare providers. Along with Cencora and Cardinal Health, the three account for over 90% of the US pharmaceutical wholesale industry. Outside the US market, McKesson engages in pharmaceutical wholesale and distribution in Canada. Additionally, the company supplies medical-surgical products and equipment to healthcare facilities and provides a variety of technology solutions for pharmacies.

Blackstone is the world's largest alternative-asset manager with $1.242 trillion in total asset under management, including $906.2 billion in fee-earning assets under management, at the end of September 2025. The company operates with scale in each of its major product lines: private equity (26% of fee-earning AUM and 33% of base management fees), real estate/real assets (31% and 35%), private credit (34% and 25%), and other alternatives (9% and 7%). While the firm primarily serves institutional investors (84% of AUM), it also caters to clients in the high-net-worth channel (16%). Blackstone operates through 25 offices in the Americas (8), Europe and the Middle East (9), and the Asia-Pacific region (8).

KKR is a global investment firm headquartered in New York that manages private equity, credit, infrastructure and real estate investments and also offers capital markets services and insurance. It sponsors investment funds for institutional investors, private-wealth clients and families, commits capital from its own balance sheet alongside them, and owns Global Atlantic Financial Group, which provides retirement, life and reinsurance products; its Strategic Holdings segment holds long-term stakes from its core private equity strategy. KKR had $796 billion of assets under management, $638 billion of it fee-paying, at the end of June 2026, and raised $133 billion of new capital in the preceding twelve months. Its income comes from management and other fees, performance income on its funds and the earnings of its insurance business. The firm was founded in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts, is listed on the New York Stock Exchange and is led by co-chief executives Joseph Bae and Scott Nuttall. In the Nordic software market it bought 76.9% of Visma from HgCapital in 2010 at an enterprise value of about NOK 11.3 billion.

Monster Beverage is a leader in the energy drink category within the nonalcoholic ready-to-drink beverage market, generating two thirds of revenue in the US and Canada. The well-known Monster trademark includes brands such as Monster Energy, Monster Ultra, Java Monster, and Juice Monster. The firm also owns other energy drink brands, such as Reign, NOS, Burn, Bang and Mother, and brews and distributes beers and flavored malt beverages following the acquisition of a craft brewer in 2022. Monster controls branding and innovation but outsources beverage manufacturing and packaging to copackers and finished goods distribution to bottlers in the global Coca-Cola system (pursuant to a 20-year agreement inked in 2015). Coke is the largest shareholder of Monster with a 19.5% stake.

Brookfield Corporation is a Toronto-headquartered global investment firm whose roots date to 1899. It owns and operates businesses and assets across renewable power, infrastructure, private equity, real estate, credit and insurance solutions. Brookfield invests its own balance-sheet capital and institutional client capital through controlled companies, funds and long-term partnerships. The group earns asset-management fees, carried interest, distributions and operating income from its portfolio. Its owner-operator model combines transaction execution with long-term operational oversight of essential-service businesses around the world. Brookfield reported more than US$1 trillion of assets under management in La Caisse's 2026 transaction release. It was a principal purchaser in the Boralex take-private alongside its institutional partners and La Caisse.

Mondelez has operated independently since its split from the former Kraft Foods North American grocery business in October 2012. The firm is a leading player in the global snack enclave with a presence in the biscuit (49% of sales as of the end of fiscal 2024), chocolate (31%), gum/candy (11%), beverage (3%), and cheese and grocery (6%) aisles. Mondelez's portfolio includes well-known brands like Oreo, Chips Ahoy, Halls, and Cadbury. The firm derives around one-third of its revenue from developing markets, more than one-third from Europe, and the remainder from North America.

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.

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.

Macquarie Group is an Australian multinational investment banking and financial services group headquartered in Sydney and listed on the Australian Securities Exchange. It operates through four groups: Macquarie Asset Management, Banking and Financial Services, Commodities and Global Markets, and Macquarie Capital, its advisory and principal investment arm. It serves institutional, corporate, government and retail clients, and is one of the world's largest infrastructure asset managers, with A$938.3 billion of assets under management and total assets of about A$403 billion in 2024. The group employs more than 20,000 staff in 34 markets and earns fees and commissions, net interest income and trading and investment income. Its subsidiaries include Macquarie Bank Limited and investments in infrastructure businesses such as Southern Water and Arqiva. Macquarie was founded on 10 December 1969 in Sydney as Hill Samuel Australia, a subsidiary of the UK's Hill Samuel & Co.

Strategy Inc is a bitcoin treasury company and a provider of business intelligence services. It is designed to provide investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed-income instruments. The company also provides industry AI-powered enterprise analytics software. It has one reportable operating segment: the Software Business, which is engaged in the design, development, marketing, and sales of the company's enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services (i.e., product support, consulting, and education). Geographically, the company operates in EMEA, U.S. and Other Regions, of which maximum revenue is derived from U.S..

Founded in 1927, W.W. Grainger originally distributed various motors via a mail-order catalogue. Over the course of the 20th century, the firm expanded into new industrial product categories and launched its first digital catalogue in 1995. Today, the company organizes itself into two segments focused on different customer bases. Its larger segment, high-touch solutions, offers a vast array of maintenance, repair, and operations, or MRO, supplies and bespoke inventory management services to larger businesses. Its smaller segment, endless assortment, operates two online platforms, Zoro and MonotaRO, that offer comprehensive catalogues of MRO supplies to smaller businesses. Grainger has operations throughout the world but primarily generates sales within the US.

Cencora is one of three leading domestic pharmaceutical wholesalers. It sources and distributes branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospital networks, and healthcare providers. It and McKesson and Cardinal Health hold over 90% share of the US pharmaceutical wholesale industry. Cencora also provides commercialization services for manufacturers of pharmaceuticals and medical devices, global specialty drug logistics (World Courier), and animal health product distribution (MWI Animal Health). Cencora expanded its international presence in 2021 by purchasing Alliance Healthcare, one of the leading drug wholesalers in Europe.

Fastenal began as an industrial retailer, expanding its product portfolio from nuts and bolts to cutting tools, safety equipment, and janitorial supplies. It transitioned into a distributor by building out a dense network of branches close to its business customers. Once a customer becomes large enough, Fastenal installs vending machines and its own personnel on-site. Today, these on-site locations exceed Fastenal’s branch count and remain the firm’s main focus for expansion. Fastenal acts as a one-stop outsourcing partner for its industrial customers, offering value-added services along with a wide breadth of maintenance, repair, and operations supplies.

Founded in 1996, Nongfu Spring is a leading beverage producer with products primarily in the packaged water, ready-to-drink tea, juice, coffee, and functional beverages sectors in China. It holds the number-one share in the bottled water market; this segment contributed approximately 40% of the firm’s revenue and EBIT in 2024.

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.

Banco BTG Pactual is a Brazilian investment bank and asset manager headquartered in São Paulo and listed on the B3 exchange. It provides investment banking, corporate lending, sales and trading, wealth management, asset management and consumer banking services, and its merchant banking and private equity arm invests in companies across Latin America. The bank traces its origins to Pactual, founded in Rio de Janeiro in 1983 by André Jacurski, Luiz Cezar Fernandes and Paulo Guedes, and is chaired by André Esteves with Roberto Sallouti as chief executive. BTG Pactual earns fees, trading income and net interest income, reported net income of about US$3.0 billion and total assets of about US$162.8 billion in 2025, and employed 8,188 people in 2024. In 2025 its private equity arm agreed to invest $300 million in egg producer Global Eggs for an 11% stake.

Cardinal Health is one of three leading pharmaceutical wholesalers in the US, engaged in sourcing and distributing of branded, generic, and specialty pharmaceutical products to pharmacies (retail chains, independent, and mail order), hospital networks, and healthcare providers. Cardinal, Cencora, and McKesson hold well over 90% of the US pharmaceutical wholesale industry. Cardinal Health also supplies medical-surgical products and equipment to healthcare facilities in North America, Europe, and Asia.

Rheinmetall is an international group active in various markets with leading technological products and services. The sales focus is on the security technology and mobility segments. Since February 2021, the group structure has been made up of five divisions-vehicle systems, weapons and ammunition, electronic solutions, sensors and actuators, and materials and trade. The vehicle systems, weapons and ammunition, and electronic solutions divisions are among the defense and security industry's leading suppliers of innovative products to German and international defense forces. The sensors and actuators and materials and trade divisions' core area of expertise is the reduction of emissions, pollutants and fuel consumption.

State Street is a leading provider of financial services, including investment servicing, investment management, and investment research and trading. With approximately $54 trillion in assets under custody and administration, and $5.7 trillion in assets under management, as of Dec. 31, 2025, State Street operates globally in more than 100 geographic markets and employs about 51,500 worldwide.

Hindustan Unilever Ltd is an Indian consumer goods company. The firm offers different brands from distinct categories, from cosmetics and hygienic items, including detergents, soaps, shampoos, skincare, toothpaste, and deodorants, to food and beverages (tea, coffee, packaged foods). Its product portfolio contains household brands such as Lux, Lifebuoy, Pepsodent, Closeup, Pureit, Axe, Brooke Bond, Bru, Knorr, Kissan, Pond's, Vaseline, Lakme, Dove, Clinic Plus, Sunsilk, Kwality Wall's, Surf Excel, Rin, Wheel, and Fair and Lovely. The company's segments include Home Care, Beauty & Wellbeing, Personal Care, Foods, and others. Geographically, it generates a majority of its revenue from India.

CCEP is the second-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa, and primarily operates in developed Europe, Australasia, and Southeast Asia. In 2025, CCEP sold 3.9 billion unit cases of beverages, which we estimate equates to roughly 9% of the global Coke system volume.TCCC owns 19% of the equity of CCEP, Olive Partners, a holding company of bottling operations, owns a further 36%, and the remaining 45% is free float.

Sun Life Financial is one of the Big Three Canadian life insurers. The Canadian business contributed around 38% of adjusted earnings. In that segment, the firm provides health, life insurance, and annuity products to individual and group customers. Its US business is mostly group health and contributed about 20% of the firm's adjusted earnings in 2024. Sun Life also offers life insurance and wealth products in several Asian markets with a strong presence in Hong Kong and the Philippines. The Asia segment contributed around 18% of adjusted 2024 earnings. Its asset management business had around CAD 1.1 trillion total assets under management or administration at the end of 2024 and represents around 34% of the firm's earnings.

Ameriprise Financial has evolved into a diversified financial services provider that generates roughly 65% of its operating income from advice and wealth management. With nearly $1.2 trillion in segment assets under management and advisory at year-end 2025, and with roughly 10,600 affiliated and employee advisors, Ameriprise is one of the larger US-based wealth managers. It also boasts a reasonably large asset management franchise in Columbia Threadneedle, which boasted $678 billion in assets under management at year-end 2025. The firm's third key segment is its retirement and protection services business, which sells insurance products to the firm’s advisory clients. After eliminations, Ameriprise had $1.69 trillion in assets under management and advisory across segments at year-end 2025.

Danone is a global food and beverage industry leader with more than EUR 27 billion annual revenue. Its operations are organized into three broad segments: essential dairy and plant-based products, representing just over half of group revenue; specialized nutrition; and bottled water. The firm's portfolio includes well-known brands such as Danone/Dannon dairy products, Alpro plant-based dairy, Aptamil infant milk formula, Evian and Volvic bottled water, and leading medical nutrition brands.

Ferguson distributes plumbing and HVAC products to North American repair, maintenance, and improvement, new construction, and civil infrastructure markets. It serves over 1 million customers and sources products from 37,000 suppliers. Ferguson engages customers through approximately 1,700 North American branches, over the phone, online, and in residential showrooms. The firm sold its UK business in 2021 and is now solely focused on the North American market.

Grupo Nutresa SA is a processed food company that operates through eight business units: Cold Cuts, Biscuits, Chocolates, Tresmontes Lucchetti, Coffee, Retail Food, Ice Cream, and Pasta. The company's revenue comes from food products, Beverage, and others. The majority of the company's production and sales take place in Colombia.

Keurig Dr Pepper was established in 2018 following a merger between Keurig Green Mountain Coffee and Dr Pepper Snapple. The company manufactures and distributes coffee systems (including coffee brewers and single-serve coffee pods) under the Keurig and Green Mountain brands, as well as ready-to-drink beverages including flavored (non-cola) sparkling soft drinks under well-known brands such as Dr Pepper, Snapple, and Canada Dry. The company controls production and route to market for its own brands through in-house manufacturing plants and distribution infrastructure and leverages these facilities to manufacture and distribute for third-party coffee and beverage brands via licensing and partnership agreements. The US and Canada make up 95% of revenue, with the rest from Mexico.

Power Corp. of Canada is a holding company with controlling interests in Great-West Lifeco (one of the big three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative asset management platforms (Sagard and Power Sustainable). The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms.

Prudential Financial is one of the largest US life insurers, offering annuities, life insurance, and asset-management products. The United States and Japan are its two largest markets. Its US business contributed about 50% of adjusted 2024 earnings and includes institutional retirement (mostly pension risk transfer), individual retirement (annuities), group insurance, and individual life insurance. Its international business represented about 40% of adjusted earnings, with a strong market position in Japan, and the firm also has a presence in emerging markets like Brazil. The company's investment management business, PGIM, contributed approximately 10% of its 2024 adjusted earnings. PGIM had around $1.4 trillion in assets under management at the end of third-quarter 2025.

ORIX Corp is a diversified financial services company with operations in Corporate Financial Services, Maintenance Leasing, Real Estate, PE Investment and Concession, Environment and Energy, Insurance, Banking and Credit, Aircraft and Ships, ORIX USA, ORIX Europe, Asia, and Australia and engages in various other fee businesses by providing products and services aligned with customer needs to its core customer base of domestic small and medium-sized enterprises. Orix's numerous divisions finance leases of large-ticket items like ships, airplanes, and technology equipment. The company generates the majority of its revenue from Corporate Financial Services and Maintenance Leasing operations and Real Estate operations.

Sysco is the largest US foodservice distributor with 18% share of the highly fragmented $377 billion domestic market. It distributes roughly 500,000 food and nonfood products to restaurants (60% of fiscal 2025 revenue), education and government buildings (8%), healthcare facilities (8%), travel and leisure (7%), and other locations (17%) where individuals consume away-from-home meals. In fiscal 2025, 70% of the firm’s revenue was derived from its US foodservice operations, while its international (18%), quick-service logistics (10%), and other (2%) segments contributed the rest.

Spun off from Roche in 2000, Givaudan is one of the world's leading flavor and fragrance manufacturers, with a presence in more than 80 countries. It sources more than 11,000 different ingredients from over 100 countries. The company serves end consumer markets with fragrances for personal, home, and laundry care brands, including prestige perfumes. In flavors, customers are in beverages, savory, snacks, sweet goods, and dairy. Givaudan has nearly 10,000 employees, and its perfumery team is the largest in the industry.

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 is an investment company focused on private equity and infrastructure businesses, with a principal investment presence in northern Europe and North America. Its private equity activities cover consumer and private-label products, healthcare, industrial businesses, and services and software. The firm selects companies that it expects to benefit from sustained structural growth and works with their management teams on operating development and expansion. It generally holds majority interests in core portfolio companies and takes board representation, enabling direct involvement in the development of its investments. The business generates investment returns for shareholders through portfolio performance and the eventual realization of holdings, while its infrastructure operations also encompass managed investment funds. 3i evaluates potential exits throughout the holding period and may retain selected investments for longer periods when that supports shareholder value.

Hershey is a leading US confectionery manufacturer (around a $54 billion market, according to Euromonitor), controlling around 36% of the domestic chocolate aisle. Beyond its namesake label, the firm's portfolio has expanded over the last 85 years and now comprises 100 brands, including Reese's, Kit Kat, Kisses, and Ice Breakers. Hershey's products are sold in about 80 countries, albeit with just a high-single-digit percentage of sales coming from markets outside the US, including Brazil, India, and Mexico. The firm has sought inorganic opportunities to extend its reach beyond its core confectionery business, adding Amplify Snack Brands and its Skinny Pop ready-to-eat popcorn to its portfolio, as well as Pirate Brands and Dot's Pretzels over the past few years.

Northern Trust is a leading provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals. Founded in Chicago in 1889, Northern Trust has offices in 20 states and Washington, D.C. as well as 23 locations in Canada, Europe, the Middle East, and Asia-Pacific. As of December 2025, Northern Trust had assets under custody or administration of $18.7 trillion and assets under management of $1.8 trillion.

Raymond James Financial is a diversified financial services firm that provides wealth management, investment banking, asset management, and capital markets services to individuals, corporations, and municipalities. The firm maintains an extensive catalogue of products and services across its business lines. However, the wealth management franchise generates the bulk of its revenues and earnings through a vast network of more than 8,900 independent and employee-affiliated advisors, who collectively managed over $1.7 trillion in client assets as of fiscal year-end 2025. While Raymond James maintains a global footprint, the company derives over 90% of its revenue, and an even larger percentage of its operating income, from the United States.

Swiss Life is predominantly a life and long-term savings company that generates the main share of its revenue and earnings from its domestic market of Switzerland. The company also operates in France, Germany, and a few smaller but wealthy European countries. The company has an asset manager as well. Swiss Life has three main sources of income that vary in significance by geography. Savings income relates to spread-based earnings, the risk result relates to an insurance margin, and the fee result relates to asset management and financial advisory. The fee result has been growing in importance over recent years as a result of advice, asset management, and unit-linked sales.

Ajinomoto was founded in 1909, and it began manufacturing the world’s first umami seasoning, MSG, made from amino acids. It has since grown to be one of the top manufacturers of sauces and seasonings and has diversified into frozen foods and the manufacture of other amino acid-based materials. Its sauces and seasonings are sold across Southeast Asia, Europe, and the Americas and are found in most supermarkets, making up approximately 60% of its revenue. The remaining 40% is roughly divided into the healthcare and others segment and the frozen food segment. Its healthcare and others segment also includes functional materials, which include an organic resin material, Ajinomoto Build-up Film, which is currently the industry standard for ABF substrates for semiconductors.