Leadshine Valuation Multiples

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

Cisco Systems is the largest provider of networking equipment in the world and one of the largest software companies in the world. Its largest businesses are selling networking hardware and software (where it has leading market shares) and cybersecurity software such as firewalls. It also has collaboration products, like its Webex suite, and observability tools. It primarily outsources its manufacturing to third parties and has a large sales and marketing staff—25,000 strong across 90 countries. Overall, Cisco employs 80,000 people and sells its products globally.

KLA is one of the largest semiconductor wafer fabrication equipment, or WFE, manufacturers in the world. It specializes in the market segment of semiconductor process control, wherein machines inspect semiconductor wafers during research and development and manufacturing for defects and verify precise measurements. In this section of the market, KLA holds a majority share. It also has a small exposure to the etch and deposition segments of the WFE market. It counts as top customers the largest chipmakers in the world, including TSMC and Samsung.

Siemens is a multi-industry company focused on the areas of automation, electrification, mobility, and healthcare. Its top three geographic regions—the United States, Germany, and China—contribute over half of group revenue. Siemens has a 71% investment in separately listed Siemens Healthineers. Recent portfolio activity included the listing of Siemens Energy, spinning out its power and gas and Siemens Gamesa business divisions in 2020.

Incorporated in 1911, International Business Machines, or IBM, is one of the oldest technology companies in the world. It provides software, IT consulting services, and hardware to help business customers modernize their technology workflows. IBM operates in 175 countries and employs approximately 300,000 people. The company has a robust roster of business partners to service its clients, which includes 95% of all Fortune 500 companies. IBM’s products, including Red Hat, watsonx, and mainframes, handle some of the world’s most important data workloads in areas like finance and retail.

ABB supplies electrical equipment and automation products. Founded in the late 19th century, the company was created out of the merger of two old industrial companies: ASEA and BBC. Its products include electrical equipment, industrial robots, and equipment used for industrial automation, sold via approximately 19 business divisions. ABB is the number-one or -two supplier in two-thirds of its product segments.

Foxconn Industrial Internet Co Ltd is engaged in the design, research and development, manufacturing, and sales of various electronic equipment products. The company's main products include communications network equipment, cloud service equipment, precision tools, and industrial robots.

Schneider Electric is a global leader in energy management and industrial automation. It holds leading positions in electrical distribution. Its four end-markets include: Buildings, Data Center & Networks, Infrastructure, and Industry. Its largest countries include the United States, China and India.

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

Tokyo Electron is a major supplier of semiconductor fabrication tools. It operates primarily in the etching, deposition, and cleaning segments, which involve adding and removing materials to and from semiconductor wafers. Customers include leading-edge logic, foundry, and memory chipmakers such as Samsung Electronics, Intel, TSMC, and SK Hynix.

Vertiv has roots tracing back to 1946 when its founder, Ralph Liebert, developed an air-cooling system for mainframe data rooms. As computers started making their way into commercial applications in 1965, Liebert developed one of the first computer room air conditioning, or CRAC, units, enabling the precise control of temperature and humidity. The firm has slowly expanded its data center portfolio through internal product development and the acquisition of thermal and power management products like condensers, busways, and switches. Vertiv has global operations today; its products can be found in data centers in most regions throughout the world.

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.

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.

Founded in 1954 and headquartered in Tokyo, Advantest specializes in semiconductor test systems and is a well-known leader in automated test equipment, or ATE. Advantest also has a high market share in test systems for nonmemory semiconductors, including application processors for mobile phones. The company is also involved in peripheral businesses, such as semiconductor device transport equipment. Following its acquisition of Verigy in July 2011, Advantest holds a market share of over 50% in the ATE market.

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.

Delta Electronics (Thailand) PCL manufactures and distributes power supplies, electronic equipment, and components such as DC fans, EMI filters, solenoids, etc. The group's reportable segments are: Power electronics, Mobility, Infrastructure, Automation, and Others. The majority of its revenue is generated from the Power electronics segment, which designs, manufactures, and sells power supplies applied to computer, server, office automation equipment, and household electric appliances. The Mobility segment makes EV power systems, the Infrastructure segment builds ICT and energy systems, and the Automation segment offers industrial and building automation. Geographically, the group generates maximum revenue from the United States, followed by Singapore, Germany, Taiwan, and other markets.

Hon Hai Precision is the world's largest contract manufacturer of consumer electronics, communications, and computer products. It is the biggest supplier to Apple, whose business accounted for around 54% of overall revenue in 2023. Hon Hai is also involved in the production of upstream components such as electronic connectors, semiconductor packaging, and metal casings for smartphones, as well as producing servers. These upstream activities are mainly conducted through its listed majority-owned subsidiaries Foxconn Industrial Internet and FIH Mobile. In response to its traditional end markets of computers, smartphones, and telecom equipment maturing in 2019 it started on a strategy to develop expertise in three new growth areas-electric vehicles, digital health, and robotics.

Following Johnson Controls’ divestiture of its residential and light commercial HVAC businesses to Bosch in 2025, nearly all of its revenue comes from commercial HVAC (60%) and fire and security products and services (40%). A 2016 merger joined Johnson Controls’ HVAC and Tyco’s fire and security businesses with the premise that there is synergy in offering a broader variety of automation products and solutions to commercial buildings. We estimate Johnson Controls’ pro forma revenue mix will be one-third products, one-third installation, and one-third services.

Mitsubishi Electric is a leading Japanese diversified industrial manufacturer, specializing in factory automation systems, power and energy systems, infrastructure solutions, automotive equipment, electronic devices, and home appliances. Founded in 1921 and headquartered in Tokyo, the company operates globally with a strong presence in Asia, Europe, and North America. Known for its technological expertise and high reliability, Mitsubishi Electric plays a vital role in sectors ranging from smart manufacturing and transportation to energy management and defense. The company emphasizes sustainability, innovation, and long-term growth through its focus on electrification, automation, and digitalization.

Founded in 1890 as the first manufacturer of electric fans in North America, Emerson Electric has become a leading industrial automation player through the acquisition of established brands. Emerson organizes its business into seven segments that sell a wide range of automation software, power tools, and automation hardware such as valves, gauges, and switches. In recent years, Emerson divested its climate technology and consumer businesses to become more of a pure-play industrial automation company. The automation of a factory is an enticing long-term proposition for manufacturers, helping reduce accident rates and raise uptime and productivity.

Murata Manufacturing produces passive components for electronic devices. Passive components are necessary for all electronic circuits, used to enable wireless communication, store electricity and handle electric flow, remove electromagnetic noise from circuits, and so on. Thus, passive components are imperative for electronic circuits. For instance, one high-end smartphone contains more than 1,000 passive components. Murata Manufacturing is the world's leading supplier of passive components, such as MLCC and SAW filters.

Motorola Solutions is a leading provider of communications and analytics, primarily serving public safety departments as well as schools, hospitals, and businesses. The bulk of the firm's revenue comes from sales of land mobile radios and radio network infrastructure, but the firm also sells surveillance equipment, dispatch software, and other networking capabilities. Most of Motorola's revenue comes from government agencies, while roughly 25% comes from schools and private businesses. Motorola has customers in over 100 countries and in every state in the United States.

Keysight Technologies is a leader in the field of testing and measurement, helping electronics OEMs and suppliers alike bring products to market to fit industry standards and specifications. Keysight specializes in the communications market, but also supplies into the government, automotive, industrial, and semiconductor manufacturing markets. Keysight’s solutions include testing tools, analytical software, and services. The firm’s stated objective is to reduce time to market and improve efficiency at its more than 30,000 customers.

NAURA Technology Group Co Ltd engages in the research, development, manufacture, sale, and service of electronic equipment and components in the People's Republic of China. The company offers semiconductor equipment, including etching equipment, PVD and CVD equipment, oxidation/diffusion equipment, cleaning equipment, novel display equipment, gas mass flow controllers, etc., and vacuum heat treatment equipment and technical solutions for the semiconductors, photovoltaic equipment, vacuum electronic devices, magnetic materials, aerospace, and smart power grid sectors.

Suzhou Dongshan Precision Manufacturing Co Ltd is a China-based company mainly engaged in the research and development, production and sales of electronic circuit products, precision components, touch display modules, and light-emitting diode (LED) display devices. Its offerings include flexible, rigid, and rigid-flex printed circuit boards, high-precision metal parts, touch screens, LCD modules, and automotive display systems.

Teradyne provides testing equipment, including automated test equipment for semiconductors, system testing for hard disk drives, circuit boards, and electronics systems, and wireless testing for devices. The firm entered the industrial automation market in 2015 and sells collaborative and autonomous robots for factory applications. Teradyne serves numerous end markets and geographies, directly and indirectly, through its products, but its most significant exposure is to semiconductor testing. Teradyne serves vertically integrated, fabless, and foundry chipmakers with its equipment.

Carrier Global, spun out of United Technologies in 2020, manufactures and services commercial and residential HVAC systems and transportation refrigeration solutions under its flagship Carrier brand, as well as Bryant, Payne, Heil, and others across various price points. In 2024, Carrier acquired Viessmann Climate Solutions to expand its footprint in Europe with heat pumps, boilers, and solar PV equipment. Proceeds from the sale of Carrier’s fire and security (Honeywell) and commercial refrigeration (Haier) businesses reduced debt and focused the company on global HVAC and refrigeration solutions. Carrier generates 75% of sales from equipment and 25% from parts and services. The company derives 50% of revenue from the US, 30% from Europe, and 20% from the Asia-Pacific region.

Flex Ltd is a contract manufacturing company providing comprehensive electronics design, manufacturing, and product management services to electronics and technology companies. The company's operating segments include Flex Agility Solutions (FAS) and Flex Reliability Solutions (FRS). Flex Agility Solutions segment includes markets such as Communications, Enterprise and Cloud; Lifestyle; and Consumer Devices. Flex Reliability Solutions segment includes markets such as Automotive, Health Solutions, and Industrial.

Founded in 1930 and transformed over the decades through the acquisition of dozens of esteemed brands, Ametek owns more than 40 autonomous industrial businesses operating across research, aerospace, energy, medical, and manufacturing. Ametek segments its business into two operating groups: the electronic instruments group and the electromechanical group. The EIG sells a broad portfolio of analytical, test, and measurement instruments, while the EMG sells highly engineered components, interconnects, and specialty metals. The company emphasizes product differentiation and market leadership in the niche markets it operates in.

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.

Hangzhou Hikvision Digital Technology is the world’s largest manufacturer of video surveillance equipment. Since then, the company has been growing its software and analytics offerings, as customers are increasingly seeking customized total solutions. Hikvision is also developing its Innovative businesses, which accounted for 21% of overall 2023 revenue. The smart-home business is powered by the EZVIZ consumer brand. Innovative business includes the development of industrial robotics, automotive electronics, X-ray sensors, infrared sensors, memory products and medical systems. Hikvision employs more than 58,000 people.

Accton Technology Corp develops, manufactures and sells high-quality products for computer network systems and wireless land area network (LAN) hardware and software products and renders related technical consulting and engineering design services. The products and services offered by the company is Switch, Network Application, Metro Access Switch, Other and Wireless.

Fanuc's primary products include industrial robots, computerized numerical control systems (CNC), and compact machining centers (Robodrills) globally. The company had its beginnings as part of Fujitsu developing early numerical control systems and commands the top global market share with its CNC systems and industrial robots.

China-based Sungrow manufactures and sells power supply equipment for the new energy industry. It offers a wide range of products, including solar inverters, energy storage systems, wind power converters, electric vehicle drives, among others. It is one of the largest suppliers of solar inverters and energy storage systems globally. It is also one of the largest new energy project developers in the world. Solar inverters, energy storage systems, and new energy investment and development segment each accounted for 37%, 32%, and 27% of revenue in 2024, respectively.

Celestica Inc offers supply chain solutions. The company has two operating and reportable segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). The ATS segment consists of the ATS end market and is comprised of the Aerospace and Defense, Industrial, health tech, and Capital Equipment businesses. Its Capital Equipment business is comprised of the semiconductor, display, and robotics equipment businesses, and the CCS segment consists of Communications and Enterprise end markets, The Enterprise end market is comprised of its servers and storage businesses. The company generates a majority of its revenue from the Connectivity & Cloud Solutions segment.

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

Assa Abloy is the world’s largest supplier of locking and physical access solutions, sporting the world’s largest installed base of locks that protect some of the most security-sensitive buildings, such as the European Parliament in Brussels. Some 70% of the group's revenue is derived from commercial, government, and other nonresidential customers. The company's product base is centered on electromechanical locks, which require identification to unlock with a keycard, biometric scan, or personal identification number. Assa Abloy's products are sold directly to security systems integrators, locksmiths, hardware stores, and original equipment manufacturers.

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.

Jabil Inc. is a U.S based company providing engineering, manufacturing, and supply chain solutions. It provides comprehensive electronics design, production, and product management services to companies in various industries and end markets. It operates through three segments: Regulated Industries, serving automotive, healthcare, and renewables; Intelligent Infrastructure, focused on AI, cloud, data centers, and communications, driving the majority of revenue; and Connected Living and Digital Commerce, specializing in digitalization and automation, such as robotics and warehouse automation. The company operates in the U.S., Mexico, China, Malaysia, Singapore, and several other markets.

Founded in 1935, TDK has its origin in magnetic materials, being the first company to commercialize ferrite in the world, and it used to be known as one of the major cassette-tape manufacturers. TDK is now the only external supplier for magnetic recording heads for hard disk drives, and the company intends to expand its magnetic sensor business for handsets and automobiles by leveraging its expertise. It is also one of the global top suppliers of passive components for autos and polymer rechargeable batteries for smartphones. The company acquired InvenSense in 2017, making it third largest MEMS sensor company in the world.

Switzerland-based Schindler is a top-four global supplier of elevators and escalators. The business generates revenue in three ways: selling new elevators and escalators, modernizing old equipment, and servicing existing installations. Most of the company's profit comes from the last activity, where contracts are rolled over annually with built-in price increases. Ninety percent of its business is in elevators, which are more numerous globally than escalators. Its business model is similar to that of closest competitors Otis, Kone, and TK Elevator.

Advanced Micro-fabrication Equipment Inc is engaged in the development, production, and sales of equipment such as plasma etching equipment, deep silicon etching equipment, and metal organic chemical vapor deposition (MOCVD) equipment for microelectronic devices such as integrated circuits and LED chips.

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

SMC Corp manufactures automatic control and filtration equipment. Its main products include directional control devices, drive systems, pneumatic auxiliary equipment, temperature regulation units, and sensors. These are utilized across a wide range of industries, including steel, chemicals, food processing, physics, medical devices, and other related fields. The company's products are widely applied across sectors such as steel, chemicals, food processing, physics, medical devices, and other related industries.

Chroma Ate Inc manufactures and sells automated testing systems, electronic testing instruments, signal generators, and power supplies. The reportable segments of the company are the Test Instrument Department, the Automatic Equipment Department, and Others. The company generates maximum revenue from the Test Instrument Department segment. The Corporation designs, assembles, calibrates, manufactures, sells, repairs, and maintains software/hardware for computers and peripherals, computerized automatic test systems, electronic test instruments, signal generators, power supplies, telecom power supplies, and others.

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.

Wiwynn Corp is a Taiwan-based cloud infrastructure provider. The company is a cloud-enabling service company that is engaged in research, development, design, testing, and sales of products, semi-products, peripheral equipment and parts of computer and peripheral equipment, data storage media, electric appliances and media products, information software, export business relating to the business of the company, management consult services, information software services, and data processing services. The company derives revenue from the manufacturing and sale of servers and storage in cloud infrastructure and hyperscale data centers.

Inovance is a leading Chinese industrial automation and new energy parts supplier. It offers a wide array of industry automation products such as variable frequency drives, servo systems, program logic controllers, and industrial robots. It also supplies electric drive and power supply systems for new energy vehicles. Inovance generates more than 90% of its revenue from China.