Navarino Valuation Multiples

Morgan Stanley is a massive global financial services firm, with offices in 42 countries and more than 82,000 employees as of year-end 2025. The firm cut its teeth in investment banking and institutional trading, where it maintains a strong presence today, but generates the lion share of its income from wealth and asset management franchises, where it boasted $9.3 trillion in client assets at the end of its most recent fiscal year. After reincorporation as a bank holding company in the wake of the global financial crisis, Morgan Stanley also boasts a top 10 banking franchise by deposits, with more than $400 billion in customer deposits, predominately attributable to cash sweeps from its wealth management and brokerage businesses.

Goldman Sachs is a storied financial institution, founded in 1869 and best known for its role as a leading global investment bank. The firm has a sprawling reach across global financial centers and has been the leading provider of global merger and acquisition advisory services, by revenue, for the past 20 years. Since the global financial crisis, Goldman has expanded its offerings into more stable fee-based businesses like asset and wealth management, which comprised roughly 30% of post-provision revenue at the end of 2025. The bank holding company generates revenue from investment banking, global market making and trading, lending, asset management, wealth management, and a small and declining portfolio of consumer credit card loans.

BlackRock is the largest asset manager in the world, with $14.041 trillion in assets under management at the end of December 2025. Its product mix is diverse, with 55% of managed assets in equity strategies, 23% in fixed income, 9% in multi-asset classes, 6% in money market funds, and 5% in alternatives. Passive strategies account for more than two-thirds of long-term AUM, with the company's ETF platform maintaining a leading market share domestically and on a global basis. Product distribution is weighted more toward institutional clients, which, by our calculations, account for around 80% of AUM. BlackRock is geographically diverse, with clients in more than 100 countries and more than one-third of managed assets coming from investors domiciled outside the US and Canada.

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.

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

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 began trading in 1969 as Hill Samuel Australia, obtained its bank licence in 1985, and listed in 1996. It's Australia's only sizable listed investment bank, now internationally diversified, operating in asset management, banking and wealth, risk and capital solutions, and advisory.

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..

Banco BTG Pactual S.A. is a Brazil-based banking firm. It offers financial products and services regarding commercial, investments, credit, financing, capital leases, insurance, and foreign exchange portfolios, among others, in the country and several locations abroad.

Denmark-listed A.P. Moller-Maersk operates trade, shipping, logistics, and terminal assets globally. The oceans segment, the largest contributor to group revenue and earnings, has the second-largest oceangoing shipping capacity globally. Maersk has acquired several logistics firms in the past couple of years and plans for the segment to be the company's growth engine. Over the past few years, Maersk has divested noncore operations, including its long-standing stakes in Danske Bank and Dansk Supermarked, as well as its oil and gas operations and ocean towing.

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.

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.

China CSSC Holdings Ltd is a China-based company engaged in the business activities of shipbuilding and ship repair. Its main products are a Capesize bulk carrier, Floating production storage and offloading, Aframax tanker, and others. In addition, the company is also involved in the business activities of the power business, marine engineering, and electromechanical equipment.

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.

Swedish conglomerate Investor AB set up EQT as its private equity division in 1994. In its early days, EQT focused primarily on private equity investments in Sweden and the rest of Scandinavia. Today, EQT is one of the largest global private-market investors, with funds that focus on private equity, real estate, and infrastructure globally. Investor AB retains a minority stake.

COSCO SHIPPING Holdings Co Ltd is an investment holding company. The company's operating segments include the Container shipping business, Terminal business, and Corporate and other operations. It generates maximum revenue from the Container shipping business segment. Its geographical segments include America, Europe, Asia Pacific, Mainland China, and Other international markets.

3i Group PLC is a closed-ended investment fund. It is an international investor engaged in private equity, infrastructure, and debt management. Its business segments are Private Equity, Infrastructure, and Scandlines. The private equity segment invests in business services, consumer, healthcare, and industrial sectors. Its infrastructure segment invests in utilities, transportation, and social infrastructure.

HD Hyundai Heavy Industries is engaged in shipbuilding and heavy-industry manufacturing. The company operates through four segments: Engine Machinery, Offshore Plant, Shipbuilding, and Others. The Engine Machinery segment produces marine engines, diesel power systems, pumps, and fluid machinery. The Offshore Plant segment handles the construction and installation of offshore structures, floating production units, and power-generation equipment. The Shipbuilding segment manufactures crude-oil carriers, container ships, product tankers, LNG carriers, and naval vessels. The Others segment covers leisure and performance-related facilities. It generates the majority of its revenue from the Shipbuilding segment.

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.

Itausa Investimentos ITAU SA is a Brazilian investment holding company. It has equity interests in the companies engaged in the financial, consumer goods, construction materials, sanitation, energy, and infrastructure sectors. Its portfolio consists of brands such as Itau Unibanco, Dexco, Alpargatas, CCR, Aegea Saneamento, Copa Energia and Nova Transportadora do Sudeste (NTS). The majority of the revenue for the company is generated from Itau Unibanco which is a banking institution that offers, directly or using its subsidiaries, a broad range of credit products and other financial services to a diversified individual and corporate client base in Brazil and abroad.

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.

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.

Yuanta Financial Holdings Co Ltd is engages in the business of a financial holding company and its operations are limited to investing and investment management.

Nomura Holdings Inc is a financial services group in Japan and operates offices in countries and regions world-wide, including Japan, the U.S., the U.K., Singapore, and the Hong Kong Special Administrative Region ("Hong Kong") through its subsidiaries. The company's clients include individuals, corporations, financial institutions, governments, and governmental agencies. The company's business consists of Wealth Management*, Investment Management, and Wholesale. The company generates the majority of its revenue from the wholesale segment. The Wholesale Division consists of two businesses, Global Markets, which is mainly engaged in the trading, sales, and structuring of financial products, and Investment Banking, which is engaged in advisory, financing, and solutions businesses.

International Container Terminal Services Inc is a container-handling and terminal company. The company operates, manages, develops, and acquires container terminals to handle import and export cargo shipped in containers. Besides, the firm provides storage, container stripping and stuffing, and maintenance services. The company organises itself into three geographical segments: Asia; Europe, Middle East, and Africa; and Americas. The company derives the majority portion of revenue from the Asia segment, followed by the Americas and EMEA.

Ares Management is one of the world's largest alternative-asset managers, with $595.7 billion in total assets under management, or AUM, including $367.6 billion in fee-earning AUM, at the end of September 2025. The company has four main business segments: private credit ($391.5 billion in total AUM and $240.2 billion in fee-earning AUM), private equity, ($25.1 billion/$11.8 billion), real estate/real assets ($132.4 billion/$80.5 billion), and other alternatives ($46.7 billion/$35.1 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 around the globe.

German-listed Hapag-Lloyd AG operates global trade, shipping, inland services, and terminal assets globally. Hapag-Lloyd liner shipping, the largest contributor to group revenue and earnings, has the fifth-largest shipping capacity globally. Hapag also provides a range of services, including e-business solutions, inland services, and terminal operations.

China Merchants Energy Shipping Co Ltd is a China-based company that engages in tanker transportation, bulk cargo vessel transportation, and liquid natural gas (LNG) vessel transportation. It provides a full range of energy transportation services running a large diversity of vessels, including crude oil tankers, dry bulk carriers, and LNG carriers. It provides services to customers from China, Japan, Korea, Southeast Asia, the United States, and other countries.

Principal Financial Group Inc is a financial services provider. It offers various financial products and services including retirement, asset management, and workplace benefits and protection solutions to individuals and institutional clients. The company, along with its subsidiaries, operates in the following reportable segments; Retirement and Income Solutions, Principal Asset Management, and Benefits and Protection. Maximum revenue is generated from the Retirement and Income Solutions segment which provides workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities (including RILAs), pension risk transfer, and investment services to businesses, their employees, and other individuals.

Industrivarden AB is a holding company that invests in and works long-term to develop and create value in its portfolio companies. Active ownership is exercised through sizable ownership stakes in a selection of listed companies with firm market positions, good cash flows, financial strength, and clear development capacity. Its stock offers exposure to a portfolio of companies with validated business models, a wide breadth of underlying business areas, and good value potential.

Mega Financial Holding Co Ltd is a financial services holding company operating mostly in Taiwan but with exposure internationally. The activities of the company includes banking, underwriting securities, brokerage and proprietary business of bills and bonds, insurance, asset management, venture capital, business operations, and others.

T. Rowe Price provides asset management services for individual and institutional investors. It offers a broad range of no-load US and international stock, hybrid, bond, and money market funds. At the end of September, the firm had $1.767 trillion in managed assets, composed of equity (50%), balanced (35%), fixed-income and money market (12%), and alternative (3%) offerings. Approximately two-thirds of managed assets are held in retirement-based accounts, which provides T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a US-based asset manager, deriving less than 10% of its AUM from overseas.

GF Securities Co Ltd is principally engaged in securities business, the proxy sale of securities investment funds, the provision of futures intermediary services for futures companies, securities investment fund custodian, fund raising, fund sales, asset management, project and investment management, commodity futures brokerage, financial futures brokerage and futures investment advisory, etc. It operates through the following segments: Investment banking, Wealth management, Trading & Institutions, and Investment management.

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.

Legal & General Group PLC operates across five reportable segments, comprising Institutional Retirement, Asset Management, Insurance, Retail Retirement and Corporate Investments. Its revenue includes insurance revenue, fees from fund management and investment contracts and other operational income from contracts with customers. The company operates in United Kingdom, USA and Rest of World.

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.

Pershing Square Inc is a main alternative asset manager. It employs a disciplined, research-intensive approach to fundamental value investing to preserve and grow its permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. The group generates all of its revenue from management fees and performance fees. It conductbusiness and generates all of its revenues in the United States.

KGI Financial Holding Co Ltd is engages in financial holding, invests in and manages the businesses of finance-related institutions domestic and foreign approved by authorities and investees. It operates four segments: Commercial banking, Securities, Venture Capital and Insurance. Commercial banking engaged in consumer banking, corporate banking and market and financial institution. Securities engaged in wealth management business, trading business and investment banking business. Venture Capital engaged in investment business directly. Insurance department operates life insurance business based on the provisions of the insurance law. Key revenue is generated from Insurance segment.

Scottish Mortgage Investment Trust PLC is an investment trust company. The company's objective is to maximize total return from a portfolio of long-term investments chosen on a global basis enabling the company to provide capital and dividend growth. It focuses on investment in quoted securities irrespective of any geographical, industry, and sector exposure. The portfolio also invests in fixed-income securities, convertible securities, funds, unquoted entities, and other assets.

Wartsila is a global manufacturer of critical equipment and services for the marine and energy markets with operations in over 70 countries. Approximately one-half of the group’s sales are derived from the sale of services and spare parts through its network of 258 sales and service network locations. Wartsila is listed on the Nasdaq Helsinki exchange in Finland. Approximately one in three oceangoing vessels has a Wartsila solution on board, translating into an installed base of over 50,000 vessels and 10,000 customers.

Shanghai International Port (Group) Co Ltd is the world's largest container port in terms of throughput volume, and a major trans-shipment hub in China. It engages in handling port containers and bulk cargo along with other container-related services in the Yangtze River Delta. The gross profit in core port operation is approximately 72% in containers, 2% in bulk cargo, and 26% in port logistics and services. The Shanghai state-owned Asset Supervision and Administration Commission holds approximately a 44% stake in SIPG.

Nippon Yusen Kabushiki Kaisha is a Japan-based shipping and transportation company. The company operates through seven segments. The Automotive Business covers ocean-going cargo shipping and automobile logistics. Dry Bulk Cargo Business focuses on bulk cargo transport and ship chartering. Energy Business handles shipping and chartering related to energy transport. Liner & Logistics Business includes Air Transport, Liner Shipping with agency, container terminal, port, and tugboat operations, and Logistics covering warehousing, freight forwarding, and coastal freight. Other Business involves real estate leasing and sales, passenger ship services, machinery and equipment wholesale, transportation support, information processing, and petroleum product sales.

Partners Group is a Swiss-based global alternative asset manager founded in 1996. It manages funds invested in private equity, private credit, real estate, and infrastructure. Most of Partners Group's assets are invested in Europe and the Americas, with a smaller exposure to Asia and the Middle East. Partners Group operates a differentiated business model, offering bespoke client solutions through diversified portfolios tailored to each client individually, semiliquid open-ended funds, alongside traditional closed-end funds.