Shenzhen Pagoda Valuation Multiples

Founded in 1886, Atlanta-headquartered Coca-Cola is the world’s largest nonalcoholic beverage company, with a strong portfolio of 200 brands covering key categories including carbonated soft drinks, water, sports, energy, juice, and coffee. Together with bottlers and distribution partners, the company sells finished beverage products bearing Coca-Cola and licensed brands through retailers and food-service locations in more than 200 countries and regions globally. Coca-Cola generates around two thirds of its total revenue overseas, with a significant portion from emerging economies in Latin America and Asia-Pacific.

Home Depot is the world's largest home improvement specialty retailer, operating 2,359 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The 2024 tie-up with SRS will help grow professional demand in roofing, pool, and landscaping projects, while the 2025 purchase of GMS will lift building product sales through 1,250 distribution locations.

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.

Founded in 1987, TJX Companies is the world’s largest off-price apparel and home fashions retailer, operating more than 5,000 stores across nine countries. In fiscal 2025, the company generated roughly $56 billion in sales. TJX operates through four segments: Marmaxx (61% of sales), HomeGoods (17%), TJX Canada (9%), and TJX international (13%). Its off-price model emphasizes branded merchandise at meaningful discounts, driving high traffic and rapid inventory turnover.

Anheuser-Busch InBev is the largest brewer in the world and one of the world's top five consumer product companies, as measured by EBITDA. The company's portfolio contains six of the top 10 beer brands by volume, according to Euromonitor, and we estimate it distributes 23 brands with retail sales over $1 billion. AB InBev was created by the 2008 merger of Belgium-based InBev and US-based Anheuser-Busch. The firm holds a 62% economic interest in Ambev, an 87% stake in Budweiser APAC, and in 2016 it acquired SABMiller.

Fast Retailing is Japan's largest apparel company. It operates casualwear retail chain Uniqlo, known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales and outsources almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the second-largest apparel company by sales globally in 2024 per Euromonitor, thanks to the expansion of Uniqlo International. As of February 2025, it ran 3,616 stores globally. Other brands in its portfolio include GU and acquired brands like Theory, Comptoir des Cotonniers, and Princesse tam.tam. The Yanai family owned a 40.86% stake in the firm as of July 2025.

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.

Lowe's is the second-largest home improvement retailer globally, with more than 1,750 stores in the US, after the 2023 divestiture of its Canadian locations (RONA, Lowe's Canada, Réno-Dépôt, and Dick's Lumber). The firm's stores offer products and services for home decorating, maintenance, repair, and remodeling, with maintenance and repair accounting for two-thirds of products sold. Lowe's primarily targets retail do-it-yourself (around 70% of sales) and do-it-for-me customers, but has expanded its professional business clients to 30% from less than 20% in the past six years (set ot expand further with the acquisition of FBM). We estimate Lowe's captures a high-single-digit share of the domestic home improvement market, based on US Census data and management's market size estimates.

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.

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.

Ross Stores, founded in 1982, is a US-focused off-price apparel and home fashion retailer operating more than 2,100 stores across 43 states, primarily under the Ross Dress for Less banner, with a smaller footprint through DD’s Discounts. In fiscal 2024, the company generated over $21 billion in sales. Ross offers branded apparel, footwear, accessories, and home goods at a 20%-60% discount to department and specialty store prices, sourcing closeouts and excess inventory from vendors worldwide.

O’Reilly is an aftermarket automotive parts retailer in the United States and Mexico with more than $16 billion in annual sales. The company operates over 6,000 domestic stores and serves both the do-it-yourself (about 50% of sales) and professional (47% of sales) end markets. O’Reilly differentiates itself by providing quality service to its customers throughout the entirety of the vehicle diagnosis and purchasing process. Furthermore, the firm boasts an impressive hub-and-spoke distribution network designed to provide its localized store base with ample aftermarket part availability across a variety of vehicle makes and models.

Wesfarmers is Australia's largest conglomerate. Its retail operations include the Bunnings hardware chain (number one in market share), discount department stores Kmart and Target (number one and three), and Officeworks in office supplies (number one). These activities account for the vast majority of group earnings before taxes. Other operations include chemicals and fertilizers, lithium mining, industrial and safety supplies, and health. Management is focused on generating cash and creating shareholder wealth in the long term.

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. The company generates income through the sale of tobacco products, groceries, beverages, fresh food, quick service restaurants, car wash services, other retail products and services, road transportation fuel, stationary energy, marine fuel, and chemicals. In addition, the company operates stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States.

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.

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.

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.

AutoZone operates as a leading retailer of aftermarket automotive parts in the United States. The firm operates 6,666 stores domestically, serving the do-it-yourself and commercial (do-it-for-me) end markets. Through its vast store footprint and distribution network, AutoZone manages a wide array of stock-keeping units applicable to numerous vehicle makes and models, providing its consumers with ample product availability. The firm drives traffic by providing superior and convenient customer service as AutoZone's team of knowledgeable staff assists consumers with diagnosing a vehicle's problem, selecting the necessary part for replacement, and occasionally, installation. The company also operates internationally, with 895 stores in Mexico and 149 in Brazil.

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.

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.

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.

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.

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.

Muyuan Foods Group Co Ltd is engaged in pig farming and pig sales. Its business activities include livestock breeding, the production and trading of breeding livestock and poultry, the trading of live livestock and poultry for Hong Kong and Macao, feed production, livestock slaughtering, food production and sales, and animal treatment services.

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.

Casey's General Stores Inc serves as convenience store chain with its 2,900 locations, positioned in the Midwest United States. About half of Casey’s stores are located in rural towns with populations under 5,000. While fueling stations serve as a key traffic driver, about two-thirds of the company’s gross profit stems from in-store sales of grocery items, prepared meals, and general merchandise. Casey’s owns more than 90% of its stores and operates the majority of its warehousing and distribution processes internally.

Foshan Haitian Flavouring and Food Company was founded in 1955 through the consolidation of 25 condiment producers in Foshan, Guangdong province of China. The company mainly manufactures soy sauces, oyster sauces, dipping sauces, and seasoning sauces. It is the leading condiment producer with number-one market share in soy sauces and oyster sauces in China.

Nestle India Ltd is a subsidiary of Nestle of Switzerland with business divided into milk products and nutrition, beverages, prepared dishes and cooking aids, chocolate and confectionery, and vending food services. Milk products and nutrition consist of nutritional products for infants and pregnant and breastfeeding mothers. The Powdered and Liquid Beverages product division sells tea and instant coffee under the Nestea, Nescafe Classic, and Nescafe Gold brands. Prepared dishes and cooking aids comprise food-enriching flavors under the Maggi brand. The Confectionery products in chocolate and confectionery are KitKat, Munch Nuts, and Nestle Alpino. The company's business activity falls within a single operating segment, namely Food.

In July 2015, Kraft merged with Heinz to create one of North America's largest food and beverage manufacturers. Beyond its namesake brands, its portfolio includes Oscar Mayer, Velveeta, and Philadelphia. While the retail channel drives around 85% of its total sales, the firm also maintains a growing foodservice presence. Outside North America, Kraft Heinz's global reach encompasses a distribution network in Europe and emerging markets, which accounts for around 25% of its consolidated sales base. The company's products are sold in more than 190 countries and territories.

With a retail and direct-to-consumer presence, Williams-Sonoma is a player in the $300 billion domestic home category and $450 billion international home market, focused on expanding its exposure in the B2B ($80 billion total addressable market), marketplace, and franchise areas. Namesake Williams-Sonoma (153 stores) offers high-end cooking essentials, while Pottery Barn (183) provides casual home accessories. West Elm (119) is an emerging concept for young professionals, and Rejuvenation (13) offers lighting and house parts. Brand extensions include Pottery Barn Kids and Pottery Barn Teen (45) as well as Mark & Graham and GreenRow. Williams-Sonoma also has a business-to-business team that supports projects that range from residential to large-scale commercial.

Asian Paints Ltd manufactures and sells a variety of paint and home improvement products. The firm operates itself as a Paints and Home Decor company which sells interior and exterior paints, metal finish, and wood finish. The home improvement product offerings include kitchen and bathroom products. Asian Paints sells its products to distributors and directly to the home improvement industry through the company's network of retail stores. The majority of revenue comes from India.

Swiss-based Chocoladefabriken Lindt & Spruengli is a manufacturer of premium chocolate. Key brands include Lindt, Lindor, Ghirardelli, Russell Stover, Whitman's, and Caffarel. The company bought US-based Russell Stover, its largest-ever acquisition, in 2014. It derives the bulk of its sales from Europe (47% of its consolidated base) but also competes in North America (40%) and the rest of the world (13%). The company operates 11 manufacturing plants in Europe and the United States. Its distribution network includes more than 550 own stores.

Inner Mongolia Yili Industrial Group is the largest dairy products producer in China, with the majority of revenue (around 70%) coming from the liquid milk segment. The company also manufactures ice cream, milk powder, and cheese products. Some flagship lineups include Satine, Yili Pure Milk, Ambrosial, and Changqing. The company also expands its overseas presence through setting up R&D centers and acquiring foreign dairy brands such as Westland in New Zealand and Chomthana in Thailand.

Church & Dwight is the leading global producer of baking soda. Its portfolio extends beyond its legacy category to include laundry products, cat litter, oral care, deodorant, and nasal care, all sold under the Arm & Hammer brand. Its brands also include Batiste, OxiClean, Vitafusion, Hero, and TheraBreath, which, together with Arm & Hammer, account for around 70% of its annual sales and profits. Most recently, the firm added Touchland and its hand sanitizer business to its fold. Even as it works to expand its product reach, Church & Dwight still derives around 80% of its sales from its home market in the US.

Coca-Cola HBC is the third-largest bottling partner in the Coca-Cola system by volume, behind Coca-Cola Femsa and Coca-Cola Europacific Partners. In 2025, CCHBC sold 2.9 billion unit cases of beverages. There is a long tail of Coca-Cola distributors, including brewers and independent operators with very small distribution territories.CCHBC is listed on the London Stock Exchange. Kar-Tess, a Luxembourg-based holding company, owns 23% of the equity of CCHBC, and Coca-Cola holds a further 21%. The remaining 56% is free float.

Burlington Stores Inc is off-price retailer offering an extensive selection of in-season, fashion-focused merchandise including: women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. Company sell a broad selection of desirable, first-quality, current-brand, labeled merchandise acquired directly from nationally recognized manufacturers and other suppliers. Company sell product in category such as Ladies apparel, Accessories and shoes, Home, Mens apparel, Kids apparel and baby and Outerwear.

Ulta Beauty is the largest specialized beauty retailer in the US with about 1,500 freestanding stores. The firm offers cosmetics (39% of 2024 sales), fragrances (13%), skin care (23%), and hair care products (19%). It also has salon services, including hair, makeup, skin, and brow, that account for about 4% of its revenue and drive traffic. Outside of the US, Ulta acquired premium beauty retailer Space NK and its 83 stores in the UK and Ireland in 2025, is opening franchised stores in Mexico, and has formed a joint venture to expand into the Middle East. In addition, Ulta collects royalties through its Target partnership (set to end in 2026) and credit card revenue. Ulta was founded in 1990 and is based in Bolingbrook, Illinois.

General Mills is a global packaged-food company that produces snacks, cereal, convenient meals, dough, baking mixes and ingredients, pet food, and superpremium ice cream. Its largest brands are Nature Valley, Cheerios, Old El Paso, Pillsbury, Betty Crocker, Blue Buffalo, and Haagen-Dazs. In fiscal 2025, 81% of its revenue was derived from the United States, although the company also operates in Canada, Europe, Australia, Asia, and Latin America. Although most of General Mills' products are sold through retail stores to consumers, the company also sells products to the foodservice channel and the commercial baking industry.

Yihai Kerry Arawana Holdings Co Ltd is engaged in research and development, production, and sales of kitchen food, feed ingredients, and oil technology products. The company operates through three segments: Kitchen Food; Feed raw materials and oil technology; and Others. The Kitchen Food segment covers household and industrial products, including edible oils, rice, flour, noodles, condiments, and related raw and auxiliary materials. The Feed raw materials and oil technology segment provides soybean meal, bran, rice bran meal, along with oil-based and oil-derived chemicals, nutritional products, and daily chemicals from palm oil and other oils. The Others segment is engaged in other businesses. It generates the majority of its revenue from the Kitchen Food segment.

Tyson Foods is a protein-focused food producer, selling raw chicken, beef, pork, and prepared foods. Chicken and beef are its two largest segments, composing about 40% and 30% of sales, respectively. Prepared foods constituted 18% of fiscal 2025 sales and include brands like Tyson, Jimmy Dean, Hillshire Farm, Ball Park, and Sara Lee. However, most of these are in product categories rife with competition where Tyson does not have a massive market share lead. Tyson sells some products overseas, but the international segment accounts for just 4% of total revenue. The company is an active acquirer, with more recent years' purchases focused on international and food-service markets.

Arca Continental is a major bottler for Coca-Cola, generating 94% of sales and nearly all profits by manufacturing and distributing sodas and nonsparkling drinks under Coca-Cola brands, which it sells to retailers and foodservice providers in the US and Latin America. Food and snacks under Arca’s own brands make up the rest of its revenue. By region, Mexico remains the largest beverage market, contributing 43% of sales, followed by the US (34%), Peru (8%), Ecuador (4%), and Argentina (5%). Coca-Cola has a 20% stake in AC Beverages, the entity that holds Arca’s beverage assets in the US and Latin America.

Associated British Foods is a diversified international food, ingredients, and retail group with 138,000 employees and operations in 56 countries across Europe, Africa, the Americas, Asia, and Australia. The group sells branded groceries, grows and processes sugar, supplies farmers with crop input and animal feed, and runs the multinational Primark clothing retail chain. It also supplies ingredients like bakers' yeast, enzymes, lipids, and cereal specialties. In fiscal 2025, approximately 36% of sales came from the UK, and Primark accounted for around 60% of operating profit.On Nov 4, 2025, ABF announced it has been conducting a strategic review to potentially separate the Primark and Food businesses. A final decision is expected within 12-18 months.

Tractor Supply is the largest operator of retail farm and ranch stores in the United States. The company targets recreational farmers and ranchers and has little exposure to commercial and industrial farm operations. Currently, the company operates 2,395 of its namesake banners in 49 states, along with 207 Petsense by Tractor Supply stores. Stores are generally concentrated in rural communities rather than urban and suburban areas. In fiscal 2025, revenue consisted primarily of livestock, equine & agriculture (around 30%), companion animal (25%), and seasonal & recreation (around 25%).

Dick’s Sporting Goods is a retailer that offers sports and outdoor apparel, footwear, and equipment online and in physical stores. The company’s legacy business includes more than 700 stores under its own name, more than 110 Golf Galaxy golf specialty stores, and about 50 outlet stores. In September 2025, Dick’s acquired multinational retailer Foot Locker. With this move, Dick’s added about 2,600 stores under the Foot Locker, Kids Foot Locker, Champs Sports, atmos, and WSS nameplates in North America, the Asia-Pacific, and EMEA—Europe, the Middle East, and Africa. Based in the Pittsburgh area, Dick’s was founded in 1948 by the father of current executive chair and controlling shareholder Edward Stack.

With over $41 billion in consolidated 2024 sales, Best Buy is the largest pure-play consumer electronics retailer in the US, boasting roughly 8% share of the North American market and around 33% share of offline sales in the region, per our calculations, CTA, and Euromonitor data. The firm generates the bulk of its sales in-store, with mobile phones and tablets, computers, and appliances representing its three largest categories. Recent investments in e-commerce fulfillment, accelerated by the covid pandemic, have seen the US e-commerce channel roughly double from prepandemic levels, with management estimating that it will represent a mid-30% proportion of sales moving forward.

Trent Ltd through its subsidiaries, operates a chain of retail stores. The company offers various brands across women's wear, men's wear, kids' wear, footwear, lingerie, cosmetics, perfumes, handbags, and accessories. It also offers foods, beverages, health and beauty products, vegetables, fruits, dairy products, and others. The company offers these products by operating a portfolio of retail concepts like Westside, Zudio, Samoh, Utsa, Misbu, and others. The company is in the business of retailing/trading predominantly in India.