Tiny Valuation Multiples

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

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.

Accenture is a professional services company headquartered in Dublin, Ireland, providing technology consulting, management consulting, systems integration and outsourcing services in more than 120 countries. It began in the early 1950s as the business and technology consulting division of accounting firm Arthur Andersen, became a separate unit named Andersen Consulting in 1989, broke its ties with Andersen through arbitration in 2000 and adopted the Accenture name on January 1, 2001. The company listed on the New York Stock Exchange in July 2001 at $14.50 per share and moved its place of incorporation from Bermuda to Ireland in 2009. It earns fees from consulting projects and multi-year managed-services contracts with large companies and government agencies. Accenture reported about 779,000 employees in 2025 and has acquired more than 200 companies since 2013, including UK artificial intelligence firm Faculty in January 2026 and network-intelligence company Ookla, owner of Speedtest and Downdetector, from Ziff Davis for $1.2 billion in March 2026. Julie Sweet has been chief executive since 2019.

Investor AB is an industrial holding company with a long-term, active investment portfolio plan. The operations are divided into three business areas: Listed Companies, Patricia Industries, and Investments in EQT. Geographically, the company operates in Sweden, Europe, U.S, and Other countries.

Blackstone is the world's largest alternative-asset manager with $1.346 trillion in total assets under management, including $961.6 billion in fee-earning assets under management, at the end of June 2026. The company operates with scale in each of its major product lines: private equity (28% of fee-earning AUM and 35% of base management fees), real estate/real assets (29% and 32%), credit and insurance (33% and 25%), and other alternatives (10% and 8%). 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).

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

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

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

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

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

HCL Technologies Ltd provides enterprises with IT solutions. It focuses on offering Digital, Internet of Things, Cloud, Automation, Cybersecurity, Infrastructure Management, and Engineering services to solve business problems for clients. It offers solutions to a variety of industries, including Financial Services, Public Services, Consumer Services, Healthcare, and Manufacturing. It operates in three segments: IT and Business Services, Engineering and R&D Services, and HCL Software. The firm emphasizes consultation services for firms, intending to offer them digital and design solutions. The majority of the firm's revenue comes from the IT and Business Services segment. Geographically, it derives maximum revenue from the USA, and the rest from Europe, India, and the Rest of the world.

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

Experian is one of the leading credit bureaus in North America and the United Kingdom, providing the consumer information that is the basis for making lending decisions. The company also provides decision analytics, marketing data, and direct-to-consumer credit products and services. Roughly one quarter of the company's revenue is generated outside of North America and the United Kingdom, primarily in Latin America and Asia.

Headquartered in France, Publicis is the world’s second-largest ad holding company based on revenue. Publicis’ services, which include traditional and digital advertising, public relations, and consulting, are provided worldwide, with over 80% of its revenue coming from more-developed regions such as North America and Europe.

Cognizant Technology Solutions is a multinational IT services provider that offers a range of consulting and business process outsourcing services. Originally founded in India, the company is headquartered in the US and serves enterprise customers spanning the financial services, healthcare, and resources industries. With most of its workforce located in India, Cognizant leverages a global delivery model that helps clients outsource their IT needs to offshore labor.

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.

Verisk is a leading data, analytics, and technology provider for property-casualty insurers. Verisk traces its history to Insurance Services Office, a nonprofit advisory organization founded in 1971 by US P&C insurers. ISO was formed as an association of insurance companies to assist with a variety of insurance use cases, such as reporting to regulators, defining policies, and determining independent premium rates. As the firm expanded its use cases, it became a for-profit company, renamed Verisk, and went public in 2009.Verisk’s single segment (insurance) provides underwriting solutions, including forms, rules, loss costs, and catastrophe modeling. For claims, Verisk’s solutions include property repair estimates and antifraud tools. About 83% of Verisk’s revenue is US-based.

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.

Capgemini is a French IT services company with a global presence. The firm has over 450 offices globally, with more than half of its employees based in India. Capgemini provides services related to IT consulting, software application and technology services, infrastructure management, engineering research and development, and business process outsourcing.

Omnicom is a holding company that owns several advertising agencies and related firms. It provides traditional and digital advertising services that include creative design, market research, data analytics, ad placement, and public relations. The firm operates globally, providing services in more than 70 countries; it generates more than one half of its revenue in North America and nearly 30% in Europe.

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.

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.

NRI was formed in 1988 through the merger of the original Nomura Research Institute and Nomura Computer Systems. Its core financial IT solutions segment (roughly half of revenue) acts as a de facto utility for Japan’s capital markets, running shared back-office platforms for major brokerages and banks. The industrial IT solutions segment builds supply chain and enterprise resource planning systems for retailers and manufacturers. These are supported by IT platform services (data centers) and a consulting business that originates digital transformation projects. Nomura Holdings, the parent of Nomura Securities, remains NRI’s largest shareholder with a 20% stake.

Along with Experian and TransUnion, Equifax is one of the leading credit bureaus in the United States. Equifax’s credit reports provide credit histories on millions of consumers, and the firm's services are critical to lenders’ credit decisions. In addition, about 40% of the firm’s revenue comes from Workforce Solutions, which provides income verification and employer human resources services. Equifax generates about 25% of its revenue from outside the United States.

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

Leidos Holdings Inc is a technology, engineering, and science company that provides services and solutions in the defense, intelligence, civil, and health management, both domestically and internationally. The customers of the company includes the U.S. Department of Defense ("DoD"), the U.S. Intelligence Community, the U.S. Department of Homeland Security ("DHS"), the Federal Aviation Administration ("FAA"), the Department of Veterans Affairs ("VA"), and many other U.S. civilian, state and local government agencies, etc. The company is engaged in four reportable segments; National Security & Digital, Health & Civil, Commercial & International and Defense Systems. It provides a wide array of scientific, engineering and technical services and solutions across these reportable segments.

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

CVC is a global private-markets manager investing through private equity, growth, strategic opportunities, credit, secondaries and infrastructure strategies. Its flagship private-equity teams pursue control and co-control investments in established businesses across Europe and the Americas, while dedicated teams cover Asia and growth companies. The firm invests across consumer, healthcare, financial services, industrials, technology and business services. Local investment professionals work with management teams on strategic planning, governance, leadership, digital transformation, international expansion, operational improvement and acquisitions. CVC has offices across Europe, the Americas, Asia and the Middle East and can support portfolio companies through both regional relationships and sector specialists. Its capital is provided by institutional investors and is deployed across multi-year fund programmes.

Carlyle Group is one of the world's largest alternative-asset managers, with $474.1 billion in total AUM, including $332.0 billion in fee-earning AUM, at the end of September 2025. The company has three core business segments: global private equity, which includes its private equity, real estate, infrastructure, and natural resources offerings (with $163.5 billion in total AUM and $101.1 billion in fee-earning AUM), global credit ($208.5 billion/$167.2 billion), and investment/fund solutions, known as Carlyle AlphInvest ($102.1 billion/$63.7 billion). The firm primarily serves institutional investors and high-net-worth individuals. Carlyle operates through 29 offices across five continents, serving more than 3,100 active carry fund investors from 87 countries.

Bureau Veritas is a testing, inspection, and certification company. Its primary activities include testing products and materials, inspecting sites and equipment, and certifying products and systems to maintain global standards. Bureau Veritas is one of a handful of companies in the TIC sector that operate globally across numerous industries, including marine, industry, commodities, construction, and consumer products. Bureau Veritas was listed in 2007; it was previously privately owned by the Wendel Group, which retains a significant holding.

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

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

Gartner Inc delivers actionable, objective business and technology insights that drive smarter decisions and stronger performance on an organization's mission-critical priorities. It delivers its products and services globally through three reportable segments - Business and Technology Insights, Conferences and Consulting. Insights equips executives and their teams from every Majority function, geography, industry and sector with actionable, objective insights, guidance and tools. Conferences provides executives and teams across an organization the opportunity to learn, share and network. and Consulting serves senior executives technology-driven strategic initiatives leveraging the power of Gartner's actionable, objective insight. The Majority revenue is derived from the Insights segment.

ELM Co is engaged in providing ready-made and customized digital solutions in many areas. Its ready-made solutions serve a broad segment of customers, who can subscribe to different packages of their choosing to meet their needs and suffice business requirements. The services offered by the company include Consulting, Data Analysis and Technical solutions. The segments are Digital Business, Business Process Outsourcing and Professional Services, out of which the majority are from the Digital Business segment.

Focus Media Information Technology Co Ltd is an advertising company. The company's main business is the development and operation of Life Circle media. Its main products are building media (including elevator TV media and elevator poster media) and cinema screen advertising media, etc., covering the work scenes, life scenes, entertainment scenes, and consumption scenes of the mainstream urban consumer groups, and integrating into a life circle media network.

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

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

Booz Allen Hamilton Holding Corp provides technology solutions in areas such as artificial intelligence, cybersecurity, and related fields. The company serves U.S. federal government agencies, commercial clients, and select international customers. It also provides technologies to evolve defense missions and delivers solutions to warfighters in the digital battlespace.

BayCurrent Inc offers comprehensive consulting services in a wide variety of industries. It offers strategy Business Process Consulting, Information Technology (IT) Consulting, and System Integration. The strategy Business Process Consulting covers company or business strategy, M&A alliances, digital strategy, turn-around, globalization, innovation, and marketing or sales strategy. The IT Consulting includes IT strategy, governance, organizational improvement, cost optimization, architecture, asset evaluation, talent development, and Request for Proposal (RFP) creation. The System Integration handles system design, development, and infrastructure operation and maintenance.

TPG is an American alternative asset manager, listed on Nasdaq and run from San Francisco and Fort Worth, Texas, that invests across private equity, growth equity, impact, credit, real estate and market solutions. It had $327 billion of assets under management at 30 June 2026. Its platforms include TPG Capital, TPG Growth, its growth-equity and smaller-buyout arm, the TPG Rise impact strategy launched in 2016 with Bono and Jeff Skoll, whose climate fund closed at $7.3 billion in 2022, and TPG Angelo Gordon, the credit and real estate manager it agreed to buy in 2023 in a cash-and-stock deal valued at $2.7 billion. The firm earns fees and performance income from the funds it manages for institutional and private-wealth investors and pays a quarterly dividend to its shareholders. TPG was founded in 1992 as Texas Pacific Group by David Bonderman, James Coulter and William S. Price III, whose early deals included the 1993 buyout of Continental Airlines. It went public on Nasdaq in January 2022 at a valuation of about $9 billion, and Jon Winkelried is chief executive.

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

BlueFocus Communication Group Co Ltd provides marketing and brand management services in China and internationally. It offers marketing and brand management services across various disciplines, including strategy, digital, advertising, media, social, PR, design, branding, CRM, data, e-commerce, and mobile solutions to various multinational companies and Chinese enterprises, such as IT, automobile, consumer goods, real estate, finance, and entertainment industries.

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

Legend Holdings Ltd is a diversified industrial and investment group in China. It operates businesses through two segments: diversified industries operation, and industrial incubations and investments. The Industrial operations segment includes Lenovo, which is engaged in providing intelligent devices and infrastructure, and creates intelligent solutions, services and software; Levima Group, which is engaged in the research and development, production and sales of material products; Joyvio Group, which operates mainly to engaged in modern agriculture and food related business; and BIL, which mainly offers integrated banking services, including corporate and institutional banking, retail banking, private banking, capital markets, etc. It derives the majority of its revenue from Lenovo.

Dentsu Group is the top advertising agency in Japan and the fifth-largest advertising network in the world. It is the oldest advertising agency in Japan, with the original company being established in 1901. Over the years, Dentsu expanded its global footprint through mergers and acquisitions. Currently, international sales account for about 60% of total revenue.

JCDecaux SE is an outdoor advertising company. The company focuses on three main business areas namely Street Furniture, Transport advertising, and Billboard advertising. Street furniture advertising relates to bus stop advertising, newspaper kiosks, public benches, and free-standing panels. Transport which focuses on advertising in land transport networks and airports and Billboard Advertising which concerns the marketing of billboards, neon-light billboards, and advertising wraps. The company generates the majority of its revenue from the Street Furniture segment in the form of Advertising. The company has a geographical presence in Europe, Asia-Pacific, France, the Rest of the world, the United kingdom, and North America.

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

DKSH Holding Ltd offers market expansion services in Asia. The company provides a range of services, including sourcing, market insights, marketing and sales, eCommerce, distribution and logistics, and after-sales support. It offers expertise and on-the-ground logistical support. The company operates in five business segments: Consumer goods, Healthcare, Performance Materials, Technology and Other (non-Business Unit). The majority of the revenue is derived from the Healthcare segment, which offers pharmaceuticals, consumer health, and over-the-counter health products, as well as medical devices, and also offers services including product registration, marketing and sales, and capillary physical distribution.