VEON Valuation Multiples

SpaceX is an American aerospace manufacturer and space transportation company founded in 2002 by Elon Musk and incorporated in Texas, alongside launch and manufacturing sites in Hawthorne, California, Cape Canaveral, Florida, and Vandenberg Space Force Base. The company designs, builds, and operates the Falcon 9 and Falcon Heavy rockets, the Dragon crew and cargo spacecraft, and the fully reusable Starship vehicle, and has accounted for the large majority of global mass launched to orbit in recent years on the strength of reusable-rocket economics and a high launch cadence. Its Starlink division operates a low-Earth-orbit satellite constellation delivering broadband internet to more than ten million subscribers across roughly 160 countries, while the Starshield program supplies satellite and connectivity services to government and defense customers. In February 2026 SpaceX combined with Musk's artificial intelligence firm xAI, the developer of the Grok chatbot, which had itself absorbed the social platform X, consolidating space, connectivity, and AI operations under common ownership. The company completed an initial public offering on June 12, 2026, one of the largest in market history, and is led by Musk as CEO.

China Mobile is not only the largest telecom operator in China by the number of mobile subscribers (1 billion) but also the largest in the world. It has 60% of the total wireless market in China and over 50% of the fixed-line broadband market. The firm has largely rolled out its 5G network, having launched 5G service in late 2019. It is doing some 5G network sharing with China Broadnet at 700 MHz and also resells its 3G/4G/5G network through China Broadnet. Growth is being generated through internet data centers where it has the second-largest network in China and through Cloud Services. The company issued stock on the A-share market in 2022 and completed its first buyback of H-shares.

Wireless services account for 75% of Verizon Communications' total service revenue and nearly all of its operating income. The firm serves about 94 million postpaid and 20 million prepaid phone customers via its nationwide network, making it the largest US wireless carrier. Fixed-line telecom operations include local networks in the Northeast that reach about 30 million homes and businesses, including about 20 million served by the Fios fiber-optic network. Verizon closed its acquisition of Frontier Communications in January, adding networks that reach another 15 million locations, including 9 million with fiber. These networks serve about 11 million broadband customers. Verizon also provides telecom services nationwide to enterprise customers, using a mix of its own and other networks.

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.

Deutsche Telekom merged its T-Mobile USA unit with prepaid specialist MetroPCS in 2013, and that firm merged with Sprint in 2020, creating the second-largest wireless carrier in the US. T-Mobile now serves 86 million postpaid and 26 million prepaid phone customers, equal to around 30% of the US retail wireless market. The firm entered the fixed-wireless broadband market aggressively in 2021 and now serves 8 million residential and business customers with its wireless network. It also serves 1 million fiber broadband customers through joint ventures with fiber network owners. T-Mobile owns a stake in these firms, which provide wholesale access to their networks. In addition, T-Mobile provides wholesale services to wireless resellers.

The wireless business contributes nearly 70% of AT&T’s revenue. The company is the third-largest US wireless carrier, connecting 74 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 14% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential services, about 11% of revenue, primarily consist of in-home broadband internet access, serving 15 million customers. AT&T also has a sizable presence in Mexico, with 25 million wireless customers, but this business only accounts for 3% of revenue. The company recently sold its 70% equity stake in satellite television provider DirecTV to its partner, private equity firm TPG.

Deutsche Telekom is a Bonn-headquartered telecommunications group formed in 1995 from Germany’s former federal postal and telecom administration. It provides mobile and fixed connectivity, broadband, enterprise ICT, cloud and digital services across Europe and the United States. Revenue comes from subscriptions, usage, equipment sales, wholesale access and technology services. The group serves consumers, businesses, carriers and public-sector organizations through brands including Telekom, T-Mobile and regional subsidiaries. Deutsche Telekom was already OTE’s strategic shareholder when it exercised its right of first refusal over HRADF’s 5% stake in 2018. The purchase was a secondary increase in an existing strategic holding rather than a new primary financing.

Bharti Airtel Ltd is a telecommunications company. The company's segments include Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Infrastructure Services, Homes Services, Digital TV Services, and others. It generates maximum revenue from the Mobile Services India segment. Mobile Services India services cover voice and data telecom services provided through wireless technology (2G /3G/4G) in India. It includes the captive national long-distance networks, which provide connectivity to the mobile services business in India. It also includes intra-city fibre networks.

NTT Group is the Japanese telecommunications and information technology group led by NTT, Inc., a holding company headquartered in Otemachi, Chiyoda, Tokyo and listed on the Tokyo Stock Exchange. The company traces its origins to Japan's state telegraph service; the government-owned Nippon Telegraph and Telephone Public Corporation was set up in 1952, privatised on 1 April 1985 as Nippon Telegraph and Telephone Corporation, and renamed NTT, Inc. on 1 July 2025. Its main subsidiaries are mobile operator NTT Docomo, which also sells broadband; NTT East and NTT West, the regional fixed-line and fibre-to-the-home operators; NTT Data, which provides system integration, IT consulting, cloud and managed services, cybersecurity and data centre infrastructure worldwide; plus NTT Urban Solutions and NTT Anode Energy. It serves consumers, businesses and public bodies, earning recurring fees for mobile and fixed communications services and project and service fees from its IT business. In fiscal 2025 (the year to March 2026) it reported revenue of ¥14.41 trillion and net income of ¥1.04 trillion, with about 347,700 employees, and it ranks among the world's largest telecommunications companies by revenue. Japan's Minister of Finance holds 34.25% of the shares. Akira Shimada is president and chief executive and Jun Sawada is chairman.

China Telecom is the largest fixed-line operator in China, originally covering 21 southern provinces but now operating nationally. It has 200 million broadband customers, and 437 million wireless subscribers, having overtaken China Unicom to become the second-largest wireless operator in China behind China Mobile. The firm is increasing its cross-selling of products and seeing strong growth from industrial digitization services, such as internet data centers and cloud computing. Its internet data center business is already the largest in China and it is expanding overseas.

Comcast is made up of three parts. The core cable business owns networks capable of providing television, internet access, and phone services to 65 million US homes and businesses, or nearly half of the country. The firm provides services to about 47% of the locations in this territory. Comcast acquired NBCUniversal from General Electric in 2011. Following the spinoff of several cable networks, including CNBC, MSNBC, and USA, NBCU now consists of the NBC network, several local NBC affiliates, Bravo, the Peacock streaming platform, Universal Studios, and several theme parks. Finally, Sky, acquired in 2018, is a large television provider in the UK and Italy.

SoftBank is an established, telecommunications services provider in Japan owning a mobile network with around 50 million mobile customers and 24% market share. It also provides some fixed line services, which are mostly resold so are low margin. The company also owns 32.4% of LY Corp, and SoftBank and LY Corp each own 32% of PayPay so SoftBank consolidates PayPay. SoftBank Group sold 33.5% of SoftBank Corp in an IPO in 2018 and has since sold down further to a 40% holding.

America Movil is the largest telecom carrier in Latin America, serving about 330 million wireless customers across the region. It also provides fixed-line phone, internet access, and television services in most of the countries it serves. Mexico is the firm’s largest market, providing about 35% of service revenue. Movil dominates the Mexican wireless market with about 60% customer share and also serves about half of the country's fixed-line internet access customers. Brazil, its second most important market, provides about 20% of service revenue. Movil sold its low-margin wireless resale business in the US to Verizon in 2021 and now owns a 1.4% stake in the US telecom giant. The firm also holds a 61% stake in Telekom Austria.

KDDI is a Japanese telecommunications operator headquartered in Iidabashi, Chiyoda, Tokyo, and the country's second-largest mobile carrier by number of contracts after NTT Docomo. Its roots go back to DDI, founded in 1984 by Kyocera founder Kazuo Inamori, and KDDI was formed in 2000 by merging DDI, the former international monopoly KDD and mobile operator IDO. It sells mobile services under the au brand and the UQ Mobile and povo sub-brands, fixed broadband under au Hikari, and cable television through its J:COM joint venture. It also runs data centres through Telehouse, corporate network and cloud services, and financial services through au Financial Holdings. KDDI earns most of its revenue from monthly mobile and broadband subscriptions, and reported revenue of about ¥5.24 trillion and 44,952 employees in fiscal 2020. It invests in start-ups through its corporate venture programme, the KDDI Open Innovation Fund. In sports technology it backed multi-angle replay company 4DReplay in 2017 and 2019 and Tokyo sports video-analysis software maker RUN.EDGE in 2020. KDDI is listed on the Tokyo Stock Exchange.

Saudi Telecom Co offers telecommunications, information and media services that establish, manage, operates and maintains fixed and mobile telecommunication networks and systems to customers. The company manufactures and markets devices, equipment, and components of different telecommunication networks including fixed, moving and special networks, and computer programs and the other intellectual properties. It is also engaged in real estate investment activities. The company principally earns its revenue from airtime usage, messaging, data services, interconnect fees, connection fees and device sales. Its reportable segments include: stc; Channels; Solutions; stc Kuwait; stc Bahrain; Center 3; STC Bank; Sirar; Specialized; iot2; and Other operating segments.

Singapore Telecommunications is Singapore's leading telecoms company. It owns extensive wired and wireless networks offering data and voice services to a broad customer base. Singtel's diverse investment portfolio spreads across the region. The firm wholly owns Optus in Australia and minority equity stakes in Airtel (28%) in India; Telkomsel (35%) in Indonesia; Globe Telecom (47%) in the Philippines; and Advanced Information Services (23%) and Intouch (21%) in Thailand. Singtel is majority-owned by the Singapore government.

Emirates Telecommunications Group Co PJSC is a telecommunications company. Through its subsidiaries, the company provides telecommunication and consulting services, media services, and equipment to over sixteen countries in Asia and Africa. Etisalat specializes in fixed-line services, voice communication, wireless communication, and data communication services. The majority of the company's revenues profits and assets relates to its operations in the UAE.

Orange is a France-based telecommunications group that operates mobile, fixed-line, broadband and enterprise-network services across Europe, Africa and the Middle East. It serves consumers, businesses and public-sector organizations through subscription connectivity, devices, digital services and managed networks. The group was historically known as France Télécom and adopted the Orange corporate name in 2013. In Morocco it entered Medi Telecom with a 40 percent acquisition in 2010 and bought a further 9 percent in 2015. The operator subsequently adopted the Orange Maroc brand while retaining the Medi Telecom legal heritage. Orange is a publicly traded operating company, so its purchases of the Moroccan operator are classified as strategic M&A rather than financial sponsor transactions.

Swisscom is the incumbent telecom operator in Switzerland, with a very high market share in mobile and fixed-line markets. It charges high prices compared with its competitors and other European peers due to the historical stability of the Swiss telecom market and a favorable regulatory environment. In 2024, Swisscom acquired Vodafone Italia in a deal worth EUR 8 billion.

Vodafone operates mobile and fixed-line networks and businesses across Europe, Africa, and the Middle East. Its largest market is Germany, where it is the second mobile operator after Deutsche Telekom and owns two cable network after acquiring Kabel Deutschland in 2013 and Liberty Global Germany in 2019. In the UK Vodafone merger with CK Hutchison in 2024, consolidating the mobile market. It also divested its Spanish and Italian divisions in that same year, given their low returns on invested capital.

Chunghwa Telecom Co Ltd is Taiwan's integrated telecom operator, providing fixed-line, wireless, and Internet and data services. The company segment consists of Consumer Business, Enterprise Business, International Business, and Others. The company generates the majority of its revenue from the Consumer Business segment. The consumer Business segment generates revenue from Mobile services, Fixed-line services, Sales, and others.

Telstra is Australia’s largest telecommunications company, with dominant market shares in voice, mobile, enterprise telecom, and fixed-line broadband resale via the national broadband network. Telstra provides most of its products and services via its infrastructure assets, such as a fixed-line network (data centers, exchanges, poles, ducts, pits and pipes, fiber network), a mobile network, and mobile towers. Its customers span retail, corporate, government, wholesale, and overseas segments. Telstra also provides the government-owned, last-mile fixed-line National Broadband Network with long-term access to its infrastructure, in return for recurring payments. Finally, Telstra operates a leading telecom operation in Papua New Guinea and the surrounding South-Pacific countries.

BT Group is the incumbent telecommunications operator in the UK. BT is the owner of Openreach, the largest fixed-line network in the country. Openreach operates as a separate entity due to regulatory requirements but is still 100% owned by BT. Openreach has accelerated its fiber investments and expects to have 90% of the UK covered with FTTH by 2026. In the consumer division, BT has approximately 30% market share in broadband and mobile services. The enterprise segment serves large corporations while the global services division provides communications consultancy services.

China Unicom is the incumbent fixed-line operator in 10 northern Chinese provinces, as well as the third-largest wireless operator nationwide. As of June 2025, it had around 355 million billing wireless customers and over 125 million fixed-line subscribers. China Unicom also has a growing ICT business. We estimate it has the third largest internet data center business in China with 420,000 cabinets and its Cloud Service revenue is also showing strong growth. It has its own 4G network and shares the radio access function with China Telecom for its 5G network.

Telefónica is a company whose business is listed telecommunications group providing fixed, mobile and digital services. The organisation is based in Madrid and operates with sector-specific employees, commercial relationships and delivery infrastructure. It serves households, small businesses, enterprises and wholesale network customers. Its products and services are used in Spain, Germany, Brazil and other markets through fibre, mobile and cloud infrastructure. The company earns revenue through subscription and services, reflecting the way customers purchase its offering. Management coordinates product development, sales, operations and customer support for the relevant market. The business is an operating company rather than an investment vehicle, even where a financial sponsor owns shares. This profile describes the transaction-period entity and avoids conflating it with similarly named companies, subsidiaries or current parent groups. The description supplies the operating context required to interpret its role as a target, platform or acquirer in the documented transactions.

MTN Group Ltd is a mobile telecommunications provider operating across South Africa, Nigeria, Ghana, Cameroon, Ivory Coast, Uganda, Syria, and Sudan. The majority of the company's revenue is earned in South Africa and Nigeria. The company also has a joint venture in Iran. From a product perspective, the majority of its revenue is from voice and data. Other contributors include SMS and sale of devices revenue. MTN also provides enterprise services to small/midsize enterprises and corporate clients. The company owns the mobile infrastructure and data centers. Its segments include Network services, Mobile devices, Inter connect and roaming, Digital and fintech and others.

China United Network Communications Ltd is a Chinese telecom operator. It operates fixed and mobile communications services, as well as domestic and international communications facilities, a satellite IPLC service, a data communications service, a network access service, value-added telecom services, and system integration services related to information and communications services. The company provides its products to personal & residential customers, small & medium businesses, VIP customers, and international customers.

Telefonica Brasil, known as Vivo, is the largest wireless carrier in Brazil with 102 million customers, which is equal to about 39% market share. The firm is strongest in the postpaid business, where it has 68 million customers, or about 41% share of this market. Wireless services and equipment contribute about 70% of total revenue. Vivo is the incumbent fixed-line telephone operator in Sao Paulo state and also owns an extensive fiber network across the country. The firm provides internet access to 8 million households on this network. The firm also sells pay-TV and phone services to its fixed-line customers. Finally, corporate data and IT services, including cloud computing support, contribute about 9% of total revenue.

BCE is one of Canada’s “Big 3” telecom service providers, offering wireless and broadband services nationally, but with strongholds in Ontario, Quebec, and Atlantic Canada. The firm serves 10 million postpaid and nearly 1 million prepaid wireless customers, and 5 million broadband customers across a footprint reaching about 13 million homes. The firm purchased Ziply Fiber in 2025, expanding its reach to the Pacific Northwest of the US. Outside of its wireless and wireline services, BCE operates a media segment containing multiple broadcast television channels, regional radio stations, and a digital media platform. The firm completed its divestiture of its 37.5% share of Maple Leafs Sports and Entertainment to Rogers in 2025, retaining its minority position in the Montreal Canadiens.

Vodacom Group Ltd is a telecommunications provider. The company provides fixed-line, broadband, and mobile services. It earns revenue through two main segments: South Africa and international. International includes regions such as Tanzania, Democratic Republic of Congo, Mozambique, and Lesotho; the majority of revenue is sourced from South Africa. Vodacom also has an enterprise service product, whereby telecommunications and managed services are offered to enterprises. The company owns mobile infrastructure.

Telia is the incumbent telecom operator in Sweden. It also operates in Norway, Finland and the Baltic countries. In the past five years, Telia has been narrowing its business focus, divesting businesses in Asia and focusing on its core markets.

Telenor is an international provider of telecommunications services. It is the incumbent dominant telecom operator in Norway, and the Norwegian government holds a stake of more than 50% in the firm. Telenor also operates in other Nordic countries like Sweden, Denmark, and Finland, and owns several businesses in Asia. Most of Telenor's operations are mobile businesses, although it also has some fixed-line operations in Nordic European countries.

Bouygues is a family-controlled French conglomerate that comprises a disparate range of assets: construction businesses, a TV network, and a telecom network. It is one of the largest construction companies in France and Europe, with over EUR 45 billion in revenue across the four engineering, procurement, and construction businesses under its ownership, as well as one of the four telecom operators in France.

KPN is the incumbent telecommunications operator in the Netherlands. It has 40% share of the broadband market and 20% of the postpaid mobile market, with VodafoneZiggo (mobile and fixed) and Odido (mobile) as main competitors. KPN is rolling out fiber to the home in the Netherlands and expects to have most of the country covered by 2026. KPN's management has a cost-conscious mentality, something that has allowed it to grow dividends at midsingle digits over many years.

Rogers Communications is the largest wireless service provider in Canada with more than 11 million subscribers, equating to one-third of the total Canadian market. Rogers' wireless business accounts for more than half of total revenue and has been growing at a higher rate than other segments. The cable segment, which provides about 38% of total revenue after acquiring Shaw, offers home internet, television, and landline phone service to consumers and businesses. Remaining sales come from Rogers' media unit, which owns and operates various television and radio stations and major Toronto sports franchises, including the Blue Jays, Maple Leafs, Raptors, Toronto FC, and Argonauts.

Emirates Integrated Telecommunications Co PJSC is a telecommunication service provider. The company provides telecommunications and entertainment services to customers in the UAE. It is organized into four business segments: Mobile, Fixed, Wholesale, and Others Segment. The Mobile Segment derives the majority revenue and offers mobility services to the enterprise and consumer market; and fixed services to the enterprise and consumer customers. Services include broadband, IPTV, home wireless, IP/VPN business internet, and telephony.; Wholesale Segment provides voice and SMS to national and international carriers and operators.; Others include broadcasting services, international roaming, site sharing, etc.

Vodafone Idea Ltd is a telecommunications company that provides mobile services and operates under one segment namely Mobility services. Mobility services generates revenue from mobile services and constitutes the majority of overall company revenue. The company owns telecommunications infrastructure, such as fiber networks and mobile towers. The company generates the vast majority of its revenue in India.

China Satellite Communications Co Ltd is engaged in the development and management of communication and broadcasting satellite systems; the design and development of satellite ground application systems and related equipment. It also offers technical consulting, engineering design, engineering contracting services related to the satellite business.

Millicom offers wireless and fixed-line telecom services primarily in smaller, less developed countries in Latin America. Countries served include Bolivia (100% owned), Nicaragua (100%), Panama (100%), El Salvador (100%), Guatemala (100%), Paraguay (100%), Colombia (50%), and Honduras (67% but not controlled or consolidated in the firm's financial statements). The firm’s wireless networks cover about 120 million people, serving 42 million customers. Its fixed-line networks reach 14 million homes, serving about 4 million broadband customers. Increasingly, Millicom offers converged packages that include broadband with wireless services. The firm has agreed to acquire Telefonica's operations in Ecuador and Uruguay.

Airtel Africa PLC is engaged in providing affordable and inventive mobile services. The principal activities of the company principally consist of the provision of telecommunications and mobile money services. The company's segment includes Nigeria mobile services; East Africa mobile services; Francophone Africa mobile services; Mobile money. It generates maximum revenue from the East Africa mobile services, which comprises mobile service operations in Uganda, Zambia, Kenya, Tanzania, Malawi and Rwanda.

Telecom Italia is the incumbent telecommunications operator in Italy, with 23% share in the Italian mobile market and 35% share in broadband. In the mobile market, it competes with Vodafone, WindTre, and Iliad. After the sale of its fixed network to KKR for EUR 18.8 billion in 2024, TIM has become a pure service provider with no network ownership. TIM Brazil is significantly smaller than its peers, Telefonica and America Movil, with 25% wireless market share.

Telus is one of the Big Three wireless service providers in Canada, with over 10 million mobile phone subscribers nationwide constituting almost 30% of the total market. It is the incumbent local exchange carrier in the western Canadian provinces of British Columbia and Alberta, where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. Mostly because of recent acquisitions, more than 20% of Telus’ sales now come from nontelecom businesses, most notably in the international business services, health, security, and agriculture industries. The firm has a 55% economic stake in Telus International.

True Corp PCL is a triple-play telecommunications company. It operates through three business segments: Mobile, Pay TV, Broadband internet and others. The majority of revenue is derived from Mobile segment, the company's mobile services product offering. The majority of the company's customer base in its mobile services division is considered prepaid. Broadband internet and other generated revenue internet services are recognized when rendering the service to subscribers. Pay TV generates revenues from monthly subscription fees recognized in the month in which the service is provided, commencing from the completion of installation. It operates in a single geographical area, which is Thailand.

MTN Nigeria Communications PLC is a provider of communications services. The principal activities of the company are the provision of broadband fixed wireless access service, mobile broadband solutions, and fibre-to-the-home connectivity. The group operates in three reportable segments, namely, Consumer Business Unit (CBU) which consists of subscribers sitting in value propositions and tariff plans for Youth, High Value and Mass segments, Enterprise Business Unit (EBU) consists of small and medium organizations to whom the services are provided, and Wholesale Business Unit (WBU) serves customers who buy MTN telecom products. The majority of the revenue is generated from the CBU segment.

Far EasTone Telecommunications Co Ltd is a telecommunications company. It provides mobile telecommunications services (including voice and internet services), international simple resale services, digital value-added services, sale of cellular phone equipment and accessories and enterprise information and communication integration services, etc. The company operating segments are Mobile services business, Fixed-line services business, Sales business. The company generates the vast majority of its revenue in Taiwan.

Charter is the product of the 2016 merger of three cable companies, each with a decades-long history in the business: Legacy Charter, Time Warner Cable, and Bright House Networks. The firm now holds networks capable of providing television, internet access, and phone services to roughly 58 million US homes and businesses, around 35% of the country. Across this footprint, Charter serves 30 million residential and 2 million commercial customer accounts under the Spectrum brand, making it the second-largest US cable company behind Comcast. The firm also owns, in whole or in part, sports and news networks, including Spectrum SportsNet (Los Angeles Lakers), SportsNet LA (Los Angeles Dodgers), SportsNet New York (New York Mets), and Spectrum News NY1. Charter plans to acquire cable peer Cox.

SK Telecom is South Korea's largest wireless telecom operator, with 32 million mobile customers. The firm also owns SK Broadband (formerly Hanaro Telecom), which has 7.2 million broadband customers and 9.5 million pay TV customers (6.7 million IPTV and 2.8 million Cable TV). While the firm also purchased stakes in businesses in security and semiconductor memory production, as well as developing e-commerce and internet platform businesses, these were all spun off into the separate SK Square business in November 2021. The company was formed after SK Group purchased KT’s mobile business in 1994.

Taiwan Mobile Co Ltd is engaged in providing wireless communication service, sale of mobile phones, and accessories, games, ebooks, and value-added services. The reportable segments of the company are telecommunication, retail, Cable television and broadband, and others. The telecommunication segment engages in providing mobile communication services, data mobile services, and fixed line services; retail segment in providing online shopping, TV shopping, and catalog shopping; Cable television and broadband segment in providing pay TV and cable broadband services; and others in business other than telecommunication, retail, and cable television. The company derives the majority of its revenue from the retail segment.