Yoma Strategic Holdings Valuation Multiples

McDonald’s is the world’s largest restaurant brand, with nearly $131 billion in systemwide sales across more than 44,000 restaurants and over 100 markets. The quick-service chain built its early reputation on speed, consistency, and affordable hamburgers, and today its global menu spans burgers, chicken, breakfast, and beverages that have helped popularize American fast-food cuisine worldwide. The firm derives the bulk of its revenue from franchise royalties and rent (about 61%), with the remainder stemming from company-operated restaurants across three segments: the United States (41% of systemwide sales), international operated markets (34%), and international developmental/licensed markets (25%).

Prologis is a publicly traded real estate investment trust that owns, develops and operates industrial and logistics properties. The company leases distribution facilities to manufacturers, retailers, transportation businesses and third-party logistics providers across the Americas, Europe and Asia. Its properties support the storage and movement of goods near consumer markets and transport infrastructure. Rental income from facilities is a principal source of operating revenue, while co-investment ventures provide a separate means of investing alongside institutional partners. Prologis also develops new buildings and acquires existing portfolios to expand its property operations. In September 2014, its European Logistics Partners venture with Norges Bank Investment Management acquired logistics facilities and development land in Madrid and Barcelona. The equal partnership held a European portfolio of approximately 5.3 million square metres after that transaction.

Starbucks stands out as the world's biggest and most recognizable coffee brand, powered by ultracustomizable beverages in-store and a sweeping footprint of nearly 41,000 cafes in over 80 countries. About 52% are company-operated, with the balance run by licensees. The company operates roasteries and sells across its North America (74% of revenue as of the end of fiscal 2025), international (21%), and channel development (5%) segments. The brand collects revenue from company-operated stores, licensee royalties, equipment and product sales, retail ready-to-drink beverages, and packaged coffee.

Vingroup JSC is a Vietnam-based company engaged in construction and provides retail outlets, commercial offices for lease, residential units for lease and sale. It also carries out investment activities, to provide the management service and to conduct other businesses. The company operates through the segments of Sale of inventory properties, Leasing investment properties and related services, Hospitality, entertainment and other services, Health care and related services, Education services, Retail services, Manufacturing activities, and Others. The company generates the majority of its revenue from Sale of inventory properties including developing and trading apartments and villas at real estate projects of the group.

Compass Group is a British multinational provider of contract food services and related support services. The group operates catering facilities on behalf of businesses, schools, universities, healthcare organizations, senior-living communities, sports venues and other institutional clients. Its services range from workplace dining and patient meals to vending, convenience retail, event hospitality and food service in remote operating locations. Compass earns revenue through catering and service contracts, with local operating brands adapting menus and delivery formats to client requirements. Its support offerings can include reception, cleaning, light maintenance, grounds services and selected security services. The group operates internationally through a decentralized collection of specialist businesses rather than a single consumer restaurant chain. Compass established a major United States position through its 1994 acquisition of Canteen and subsequently expanded its sector-focused North American operations.

As of the end of 2024, Yum Brands generated over $65 billion in systemwide sales from more than 61,000 restaurants across 155 markets, making it the world’s second-largest restaurant firm by dollar sales. Its portfolio includes KFC (31,981 stores), Pizza Hut (20,225), Taco Bell (8,757), and Habit Burger (383), with 70% of locations in international markets. As 98% of its portfolio is franchised, Yum’s business model is tilted toward recurring franchise royalties and marketing contributions (66% of revenue), with the balance derived from sales at company-owned locations. The company traces its roots to a 1997 spinoff of PepsiCo’s restaurant assets.

Chipotle is a leading fast-casual, Mexican-inspired restaurant chain operator, generating $11.9 billion in sales across 3,983 company-operated US locations, 104 international units primarily in Canada and Europe, and 14 licensed stores largely operated in the Middle East at the end of 2025. The firm’s revenue is primarily driven by food and beverage sales at its company-owned restaurants, supplemented by delivery fees generated through its first-party digital channels. Chipotle emphasizes ingredients with no artificial flavors and utilizes an efficient, assembly line service model to serve mainly customizable burritos, bowls, salads, quesadillas, and tacos to diners.

Sun Hung Kai Properties is a diversified real estate developer in Hong Kong with a core focus on the residential, office, and retail real estate segments. Most of its business is based in Hong Kong, where it is a leading private housing developer and holds a portfolio of high-quality retail and office properties for rental income. The company also invests in other listed entities, including a telecommunications company, SmarTone, and a data center provider, SUNeVision. The family of the late founder, Kwok Tak Seng, is the controlling shareholder, with a stake of more than 40%.

With operations in 126 markets across 36 states, D.R. Horton is the leading homebuilder in the United States. It mainly builds single-family detached homes (87% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. D.R. Horton's headquarters are in Arlington, Texas, and it manages six regional segments across the United States.

Goodman Group owns, manages, and develops industrial properties in 13 countries, historically in Australia but increasingly worldwide. Around half of its operating earnings come from development, a third from management, and the rest from property investment. Most developments are undertaken on behalf of third parties or fund investors. Goodman earns fees in return for development management services. Completed projects are either sold or reside in one of Goodman’s funds or partnerships. Goodman typically retains ownership stakes in the investment vehicles and continues to manage the sites after completion, collecting investment management base fees, performance fees, property services fees, and a share of rental income.

Samsung C&T is a South Korean construction, trading and consumer-business group headquartered in Seoul and listed on the Korea Exchange, and it is often regarded as the de facto holding company of the Samsung group because of its large stakes in other Samsung affiliates. It is organised into Engineering & Construction, Trading & Investment, Fashion and Resort groups, plus a biopharmaceutical business built around its stake in contract manufacturer Samsung Biologics. The construction group is an engineering, procurement and construction contractor known for skyscrapers such as the Burj Khalifa, the Petronas Towers, Merdeka 118 and Taipei 101; the trading group handles international trade in industrial goods; the fashion group sells apparel brands such as Bean Pole; and the resort group runs the Everland and Caribbean Bay theme parks, golf courses and the Samsung Welstory food service business. In 2025 the company reported revenue of KRW 40.742 trillion and operating profit of KRW 3.293 trillion, with construction contributing KRW 14.1 trillion and trading KRW 14.6 trillion, and it employs more than 17,000 people. Samsung C&T was founded in 1938 by Lee Byung-chul as the first Samsung company, was designated Korea's first general trading company in 1975, merged with Samsung Construction in 1995 and combined with Cheil Industries in September 2015.

Mitsubishi Estate is one of the three big Japanese real estate companies. Around two thirds of its operating profit comes from leasing office space in Japan, where half of its portfolio is concentrated in the prime Marunouchi/Otemachi district between Tokyo station and the Imperial Palace. Mitsubishi Estate’s predecessor originally bought this land from the government in 1890, and the company sees itself as steward of the showcase area’s long-term development, rarely if ever selling any properties there.

China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management.

China Resources Land, or CR Land, is a leading real estate developer with nationwide coverage in China. Aside from the core development business, CR Land differentiates itself from peers with a significant investment property portfolio with luxury focused MixC malls, and it holds a 74% stake in listed property management company China Resources Mixc Lifestyle Services. CR Land is a subsidiary of China Resources Holdings, or CR Holdings, a sizable state-owned conglomerate with a diverse presence in the utilities, consumer goods, medical, and property sectors. CR Holdings holds about a 60% stake in CR Land.

Emaar Properties PJSC is engaged in property investment, development, and development management, shopping malls and retail, hospitality, property management, utility services, and investments in providers of financial services. Its segments are, namely, real estate (develop, sell, and manage condominiums, villas, commercial units and plots of land), leasing, retail and related activities (develop, lease and manage malls, retail, commercial, and residential spaces), and hospitality (develop, own, and/or manage hotels, serviced apartments and leisure activities). It earns revenue from sources other than property sales, leasing, retail and related activities, and hospitality, and this revenue is included in other operating income. The majority of revenue comes from real estate.

Mitsui Fudosan Co Ltd is a real estate development and management company. The company operates through five segments. The Condominiums segment sells housing to individuals and rental properties to investors. The Rental segment leases office buildings and commercial facilities. The Facility Operations segment covers hotels, resorts, sports, and entertainment. The Management segment handles property management, brokerage, and asset management. The Others segment engages in new construction contracting. It generates the majority of its revenue from the Rental segment.

Restaurant Brands generates about $47 billion in system sales across more than 33,000 restaurants in over 120 markets, making it one of the largest restaurant companies globally. Its banners include Burger King (7,025 stores), Tim Hortons (4,586), Popeyes (3,578), and Firehouse Subs (1,449), concentrated in the US and Canada; these brands also comprise 16,403 franchised international locations as of year-end 2025. Restaurant Brands primarily earns revenue from franchise and property fees, supply chain sales within the Tim Hortons segment, company-operated restaurants, and advertising royalties.

Restaurant Brands International LP is a Canada-based firm. It owns, operates and franchises quick-service restaurants and possesses market recognition. The company has five segments Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), Firehouse Subs( FHS), Restaurant Holdings (RH) and International (INTL). It derives maximum profit from the Tim Hortons segment.

Darden Restaurants is the largest restaurant operator in the US full-service space, with consolidated revenue of $12.1 billion in fiscal 2025. The company maintains a portfolio of 11 restaurant brands: Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Ruth's Chris Steak House, Yard House, The Capital Grille, Seasons 52, Eddie V’s, Bahama Breeze, The Capital Burger, and Chuy's. Darden generates revenue almost exclusively from company-owned restaurants, though a small network of franchised restaurants and consumer-packaged goods sales through the traditional grocery channel contribute modestly. At the end of fiscal 2025, the company operated 2,159 restaurants in the US.

PulteGroup Inc is a homebuilder in the United States. The company mainly builds single-family detached homes and offers products to entry-level, move-up, and active-adult buyers. It also offers homebuyers mortgage financing, title, and insurance agency services through its financial services segment.

Lennar is one of the largest public homebuilders in the United States. The company’s homebuilding operations target first-time, move-up, active adult, and luxury homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily and single-family for-rent construction and has invested in numerous housing-related technology startups.

CK Asset Holdings was the property business arm of the Cheung Kong Group before the spinoff in 2015. It was subsequently renamed CK Asset Holdings from CK Property in 2017. Li Ka-shing and his family remain the largest shareholders of CK Asset over the years, with about a 48% equity stake. The company mainly engages in property development, property investment, and hotel management in Hong Kong and mainland China, while diversifying into social housing, pub operations, and infrastructure management overseas in recent years.

Swire Properties is a Hong Kong-based property investor and Hong Kong's largest office landlord. Its Hong Kong portfolio provides more than 13 million square feet of gross floor area, with its portfolio of grade A office contributing over 9 million square feet. The firm also holds investment properties and development projects in China, the United States, and Southeast Asia. Rental income accounts for over 60% of its total revenue, with property development and hotel operations contributing the balance. The company was listed in 2012. Parent company Swire Pacific holds an 83% stake.

DLF Ltd is a general real estate company. The company's development business majorly focuses on developing and selling residential real estate. This includes plotted developments, houses, villas, and apartments of varying sizes and integrated townships, with a focus on high-end, luxury residential developments. DLF's business also consists of commercial and shopping complexes. The company considers merger and acquisition investment as a potential component of its operational growth strategy.

Daiwa House Industry Co Ltd is engaged in the business of housing, commercial facilities, and urban development. The company operates through seven segments. The Apartment segment develops, sells, and manages condominiums, while the Business Facilities segment handles logistics, manufacturing, medical, and nursing care facilities. The Commercial Facility segment focuses on the development, construction, and management of retail spaces. The Detached Houses segment contracts and sells individual homes. The Environment Energy segment develops renewable power plants and electricity retail. The Rental Housing segment covers development, operation, and brokerage of rental housing, while Others include the resort hotel business.

China Overseas Land & Investment, or COLI, is a large real estate developer in China. Property development accounts for most of the core earnings, with operating scale among the top five of all peers regarding contracted sales. In addition to property development, COLI has actively grown its commercial property portfolio, with a dual focus on offices and shopping malls for recurring income. COLI is a subsidiary of China State Construction Engineering, China's largest construction firm. It also holds about a 40% stake in China Overseas Grand Oceans, a real estate developer focusing on lower-tier cities in China.

Henderson Land Development is a leading property developer in Hong Kong with a focus on urban redevelopment and farmland conversion. The company was founded in 1976, listed in 1981. Henderson Land controls four listed entities directly, including a 69% stake in Henderson Investment, a 41.5% stake in Hong Kong and China Gas, a 33.4% stake in Hong Kong Ferry, and a 50.1% stake in Miramar Hotel & Investment.

Aldar Properties is a real estate developer, investor and manager headquartered in Abu Dhabi, United Arab Emirates, and listed on the Abu Dhabi Securities Exchange. Its Aldar Development arm builds and sells homes and master-planned communities in the UAE, including projects at Al Raha Beach, Al Raha Gardens and Yas Island, and develops property abroad through SODIC in Egypt and London Square in the United Kingdom, which it bought in 2023 for £230 million. Aldar Investment holds more than AED 49 billion of assets under management, spanning retail, residential, commercial and logistics property such as Yas Mall and The Galleria, hotels and leisure assets in Abu Dhabi and Ras Al Khaimah, and Aldar Education, which runs 27 owned and managed schools with about 36,000 students. The group earns revenue from property sales, rental income, hospitality, school fees and project management services. In 2025 it reported revenue of AED 33.8 billion, net profit of AED 8.8 billion and record group sales of AED 40.6 billion. Aldar was founded on 12 January 2004, listed its shares in 2005, received a $5.2 billion bailout from the Abu Dhabi government in 2011 and merged with Sorouh Real Estate in 2013. Its largest shareholder is the sovereign wealth fund Mubadala.

Swire Pacific is a Hong Kong-based conglomerate with interests in property, aviation, beverage, trading, and industrials. The property division, an 82% stake in Swire Properties, contributes more than half of the group's operating profit. The beverage division is one of two Coca-Cola bottlers in mainland China and also a bottler in Hong Kong, Taiwan, Thailand, Laos, Vietnam, and Cambodia. The aviation division consists of Haeco, an aircraft engineering company, and a 45% stake in Cathay Pacific. As of end December 2024, John Swire & Sons, the parent company, holds a 60% stake in Swire Pacific but has 68% of the voting rights through a dual-class share structure.

NVR Inc is engaged in the construction and sale of residential properties, including single-family detached homes, townhomes, and condominium buildings, all of which are built on a pre-sold basis. Additionally, the company provides related services through its mortgage banking and title services businesses. Its business segments are Homebuilding and Mortgage Banking. Its geographical segments include the Mid Atlantic, the North East, the Mid East, and the South East regions of America. The majority of the company's revenue is derived from the Homebuilding Mid Atlantic segment, which includes homebuilding operations that construct and sell single-family detached homes, townhomes and condominiums in Maryland, Virginia, West Virginia, Delaware and Washington, D.C. regions.

Yum China is the largest restaurant operator in China, with over 18,000 locations and USD 12 billion in systemwide sales as of 2025. It generates revenue primarily from its own restaurants and franchise fees. While KFC and Pizza Hut are its flagship brands, Yum China's portfolio also includes Little Sheep, Taco Bell, Huang Ji Huang, and Lavazza. As a trademark licensee of Yum Brands, Yum China pays 3% of KFC and Pizza Hut's systemwide sales to its former parent, from which it spun off in 2016. However, even before the separation, Yum China was granted substantial autonomy, giving its Chinese leadership decision-making authority over menu, supply chain, and marketing—an unusual practice for Western chains at the time.

Unibail-Rodamco-Westfield operates as a real estate investment trust. The company develops and owns large, efficient office buildings in prime locations in Paris and La Defense. It also owns offices, hotels and residential assets in Europe and the USA. Its portfolio includes shopping centers, office , and convention & exhibition centers. Its segments include Southern Europe, including France, Spain and Italy; Central Europe, including Germany, Austria, Poland and the Czech Republic; Northern Europe, including Sweden, Denmark, The Netherlands, and The UK; and The United States.

Sekisui House Ltd is a Japanese construction company engaged in housing, construction, real estate, and international operations. The company operates through seven segments. The Detached House segment focuses on designing and selling homes. The Rental and Commercial Building segment handles rental housing and commercial properties. The Architecture and Civil Engineering segment undertakes construction and civil engineering projects, and the Rental Housing Management segment is engaged in leasing and management services. The company also operates a Remodeling business for homes and rental units, a Development division covering real estate, condominiums, and urban redevelopment, and an International business that develops and sells housing, land, and apartments overseas.

Omega Healthcare Investors Inc is a real estate investment trust that invests in healthcare-related real estate properties located in the United States (U.S.), the United Kingdom (U.K.), and Canada. The company's objective is to provide attractive returns to investors while serving as the preferred capital partner to its third-party healthcare operating companies and affiliates, as well as other third-party healthcare operators, allowing them to focus on delivering a high level of care to their resident patients. Omega's investment portfolio mainly consists of skilled nursing facilities, assisted living facilities (ALFs), including care homes in the U.K., independent living facilities, rehabilitation and acute care facilities, and continuing care retirement communities.

Singapore-based Keppel is an alternative asset manager and operator with SGD 95 billion of funds under management as of the end of December 2025. The group’s key segments are infrastructure, real estate, and connectivity (including telecommunication services and operation of data centers). Most of its earnings are derived from its infrastructure segment, where it invests and operates in a portfolio of infrastructure assets. The group also has a fund management platform comprising listed and unlisted investment trusts that generates recurring fee income.

Toll Brothers is the leading luxury homebuilder in the United States with an average sale price well above that of public competitors. The company operates in over 60 markets across 24 states and caters to move-up, active-adult, and second-homebuyers. Toll Brothers consistently ranks as a top 10 builder in the US based on total home closings. Traditional homebuilding operations represent most of the company’s revenue. Toll Brothers also builds luxury for-sale and for-rent properties in urban centers across the US. Its headquarters are in Horsham, Pennsylvania.

Emaar Development PJSC is a property developer and provider of lifestyle-focused real estate, with operations in the Middle East, North Africa, and Asia. Its principal activities are property investment, development and development management, shopping malls and retail, entertainment, hospitality, property management and utility services and investments in providers of financial services. The majority of the company'ss revenue is derived from the sale of residential units. Geographically, the company is currently operating only in the UAE.

Swiss Prime Site AG is a real estate company based in Switzerland. Its segments include: Real Estate, Asset Management, Retail, Corporate and Shared Services. The Real Estate segment consists of the firm's core real estate activities (the purchase, sale, lease, and development of properties) and financing of these activities. Asset Management includes the fund business, asset management, and investment advisory. The Retail segment consists of the operation of department stores, and Corporate and Shared Services include central group functions as well as internal services that are provided centrally. The majority of the revenue is generated from the Real Estate segment.

Zensho Holdings Co Ltd is a Japan-based company engaged management of food service chain restaurants and the development of sales systems and food processing systems. It operates a wide range of food-related businesses through segments including Global Sukiya, Global Hama Sushi, Global Fast Food, Restaurant, and Retail. The group manages the domestic and international expansion of the beef bowl chain Sukiya and the sushi chain Hamazushi, develops various fast-food businesses, operates restaurants in Japan and overseas, and manages supermarkets and related retail operations.

Modon Holding PSC, and its subsidiaries, operate across multiple business activities, including the development, management, sales, leasing and other associated services for real estate. The company is also engaged in the development, management and operations of hotels and exhibition venues, with a portfolio of assets under management across retail, residential, commercial, and sports & leisure. The company's reportable segments are: i) Real Estate Development, ii) Asset and Investment Management, iii) Hospitality, and iv) Events, Catering and Tourism. The majority of revenue is derived from the Real Estate Development segment, which involves master planning, development, sales, and management of real estate projects in the UAE and international markets.

Indian Hotels Co Ltd is an owner and operator of hotels and resorts, domiciled in India. The company operates its hotels and resorts under the Taj, Vivanta, Ginger, Seleqtions, and other brands. Indian Hotels reports revenue across the following business lines: room income; food, restaurants, and banquet income; membership fees; management and operating fees; and others. Room income contributes a majority to the company's revenue, followed by food, restaurants, and banquet income. Indian Hotels derives the majority of its revenue domestically.

Texas Roadhouse is the largest casual dining brand in the US, with its namesake banner known for hand-cut steaks and rolls, generating $5.8 billion in system sales, largely from 648 company-owned units (94% of segment revenue), at the end of fiscal 2025. The firm also generated $335 million from Bubba’s 33, a casual dining concept (5.5%), while its other segment (0.5%) consists of the Jaggers fast-casual banner and retail sales. The firm also collects royalties from 102 franchised stores, including 61 Texas Roadhouse units in international markets.

Skanska AB is one of the world's construction and project development companies. It develops properties and structures in the Nordic region, North America, and elsewhere. The company uses its skills and expertise to develop highways, bridges, mass transit, houses, and logistic centers. Skanska operates in business segments: construction, that derives majority of total revenue, residential development, Investment Properties, and commercial property development. Geographically, the company derives majority of revenue from Sweden, it also has its presence in UK, USA, Norway and Others.

China Merchants Shekou Industrial Zone Holdings Co Ltd develops and sells residential properties in China and internationally. The company operates through three segments. The Asset Operations segment includes commercial offices, apartment hotels, industrial parks, and other property holding and asset management activities. The Development Business segment focuses on the development and sale of real estate projects, mainly residential buildings. The Property Services segment covers property management, cruise, exhibition, healthcare, and other urban operation services. It generates the majority of its revenue from the Asset Operations segment.

Lodha Developers Ltd is a real estate developer in India. Its core business is residential real estate developments with a brand presence across luxury, premium, and mid-income housing segments. The company's portfolio includes approximately forty projects across three key real estate markets in India: Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. In addition, it is involved in building select annuity income streams through facilities management, industrial and warehousing, and leasing of selected retail and office spaces. The company has introduced BelleVie, a digital platform that complements its facilities management business by connecting residents with a diverse range of customized marketplace services. It operates in one reportable segment, i.e., Real Estate development.

Domino's is the world's largest pizza chain, surpassing $19 billion in system sales with over 21,300 stores across more than 90 markets at the end of 2024. Around 33% of its units are in the US. The business is 99% franchised. Domino's operates through three segments: supply chain (60% of revenue), US stores (33%), and international franchises (7%). The firm generates the bulk of its revenue by supplying food to stores in the US and Canada through a vertically integrated network of 25 manufacturing and supply chain facilities, which primarily produce and distribute dough, and collecting brand royalties and marketing fees from franchisees. Domino's also generates revenue from sales at company-owned stores.

Poly Developments and Holdings Group Co Ltd is a real estate developer in China. It is principally engaged in the design, development, construction, and sale of residential and commercial properties, as well as the provision of property management services.

Luckin Coffee Inc is a China based company engaged in operation of coffee stores. It sources its Arabica coffee beans from various suppliers and engage World Barista Champion teams to design its coffee recipes. The company also has partnered with suppliers for other products such as juices and light meals.