CABASSE Valuation Multiples

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Samsung Electronics is a diversified electronics conglomerate that manufactures and sells a wide range of products including smartphones, televisions, home appliances, telecommunications network equipment, as well as electronic and device components such as semiconductors and flat panel displays. Samsung is the world's largest manufacturer of smartphones and televisions as well as memory semiconductor products. The Manufacturing and sale of mobile phones and semiconductors make up >70% of both the company’s revenue as well as its profit.

Dell Technologies is a broad information technology vendor, primarily supplying hardware to enterprises. It focuses on premium and commercial personal computers, as well as enterprise on-premises data center hardware. It holds top-three market shares in its core markets of personal computers, peripheral displays, mainstream servers, and external storage. Dell has a robust ecosystem of component and assembly partners, and also relies heavily on channel partners to fulfill its sales.

Sony Group is a conglomerate with consumer electronics roots, which not only designs, develops, produces, and sells electronic equipment and devices, but also is engaged in content businesses, such as console and mobile games, music, and movies. Sony is the global top company of CMOS image sensors, game consoles, professional broadcasting cameras, and music publishing, and is one of the top players on digital cameras, wireless earphones, recorded music, movies, and so on. Sony's business portfolio is well diversified with five major business segments.

Midea Group Co., Ltd. is one of the largest household appliance manufacturers in China, with key products such as air conditioners, refrigerators, washing machines and small household appliances. It is consistently ranked as one of the top three players in China by retail sales in most home appliance categories. The firm also engages in industrial automation and robotics systems through wholly owned Kuka, a global market leader based in Germany. Heating, ventilation, and air conditioning, or HVAC, products generally contribute the most to Midea's revenue, followed by other consumer appliances, and robotics and automation systems. In addition, Midea generates around 40% of sales outside of China.

Xiaomi is a technology product and services company founded in early 2010, focusing mainly on smartphones and Internet of Things products and related internet services. An early adopter of online smartphone sales, Xiaomi uses a customized Android operating system called HyperOS and has recently designed its own system-on-chip. As competition in its home Chinese smartphone market intensified and growth has slowed, it has expanded into other markets and has become the smartphone market leader in India, and is gaining market share in Europe. From 2020 to 2024, from a country perspective, around 50% of its overall revenue was generated in mainland China, down from 94% in 2015. The company was listed on the Hong Kong market at the beginning of July 2018.

Panasonic Holdings Corp is engaged in the development, manufacture, and sale of a wide range of electronic and electrical products. The company operates through six segments. The Lifestyle segment provides home appliances such as refrigerators, air conditioners, and beauty and hair care devices. The Automotive segment offers in-vehicle infotainment systems, speaker systems, and advanced driver assistance systems. The Connect segment supplies communication systems, welding machines, and projectors. The Industry segment produces electronic components, motors, and factory automation equipment. The Energy segment develops and sells lithium-ion batteries, dry batteries, and small secondary batteries. The Others segment includes the sale of televisions, cameras, and building materials.

Nintendo started its video game console business in 1983 by launching the NES, and started its portable console business in 1989 by launching the Game Boy. Since then, the firm has focused on expanding the gaming population by delivering unique entertainment experiences on its original console systems. However, Nintendo not only makes game consoles, but also owns world-renowned IPs such as Super Mario, Pokemon, and Zelda, which have been a source of cash flow for 40 years.

Garmin produces GPS-enabled hardware and software for five sectors: fitness, outdoors, automotive, aviation, and marine. Garmin has built a strong reputation for durable, high-precision devices through a vertically integrated design and manufacturing approach. The company’s product lines include smartwatches, fitness trackers, communication equipment, and a comprehensive suite of systems for marine and aviation navigation. Garmin operates globally, with its business focused primarily on North America and Europe.

Quanta Computer Inc is an original design manufacturer of notebook computers and electronic hardware for use in communication, networking, consumer electronics, auto electronics, and cloud computing solutions. Its products include enterprise network systems, home entertainment systems, rack-mount servers, data center networking switches, high-density storage solutions, encoding cameras, and smart home devices. The Majority of the firm's revenue is generated in the American region, with the rest coming from countries across the world.

NEC Corp is engaged in IT services, networks, social infrastructure, and solutions. The company operates through three segments: IT Services, Social Infrastructure, and Others. The IT Services segment provides system integration, consulting, maintenance, outsourcing, cloud services, system equipment, and software services. The Social Infrastructure segment offers network infrastructure, including core networks, mobile base stations, optical transmission systems, and marine systems, along with telecom software, OSS/BSS solutions, aerospace and defense system integration, and maintenance. The Others segment covers the development, manufacturing, and sales of system equipment. It generates the majority of its revenue from the IT Services segment.

Lenovo is a global technology hardware company with a leading market share in personal computers. The firm has been actively growing its data center business, which primarily sells network servers to enterprise and hyperscale customers, as well as storage equipment through its mainland China joint venture with NetApp. Server-related revenue contribution has jumped to 13% of overall sales in fiscal 2024, from 6% in 2015.

Gree Electric Appliances is one of the largest heating, ventilating, and air conditioning, or HVAC, product manufacturers in China, with key products such as residential and commercial air conditioners. Gree generates over 80% of sales domestically and is backed by China’s Zhuhai local government. Air conditioners remain the biggest contributor to Gree’s earnings, with an over 70% representation over the years. The company has also made forays into industrial component parts, photovoltaic equipment, new energy vehicles, and battery production. As of March 2025, Chairwoman Dong Mingzhu and privately owned investment entity Zhuhai Mingjun collectively held 18% of its total equity interest, while state-owned Zhuhai Gree Group owned about 3.5%.

Haier Smart Home is one of the largest household appliance manufacturers globally, with key products spanning refrigerators, washing machines, kitchen appliances, air conditioners, and water solutions. It has been consistently among the top three in China by retail sales in most home appliance categories. The company has also established a footprint in distribution channel services and commercial refrigeration business. Haier generates around 50% of sales outside China. As of December 2024, Haier Group and its subsidiaries are the largest shareholders of Haier Smart Home with around 29% equity interest in aggregate.

Canon Inc designs, manufactures, and distributes an extensive range of consumer and electronic products, including copiers, cameras, lenses, and inkjet printers. The company operates five business segments: printing, imaging, medical, industrial, and others. It generates maximum revenue from the printing segment. Printing Business Unit includes Office multifunction devices (MFDs), Document solutions, Laser multifunction printers (MFPs), Laser printers, Inkjet printers, Image scanners, Calculators, Digital continuous feed presses, Digital sheet-fed presses, and Large format printers.

HP (formerly Hewlett-Packard) is a behemoth in the PC and printing markets. It has focused on these markets since it exited IT infrastructure in 2015 with the split from Hewlett Packard Enterprise. HP focuses on the commercial market, but maintains sales of consumer devices and printers. The firm has a broad and global customer base, with only one third of sales coming from the US. HP completely outsources manufacturing and relies heavily on channel partners for its sales and marketing.

SharkNinja Inc is a product design and technology company that creates 5-star-rated lifestyle solutions through inventive products for consumers around the world. Its product categories include Cleaning, Cooking, Food Preparation, Home Environment and Beauty products. It sells vacuum cleaners, cooking pots, fryers, hair dryers, etc. The SharkNinja Group is expected to carry on the design, production, marketing, and distribution of the Shark and Ninja brands of small household appliances in North America, Europe and other selected international markets (excluding the Asia Pacific Region and Greater China). Currently, the majority of the revenue is derived from the U.S. market.

Roku enables consumers to stream television programming. It has more than 90 million streaming households and provided 145 billion streaming hours in 2025. Roku is the top streaming operating system in the US, reaching more than half of broadband households, according to the company. Roku’s OS is built into streaming devices and televisions that Roku sells and on connected televisions from other manufacturers that license Roku’s name and software. Roku also operates the Roku Channel, a free, ad-supported streaming television platform that offers a mix of on-demand and live television programming. Roku generates revenue primarily from selling devices, licensing, and advertising, and it receives fees from subscription streaming platforms that sell subscriptions through Roku.

Geberit is a leading manufacturer of sanitary products, which include flushing systems, piping systems, and bathroom ceramics. Products are primarily sold through the wholesale channel. Geberit has an extensive history in sanitary products, having filed a patent for its first flushing mechanism in 1912. The company generates sales in 50 countries and operates 26 production plants, the majority of which are in Europe. Geberit shares are listed on the SIX Swiss Exchange. The majority of sales are generated from residential and renovation activities.

LG Electronics Inc is a South Korea-based company that produces a broad range of electronic products. The group has six reportable segments: the Home Appliance & Air Solution segment, which includes refrigerators, washing machines, air conditioners and vacuum cleaners; the Home Entertainment segment, which covers TVs, audio devices and related products; the Vehicle Component Solutions segment, which provides automobile parts and modules; the Business Solutions segment, which offers monitors, PCs and information displays; the LG Innotek segment, which supplies camera modules, substrate materials and various motors and sensors; and the All Other segment, which includes equipment manufacturing and other ancillary operations.

Asustek Computer Inc is a computer hardware and electronics company producing and selling 3C products including PCs, mainboards other boards and cards, tablet PCs, smartphones, and other handheld devices, etc. The company operates in Taiwan, China, Singapore, Europe, the United States, and other countries. Its segment includes BC Brand and Others.

TCL Technology Group Corp is a consumer electronics company in China. The company mainly operates its business through four segments. The Semiconductor display business segment focuses on R&D, production, and sales of display panels and modules, and full display processing operations. The New Energy Photovoltaic and Other Silicon Materials Business segment involves producing and selling various silicon-based materials, devices, and new energy products, and operating photovoltaic power plant projects. The Distribution Business segment covers the sales of computers, software, tablets, mobile phones, and other electronics. The Other Businesses segment encompasses industrial finance and investment activities, along with providing technology development and patent maintenance services.

Huaqin Technology Co Ltd is engaged in the research & development, design, manufacturing, and operation of intelligent hardware products. The company operates four businesses: smart terminal business; high-performance computing business; automotive electronics and industrial products business; and artificial intelligence & internet of things (AIoT) business.

Logitech was founded in 1981 and is headquartered in Lausanne, Switzerland. The company specializes in designing and manufacturing computer peripherals such as mice, keyboards, webcams, conference room cameras, headsets, and music-related products like wireless speakers.

Polycab India Ltd is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods under the POLYCAB brand. The business activities are carried out through Wires and cables, Fast moving electrical goods (FMEG), and the EPC segment. It generates maximum revenue from the Wires and cables segment. Geographically, it derives a majority of revenue from India. Some of its products include Power cables, Control Cables, Instrumentation Cables, Optical Fibre Cables (OFC), Solar Cables, Building Cables, Flexible Wires, and others.

Lite-On Technology Corp is a computer storage device company that manufactures consumer electronics. The main businesses include Research and development design, manufacturing and sales of key modules and system solutions for optoelectronics, cloud computing power management systems, EV chargers, energy management, LED packaging for lighting applications, IoT and networking applications, information technology, and consumer electronics.

Wistron Corp is engaged in the research, development, design, manufacturing, testing and sales of the following products and semi- finished products, and their peripheral equipment, parts and components. The company has two reporting segments: R&D and Manufacturing, and Others. Majority of revenue is from R&D and Manufacturing Segment. The firm has operations in Taiwan, Asia and Other countries. It derives maximum revenue from Asia.

LG Electronics India Ltd is engaged in the manufacturing of televisions (flat panel, signage, projectors, monitor TVs), air conditioners, refrigerators, microwave ovens, washing machines, dishwashers, vacuum cleaners, ceiling fans, audio-visual equipment, water purifiers, air purifiers, compressors, personal computers, and security cameras. It has identified two primary business segments: the Home Appliances and Air Solution division, and the Home Entertainment division. The majority of the company's revenue is generated from the Home Appliances and Air Solution division. The company operates across various geographies, including Domestic markets, Africa, Europe, Asia (excluding India), and others, with the majority of its revenue coming from the Domestic market.

LG Corp is a South Korea-based holding company that is principally engaged in electronics, chemicals, telecommunications, and services businesses. The company operates business through a number of affiliated companies, including LG Electronics, LG Display, LG Innotek, LG Siltron, and others in the electronics industry; LG Chem, LG Household and Health Care, LG Life Sciences, and others in the chemicals industry; and LG N-Sys, LG CNS, LG Sports, and others in the telecommunication and services industry. The company has business presence in Asia-Pacific, the Americas, and Europe.

Goneo Group Co Ltd is engaged in the research, development, manufacture, and sale of civil electrical products such as extended line sockets, wall switches, LED lighting, and digital accessories. The company's products include Power Strips, High-end Power Strip, USB Power Strip, Digital Accessories, Decorative Switch Socket, and Eye-care LED Light.

Shenzhen Sunway Communication Co Ltd is operating in the communication industry. The company is primarily focusing on the research and development, manufacturing, sales and marketing of the mobile terminal antennas and related modules, acoustic modules and connectors with high electromagnetic compatibility. Its products offering include mobile antenna, precision metal parts, MIM metal parts, acoustics and new materials products. Its products mainly apply to consumer electronic fields like smartphone/tablet PC, smart wearable devices, smart home/IoT and smart automobiles, and primarily expand the supporting capability towards industry, automobile, and military fields.

Anker Innovations Technology Co Ltd is engaged in independent research and development, design, and sales of its own-brand mobile device peripherals, smart hardware products, and other consumer electronic products. The company offers charging and energy storage products, smart innovation products, and smart audio and video products. Its charging and energy storage line includes digital charging devices and accessories under the Anker brand, along with home photovoltaic and storage solutions under the Anker SOLIX series.

Arashi Vision Inc is engaged in research and development, production and sales of panoramic cameras, sports cameras and other intelligent imaging equipment. Its products include Insta 360 X5, Insta 360 Ace Pro 2, Insta 360 X4, etc.

Havells India Ltd manufactures and distributes electrical equipment for consumer and industrial applications. Its product portfolio includes fans, appliances, switches, lighting, switch gears, circuit breakers, water heaters, air purifiers, flexible cables, air coolers, monoblock and submersible pumps, personal grooming products, motors, and reactive power solutions. The firm has seven manufacturing facilities, all of which are in India. The company operates in multiple segments: switchgear (domestic and industrial), Cables (domestic and industrial underground), Lighting and Fixtures (LED lamps), Electrical Consumer Durables (fans, water heaters), Lloyd Consumer products (air conditioners, televisions), and Others (industrial motors, water purifiers).

NIBE Industrier AB manufactures and sells energy-efficient products for industrial and consumer use. The firm is organized into three segments by product type. The climate solutions segment, which generates the majority of revenue, sells HVAC systems and hot water heaters to homes, apartment buildings, and other large properties. The elements segment sells components and elements to multiple industries, including appliance manufacturers, home remodelers, energy, and automotive. The stoves segment sells energy-efficient stoves and chimney systems to residential and commercial customers. The vast majority of revenue comes from Europe.

De'Longhi SPA is an Italy-based company that is principally engaged in designing, producing, and selling small domestic appliances. The company's products consist of coffeemakers, cooking and food products, home-care products, air conditioners and air treatment products, electric heaters, and others. The company offers products under four brands: De'Longhi, Kenwood, Nutribullet, Magic Bullet, Braun, and Ariete. It has two business segment Household and Professional divisions. Key revenue is generated from Household segment. The company has a business presence across the world, including Europe, America, MEIA Asia Pacific, and others, The company generates maximum revenue from Europe.

Pegatron Corp produce, design and sell OEM business. Its products include computing devices: notebook PC, desktop PC and motherboard, consumer electronics: tablet devices, game consoles, LCV TV and multimedia player and communication device: smartphone, broadband and networking device.

Gigabyte Technology Co Ltd is a Taiwan-based manufacturer and distributor of computer hardware products. Its products include motherboards for third-party platforms and servers, graphics cards, notebooks, desktop computers, ultrabooks, tablets, mobile phones, server racks, networking equipment, optical drives, computer monitors, keyboards, cooling components, computer cases, and power supplies. Geographically, the company generates a majority of its revenue from Europe, followed by the USA and Canada, Taiwan, China, Singapore and other regions. The company generates the majority of its revenue from the sale of Networking communication products.

Inventec Corp is a Taiwan-based original design manufacturer of electronic products for use in consumer, commercial, and industrial applications. The company has two reportable segments: the core department and other departments. The company generates maximum revenue from the Core department segment, which manufactures and sells computer products. The other department segment develops and manufactures emerging environmental energy. Its products include notebook PCs, tablet PCs, desktop computers, computer peripherals, personal digital products, multimedia audio products, servers, switches, and data storage equipment. Geographically, the company generates maximum revenue from the United States of America, followed by Taiwan, Hong Kong, Macao and Mainland China, Japan, and other countries.

Brother Industries Ltd is a Japan-based company mainly engaged in producing and selling office equipment, printing solutions, and related supplies. The company operates through seven segments. The Domino segment covers industrial printing equipment, while the Machinery segment handles machine tools, industrial sewing machines, and garment printers. The Network and Content segment involves karaoke equipment and IT systems, and the Nissei segment produces reducers and gears. The Others segment includes new construction and renovation of buildings, and investment in information systems. The Personal and Home segment makes household sewing machines, and Printing and Solutions focuses on telecommunications and printing equipment. It generates majority revenue from Printing & Solutions segment.

Seiko Epson Corp is a Japan-based electronics manufacturer of printers and imaging equipment. The company operates through three segments. The Manufacturing-related and Wearables segment includes industrial robots, small injection molding machines, watches, watch movements, crystal devices, semiconductors, metal powders, surface treatment, and PCs. The Printing Solutions segment covers office and home inkjet printers, serial impact dot matrix printers, page printers, color image scanners, dry office paper machines, commercial and industrial inkjet printers, POS system products, rubber printers, and related consumables. The Visual Communication segment focuses on LCD projectors, smart glasses, and related products. It generates the majority of revenue from the Printing Solutions segment.

Shenzhen MTC Co Ltd is a China-based company that manufactures and designs LCD TVs, set-top boxes, LED components and components, network communications terminals and internet entertainment products.

Supor is one of the largest kitchen electric appliance, cookware, and utensil manufacturers in China, with a business footprint in most Chinese provinces through online and offline channels. In 2007, France-based kitchen appliance producer Groupe SEB acquired 53% of Supor’s shares and became its controlling shareholder. Groupe SEB held 83% of Supor’s equity interest in 2024. Aside from domestic presence, Supor generates about 30% of revenue from North American, Latin American, European, and Asian markets, mainly through Groupe SEB’s distribution network.

Hisense Visual Technology Co Ltd is engaged in the distribution and servicing of home appliances, telecommunications, green energy-saving refrigeration technology, and information technologies. Its brand includes Kelon, Ronshen, Vidaa among others.

Hisense Home Appliances Group Co Ltd is a manufacturer of white household electrical appliances in the People's Republic of China, with eight brand names, namely Hisense, Ronshen, KELON, HITACHI, YORK, Gorenje, ASKO, and SANDEN. The company produces refrigerators, air-conditioners, freezers, washing machines, and Kitchen electrical appliances. The businesses of the Company are set out as follows: HVAC Business Work; Refrigerator and Washing Machine Business Work; Automotive Air Conditioner Compressor and Integrated Thermal Management System Business Work; Smart Home Business Work; Overseas Markets for Home Appliances Business Work and Implementing the Manufacturing Work. The majority of the company's revenue is generated from China.

Compal Electronics Inc is a Taiwan-based original design manufacturer that produces notebook computers, monitors, and televisions for equipment manufacturers. The firm's operations are organized in two reportable segment Information technology products and integrate product segment. The majority of the firm's revenue is generated from the United States, with the rest coming from China, Netherlands, United Kingdom, and Others.

Sichuan Changhong Electric Co Ltd is a China-based manufacturer and distributor of electronics and home appliances. It specializes in research and development, manufacturing, and marketing of various series of products, including TVs, refrigerators, air conditioners, cell phones, electronic components, compressors, and IT-integrated service businesses represented by mass distribution of digital products and cloud computing value-added services.

TCL Electronics Holdings Ltd is an investment holding company. Along with its subsidiaries, it mainly manufactures and sells television (TV) sets, smartphones, smart connected devices, smart commercial displays, and smart home products. In addition, it is involved in all-category marketing, photovoltaic business, and providing internet platform operating services. The company's reportable operating segments are TV, Internet business, Smart mobile, connective devices and services, All-category marketing, Photovoltaic business, and Smart commercial display, smart home, and other businesses. A majority of its revenue is derived from the TV segment. Geographically, the company generates maximum revenue from Mainland China, followed by Europe, North America, and other regions.