EV/Revenue (zlTM) EV/EBITDA (LTM)

BJ 0.6 11.7
Target 0.8 10.3
Walmart 0.9 13.4
Walgreens 0.5 18.4
Home Depot 2.6 16.7
Lowe's 1.8 13.4
Tesco 0.5 7.9
Amazon 3.1 22.4

Average 1.35 14.28

Retail 1.6 7.1

Costco 1.5 23.1

Revenue EBITDA
Costco Wholesale 242,290,000,000 10,582,000,000
Total Enterprise Value 327,091,500,000 151,058,050,000

-debt 10,536,000,000 10,536,000,000

-Preferred - -
+cash 13,700,000,000 13,700,000,000

Equity Value 330,255,500,000 154,222,050,000

Shares Outstanding 442,793,000 442,793,000
Fair Value Share Price $ 745.85 $ 348.29

Kroger 0.4 6.9

Carrefour 0.3 7.5
Albertsons 0.3 6.7
Best Buy 0.4 7.2

PriceMart 0.6 8.6

 P/E Rato P/B Ratio

21.4 5.86
15.3 5.2
28.9 6.68
negative 1.6 for walgreens -0.6023
23.3 333.3
18.6 -9.37
12.9 1.9
40.2 7.88

22.94 43.8559625

53.5 15.85

EPS

$ 86.72 Quarter EPS Costco 3.78

17.8
10.8
10.2
14.4

20.4
 P/S

0.5054
0.7134
0.8966
0.6023 Undervalued 0.0653 Undervalued
333.3 2.28
-9.37 1.55
0.2849
3.116

1.335185714

1.53

2.4229E+11 547.19
730.59
 TEV/LTM Total
Revenue

Costco 0.98

BJ 0.64
Target 0.76
Walmart 0.76
Walgreens 0.5
Home Depot 2.3
Lowe's 1.69
Tesco 0.46
Amazon 2.55

Average 1.21
median 0.76

Revenue
Costco Wholesale 242,290,000,000

TEV 292,565,175,000
(debt) (442,793,000)
(preferred) -
cash 13,700,000,000

Equity Value 305,822,382,000

Outstanding Shares 442,793,000

Fair Value 690.666704306527

EV/LTM Revelue
1.2075 635.9481338
1.3075 690.6667043
1.4075 745.3852748
1.5075 800.1038454
1.6075 854.8224159
1.7075 909.5409864
1.8075 964.2595569

LB UB
 CCA Analysis
EV/LTM Revenue 800.10 964.26
EV/NTM Revenue 785.06 949.21
EV/LTM EBITDA 418.56 538.05
EV/NTM EBITDA 422.20 541.69
EV/LTM EBIT 644.73 740.77
EV/NTM EBIT 499.90 595.94
P/LTM EPS 523.42 608.68
P/NTM EPS 350.82 436.08
P/LTM NEPS 615.41 700.67
P/B 850.02 1,586.67
P/NTM CF 209.86 322.85
MC/FCFL 510.77 636.31
PTA Analysis
EV/LTM Revenue 898.45 1,007.88
EV/LTM EBITDA 434.71 554.20
DCF Analysis
TEV/ EBITDA 1,104.00 1,291.00
TEV/Revenue
TEV/Implied Growth
 TEV/NTM Total
TEV/LTM EBITDA
Revenue

0.93 21.95

0.6 9.41
0.75 10.86
0.74 12.03
0.48 8.7
2.31 12.68
1.8 10.66
0.44 6.92
2.32 18.83

1.18 11.26
0.745 10.76

EBITDA
242,290,000,000 10,582,000,000

285,902,200,000 119,166,547,500
(442,793,000) (442,793,000)
- -
13,700,000,000 13,700,000,000

299,159,407,000 132,423,754,500
442,793,000 442,793,000

675.619097411206 299.064697273896
EV/NTM Revenue EV/LTM EBITDA
1.08 620.9005269 11.26125 299.0646973
1.18 675.6190974 13.76125 358.8104475
1.28 730.3376679 16.26125 418.5561978
1.38 785.0562385 18.76125 478.3019481
1.48 839.774809 21.26125 538.0476984
1.58 894.4933795
1.68 949.2119501

Range
164.16
164.16
119.49
119.49
96.04
96.04
85.26
85.26
85.26
736.65
112.99
125.54

109.43
119.49

187.00
 TEV/NTM EBITDA TEV/LTM EBIT

20.91 28.57

11.33 16.27
9.99 18.73
12.4 18.94
11.35 36.54
14.12 15.24
11.64 13.36
6.68 10.67
13.8 86.31

21.41 37.01
11.495 17.5

EBIT
10,582,000,000 8,505,000,000

226,600,302,500 314,748,787,500
(442,793,000) (442,793,000)
- -
13,700,000,000 13,700,000,000

239,857,509,500 328,005,994,500
442,793,000 442,793,000

541.692189126748 740.765988848062
EV/NTM EBITDA EV/LTM EBIT
11.41375 302.709188 22.0075 452.6516781
13.91375 362.4549383 24.5075 500.6707299
16.41375 422.2006886 27.0075 548.6897817
18.91375 481.9464389 29.5075 596.7088335
21.41375 541.6921891 32.0075 644.7278853
34.5075 692.7469371
37.0075 740.7659888
 TEV/NTM EBIT Price/LTM EPS

26.15 39.11

15.7 18.54
14.93 21.23
17.96 34.48
15.5 7.45
16.02 18.95
13.36 20.11
10.98 20.65
51.29 129.27

19.47 33.84
15.6 20.38

EPS
8,505,000,000 14.20980006459

165,571,087,500
(442,793,000)
-
13,700,000,000

178,828,294,500
442,793,000

403.86432147753 480.788585185403
EV/NTM EBIT P/LTM EPS
14.4675 307.8262179 27.835 395.5297848
16.9675 355.8452697 30.835 438.159185
19.4675 403.8643215 33.835 480.7885852
21.9675 451.8833733 36.835 523.4179854
24.4675 499.9024251 39.835 566.0473856
26.9675 547.9214769 42.835 608.6767858
29.4675 595.9405286
 Price/LTM
Price/NTM EPS
Normalized EPS

34.97 45.68

17.48 21.27
16.4 26.8
23.72 28.97
7.19 18.08
19.78 23.01
15.34 19.26
11.81 14.29
61.79 146.79

21.69 37.31
16.94 22.14

14.20980006459 14.20980006459

308.192801150876 530.149878159772
P/NTM EPS P/LTM NEPS
15.68875 222.9340008 31.30875 444.8910778
18.68875 265.563401 34.30875 487.520478
21.68875 308.1928012 37.30875 530.1498782
24.68875 350.8222013 40.30875 572.7792784
27.68875 393.4516015 43.30875 615.4086785
30.68875 436.0810017 46.30875 658.0380787
49.30875 700.6674789
 Price/NTM Cash
Price/Book
flow

10.1 23.58

8.34 10.67
5.59 8.49
1.81 13.46
1.21 7.12
220.9 15.74
11.14
1.53 5.94
7.78 13.18

35.31 10.72
5.59 10.905

BPS CF
49.11 5558625000

442,793,000
12.55

1734.00394285714 134.54
P/B P/NTM CF
17.30857143 850.0239429 9.7175 121.99
20.30857143 997.3539429 10.7175 134.54
23.30857143 1144.683943 13.7175 172.2
26.30857143 1292.013943 16.7175 209.86
29.30857143 1439.343943 19.7175 247.52
32.30857143 1586.673943 22.7175 285.19
35.30857143 1734.003943 25.7175 322.85
 Market Cap/LTM
Free Cash Flow
Levered

63.32 Share
-debt
56.59 -Preferred
28.22 +cash
38.69 Net income
9.85
31.87
22.17
11.33
86.78

50.69
30.045

5558625000

442,793,000
12.55

636.31
MC/FCFL
33.1875 416.62
35.6875 448
38.1875 510.77
40.6875 542.16
43.1875 573.54
45.6875 604.92
48.1875 636.31
 442,793,000
10,536,000,000
-
13,700,000,000
6,292,000,000
 TEV/LTM Total
Revenue

Intel

AMD 11.34
NVIDIA 34.55
TSMC 9.23
Samsung 1.58
IBM 3.53
Broadcom 17.9
Texas Instr. 10.36
ARM 40.55
Qualcomm 5.34

Average 14.93
median 10.36

Revenue
Intel 55,121,000,000

TEV 823,017,775,556
(debt) (442,793,000)
(preferred) -
cash 13,700,000,000

Equity Value 836,274,982,556

Outstanding Shares 442,793,000

Fair Value 1888.63641149602

EV/LTM Revelue
1.2075 635.9481338
1.3075 690.6667043
1.4075 745.3852748
1.5075 800.1038454
1.6075 854.8224159
1.7075 909.5409864
1.8075 964.2595569
 LB UB
CCA Analysis
EV/LTM Revenue 800.10 964.26
EV/NTM Revenue 785.06 949.21
EV/LTM EBITDA 418.56 538.05
EV/NTM EBITDA 422.20 541.69
EV/LTM EBIT 644.73 740.77
EV/NTM EBIT 499.90 595.94
P/LTM EPS 523.42 608.68
P/NTM EPS 350.82 436.08
P/LTM NEPS 615.41 700.67
P/B 850.02 1,586.67
P/NTM CF 209.86 322.85
MC/FCFL 510.77 636.31
PTA Analysis
EV/LTM Revenue 898.45 1,007.88
EV/LTM EBITDA 434.71 554.20
DCF Analysis
TEV/ EBITDA 1,104.00 1,291.00
TEV/Revenue
TEV/Implied Growth
 TEV/NTM Total
TEV/LTM EBITDA
Revenue

9.54 64.35
20.08 58.94
7.3 13.66
1.33 8.22
3.44 14.7
13.48 34.42
NM 22.07
33.31 182.76
4.92 17.42

11.67 46.28
8.42 22.07

EBITDA
55,121,000,000 10,589,000,000

643,537,675,000 490,082,451,111
(442,793,000) (442,793,000)
- -
13,700,000,000 13,700,000,000

656,794,882,000 503,339,658,111
442,793,000 442,793,000

1483.30005668563 1136.73806521583
EV/NTM Revenue EV/LTM EBITDA
1.08 620.9005269 11.26125 299.0646973
1.18 675.6190974 13.76125 358.8104475
1.28 730.3376679 16.26125 418.5561978
1.38 785.0562385 18.76125 478.3019481
1.48 839.774809 21.26125 538.0476984
1.58 894.4933795
1.68 949.2119501
Range Share 442,793,000
-debt 10,536,000,000
164.16 -Preferred -
164.16 +cash 13,700,000,000
119.49 Net income 6,292,000,000
119.49
96.04
96.04
85.26
85.26
85.26
736.65
112.99
125.54

109.43
119.49

187.00
 TEV/NTM EBITDA TEV/LTM EBIT

45.87 261.67
30.58 61.95
10.7 21.7
4.93 37.09
13.52 25.03
21.86 48.33
NM 26.87
69.86 NM
12.96 21.19

26.29 62.98
17.69 31.98

EBIT
10,589,000,000 8,505,000,000

278,331,865,000 535,634,268,750
(442,793,000) (442,793,000)
- -
13,700,000,000 13,700,000,000

291,589,072,000 548,891,475,750
442,793,000 442,793,000

658.52231629678 1239.61190838609
EV/NTM EBITDA EV/LTM EBIT
11.41375 302.709188 22.0075 452.6516781
13.91375 362.4549383 24.5075 500.6707299
16.41375 422.2006886 27.0075 548.6897817
18.91375 481.9464389 29.5075 596.7088335
21.41375 541.6921891 32.0075 644.7278853
34.5075 692.7469371
37.0075 740.7659888
 TEV/NTM EBIT Price/LTM EPS

35.72 209.82
30.75 70.17
17.03 25.02
9.88 25.82
18.71 22.21
22.55 71.64
NM 29.38
75.83 284.28
14.58 23.51

28.13 84.65
20.63 29.38

EPS
8,505,000,000 14.20980006459

239,256,281,250
(442,793,000)
-
13,700,000,000

252,513,488,250
442,793,000

570.274345461649 1202.85957546754
EV/NTM EBIT P/LTM EPS
14.4675 307.8262179 27.835 395.5297848
16.9675 355.8452697 30.835 438.159185
19.4675 403.8643215 33.835 480.7885852
21.9675 451.8833733 36.835 523.4179854
24.4675 499.9024251 39.835 566.0473856
26.9675 547.9214769 42.835 608.6767858
29.4675 595.9405286
 Price/LTM
Price/NTM EPS
Normalized EPS

41.32 263.5
36.71 99.25
19.88 34.02
13.77 59.53
18.83 30.86
27.59 79.62
33.76 41.78
86.73 NM
16.92 34.08

32.83 80.33
27.59 50.655

14.20980006459 14.20980006459

466.570890787443 1141.47323918851
P/NTM EPS P/LTM NEPS
15.68875 222.9340008 31.30875 444.8910778
18.68875 265.563401 34.30875 487.520478
21.68875 308.1928012 37.30875 530.1498782
24.68875 350.8222013 40.30875 572.7792784
27.68875 393.4516015 43.30875 615.4086785
30.68875 436.0810017 46.30875 658.0380787
49.30875 700.6674789
 Price/ Tangible
Price/Book
Book

4.67 24.07
53.06 60.4
6.06 6.09
1.4 1.49
7.43 NM
12.55 NM
9.98 13.65
23.47 35.55
8.1 16.47

14.08 22.53
8.1 16.47

BPS
49.11

691.4688
P/B P/B
17.30857143 850.0239429 17.30857143 850.0239429
20.30857143 997.3539429 20.30857143 997.3539429
23.30857143 1144.683943 23.30857143 1144.683943
26.30857143 1292.013943 26.30857143 1292.013943
29.30857143 1439.343943 29.30857143 1439.343943
32.30857143 1586.673943 32.30857143 1586.673943
35.30857143 1734.003943 35.30857143 1734.003943
 TEV/ LTM Free
Price/NTM Cash
Cash Flow
flow
Unlevered

111.04 57.7
100.66 40.71
92.92 12.74
22.33 6.42
20.71 13.35
35.53 26.98
NM 21.99
119.41 84.91
17.75 14.77

65.04 31.06
64.225 21.99

CF
5558625000

442,793,000
12.55

389.96
EV/LTM FCF P/NTM CF
17.30857143 850.0239429 9.7175 121.99
20.30857143 997.3539429 10.7175 134.54
23.30857143 1144.683943 13.7175 172.2
26.30857143 1292.013943 16.7175 209.86
29.30857143 1439.343943 19.7175 247.52
32.30857143 1586.673943 22.7175 285.19
35.30857143 1734.003943 25.7175 322.85
 Market Cap/LTM
Free Cash Flow
Levered

115.54
102.07
101.05
26.48
18.2
35.51
XXX
121.41
18.25

67.31
68.28

5558625000

442,793,000
12.55

845.03
MC/FCFL
33.1875 416.62
35.6875 448
38.1875 510.77
40.6875 542.16
43.1875 573.54
45.6875 604.92
48.1875 636.31
 A B
Costco M&A in Resent 5 years

Date Target

2/29/2020 Canadian Costco credit card portfolio

3/17/2020 Navitus Health Solutions, LLC
3/4/2022 Innovel Solutions, Inc.
6/30/2022 Costco Taiwan Co. Ltd.
 C D

Acquiror Seller

Canadian Imperial Bank of Commerce Costco Wholesale

Costco Wholesale SSM Health Care Corporation
Costco Wholesale Transform Holdco LLC
Costsco Wholesale The President Group Co, Ltd.
 E F

Transaction
Transaction Type Value ($Mn)

Sale (Asset or Branch)

Acquisition of Minority Stake
Acquisition of Whole Company $ 998.00
Acquisition of Minority Stake $ 1,050.00
 E F

Primary Industry Country/Region

Specialty Finance: Consumer Focused Canada

Health Care Services USA
Air Freight and Logistics USA
Consumer Staples Merchandise Retail Taiwan
EV/REV
 A B

Date Target

2015 Altera
2016 Broadcom
2018 NXP Semiconductors
2020 BERLINER GLAS KGaA
2020 Xilinx
2021 Berliner Glas GmbH
2021 Cypress Semiconductor
2021 Dialog Semiconductor
2024 Nokia
2024 Novosense
2024 Ansys

Date Company
2024 ASML

25th Percentile
Median
75th Percentile

Industry Average
Minimum
Maximum
 C D E F
Financials

Enterprise LTM Revenue LTM EBIT

Acquiror Value ($Mn) ($Mn) ($Mn)

Intel $ 16,700.0 2,015.30 1,100.50

Avago Technologies $ 37,002.0 8,495.60 3502.70
Qualcomm $ 44,000.0 9,532.70 2712.40
ASML Holding NV $ 296,689.0 14,000.00 4,059.00
AMD $ 34,995.0 3,001.40 2,003.90
ASML Holding NV $ 162,818.0 18,600.00 6,760.00
Infineon Technologies $ 10,120.0 3,492.10 1,209.80
Renesas Electronics $ 5,903.0 1,401.80 599.00
Infinera $ 23,000.0 1,614.00 13.20
MagnTek $ 142.9 187.29 -42.29
Synopsys $ 35,000.0 2,269.95 619.70

Enterprise LTM Revenue LTM EBIT

Company Value ($Mn) ($Mn) ($Mn)
ASML $ 260,500.0 27,559.00 9236.20
Costco’s membership-based model and emphasis on bulk purchasing distinguish it from Best
 G E F
ncials Multiples

LTM EBITDA
($Mn) TEV/LTM Revenue TEV/LTM EBIT

1298.70 8.29 ||||||||||||||||||||||||||||||||||||||||| 8.29x 15.17

4000.30 4.36 ||||||||||||||||||||| 4.36x 10.56
2980.90 4.62 ||||||||||||||||||||||| 4.62x 16.22
4,550.00 21.19 ||||||||||||||||||||||||||||||||||||||||||||||||| 73.09
2,501.20 11.66 |||||||||||||||||||||||||||||||||||||||||||||||| 17.46
7,231.00 8.75 ||||||||||||||||||||||||||||||||||||||||||| 8.7 24.09
1,398.20 2.90 |||||||||||||| 2.90x 8.37
703.00 4.21 ||||||||||||||||||||| 4.21x 9.85
91.99 14.25 |||||||||||||||||||||||||||||||||||||||||||||||| 1742.42
-32.86 0.76 ||| .76x NA
752.80 15.42 |||||||||||||||||||||||||||||||||||||||||||||||| 56.48

LTM EBITDA
($Mn) TEV/LTM Revenue TEV/LTM EBIT
9976.00 9.45 ||||||||||||||||||||||||||||||||||||||||||||||| 28.20

4.28x
8.29x
12.95x

8.76x
0.76x
21.19x
guish it from Best Buy’s traditional retail approach. The fundamental differences in operations, target m
 F G
Multiples

TEV/LTM EBIT TEV/LTM EBITDA

||||||||||||||| 15.17x 12.86 |||||||||||| 12.86x

|||||||||| 10.56x 9.25 ||||||||| 9.25x
|||||||||||||||| 16.22x 14.76 |||||||||||||| 14.76x
|||||||||||||||||||||||||||||||||||||||||||||||| 65.21 |||||||||||||||||||||||||||||||||||||||||||||||||||| 65.21x
||||||||||||||||| 17.46x 13.99 ||||||||||||| 13.99x
|||||||||||||||||||||||| 24.09x 22.52 |||||||||||||||||||||| 22.52x
|||||||| 8.37x 7.24 ||||||| 7.24x
||||||||| 9.85x 8.40 |||||||| 8.40x
|||||||||||||||||||||||||||||||||||||||||||||||| 250.03 ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NA
||||||||||||||||||||||||||||||||||||||||||||||| 46.49 |||||||||||||||||||||||||||||||||||||||||||||| 46.49x

TEV/LTM EBIT TEV/LTM EBITDA

|||||||||||||||||||||||||||| 28.20x 26.11 |||||||||||||||||||||||||| 26.11x

11.72x 10.15x
16.84x 14.38x
48.38x 40.50x

197.37x 45.07x
8.37x 7.24x
1742.42x 250.03x
es in operations, target markets, and product offerings make Best Buy less comparable to Costco, lead
|||||||||||||||| 65.21x

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 250.03x

|||||||||| 46.49x
arable to Costco, leading to the decision to exclude it from the analysis.
 A

Selected company

Intel (QQQ: INTC)

Nvidia (QQQ: NVDA)
TSMC (NYSE: TSM)
Samsung (KRX: 005930)
Mediatek (TWSE: 2454)
Broadcom (QQQ: AVGO)
Texas Instruments (QQQ: TXN)
ARM (QQQ: ARM)
NXP Semiconductor (QQQ: NXPI)
Apple (QQQ: AAPL)

Unselected company

AMD (QQQ: AMD)

Tokyo Electron (TSE: 8035)
Micron Technology (QQQ: MU)
Ase Technology (TWSE: 3711)
STMicroelectronics (ENXTPA: STMPA)
Lam Research (QQQ: LRCX)
Arrow Electronics (NYSE: ARW)

Qualcomm (QQQ: QCOM)

Mean
Median

Low
High

Selected company

Intel (QQQ: INTC)

Nvidia (QQQ: NVDA)
TSMC (NYSE: TSM)
Samsung (KRX: 005930)
Mediatek (TWSE: 2454)
Broadcom (QQQ: AVGO)
Texas Instruments (QQQ: TXN)
ARM (QQQ: ARM)
NXP Semiconductor (QQQ: NXPI)
Apple (QQQ: AAPL)

Unselected company

AMD (QQQ: AMD)

Tokyo Electron (TSE: 8035)
Micron Technology (QQQ: MU)
Ase Technology (TWSE: 3711)
STMicroelectronics (ENXTPA: STMPA)
Lam Research (QQQ: LRCX)
Arrow Electronics (NYSE: ARW)
 B C D E

Unit Price in $ at Total Equity Market

11/19/2024 Value Enterprise Value EV/LTM Revenue

$ 24.20 104.4Bn 133.3Bn 3.06x

$ 147.01 3,606.2Bn 3,576.7Bn 34.55x
$ 189.67 983.7Bn 760.3Bn 9.23x
$ 40.54 270.6Bn 208.1Bn 1.58x
$ 39.84 63.5Bn 56.1Bn 3.67x
$ 165.35 772.3Bn 833.8Bn 17.90x
$ 201.07 183.4Bn 194.8Bn 10.36x
$ 133.06 139.9Bn 133.1Bn 40.55x
$ 219.91 55.9Bn 63.2Bn 5.29x
$ 228.28 3,450.6Bn 3,413.0Bn 7.92x

$ 139.39 226.2Bn 223.2Bn 11.34x

$ 142.51 67.5Bn 62.5Bn 7.38x
$ 97.73 108.4Bn 114.0Bn 6.30x
$ 4.77 20.7Bn 25.2Bn 1.34x
$ 24.60 22.1Bn 19.5Bn 1.90x
$ 70.17 90.3Bn 89.2Bn 7.83x
$ 113.72 6.0Bn 9.1Bn 0.33x

$ 164.71 183.0Bn 184.1Bn 5.34x

960.76Bn 937.24Bn 13.41x

###
183.4Bn 201.45Bn 8.58x
###

55.9 56.1 1.58x

###
3,450.60 3,413.00 40.55x
###

Direct competitor in mobile processors and connectivity. Significant overlap in end markets such as IoT, 5G, an
Key player in AI, high-performance computing, and edge devices. Competes with Qualcomm in automotive and
Primary semiconductor foundry, indirectly competing with Qualcomm's chip production through supply chain dy
Competes in mobile processors, memory, and integrated solutions. Significant overlap in the smartphone and 5
Direct competitor in mobile processors and IoT, with a strong presence in low- to mid-range markets.
Broad exposure to connectivity and semiconductor solutions, overlapping with Qualcomm in 5G, IoT, and netwo
Focuses on analog and embedded processing chips, complementing Qualcomm’s digital offerings. Overlap in Io
Provides architecture used by Qualcomm and its competitors. Important for analyzing ecosystem dynamics.
Strong presence in automotive, IoT, and secure connected devices, aligning with Qualcomm’s focus areas.
Major customer and competitor, particularly in custom silicon for smartphones and wearables.

Focuses on CPUs and GPUs, with less overlap in Qualcomm’s core mobile, IoT, and 5G markets.
Semiconductor equipment manufacturer, not directly comparable in terms of business model or end markets.
Specializes in memory products (DRAM, NAND), which are outside Qualcomm's processor and connectivity focu
Semiconductor packaging and testing services, with no meaningful overlap in Qualcomm's core design busines
Focuses on analog, power, and automotive chips. Limited direct competition with Qualcomm’s digital and mobil
Semiconductor equipment provider for fabrication processes, not comparable to Qualcomm's design-oriented b
Electronics distributor, not a competitor or design-focused semiconductor company.
 F G H I
Enterprise Value Multiple

EV/NTM Revenue EV/LTM EBITDA EV/NTM EBITDA EV/LTM EBIT

2.94x 16.07x 10.92x 235.20x

20.08x 58.94x 30.58x 61.95x
7.30x 13.66x 10.70x 21.70x
1.33x 8.22x 4.93x 37.09x
3.28x 16.39x 14.26x 19.94x
13.48x 34.42x 21.86x 48.33x
NM 22.07x NM 26.87x
33.31x 182.76x 69.86x NM
5.29x 14.46x 13.17x 18.68x
7.58x 20.83x 22.32x 25.59x

9.54x 64.35x 45.87x 261.67x

6.40x 26.05x 21.66x 28.84x
3.88x 36.45x 8.65x 97.22x
1.23x 7.92x 6.59x 18.75x
2.03x 5.46x 7.06x 7.78x
6.91x 23.80x 21.70x 27.40x
0.36x 6.20x 8.13x 7.41x

4.92x 17.42x 12.96x 21.19x

10.51x
### 38.78x
### 22.07x
### 55.04x
###
7.30x
### 18.61x
### 14.26x
### 26.87x
###

1.33x
### 8.22x
### 4.93x
### 18.68x
###
33.31x
### 182.76x
### 69.86x
### 235.20x
###

Rationale

ts such as IoT, 5G, and data centers.

mm in automotive and IoT applications.
hrough supply chain dynamics. Essential for understanding industry trends.
the smartphone and 5G markets.
ge markets.
m in 5G, IoT, and networking.
offerings. Overlap in IoT and automotive markets.
osystem dynamics.
mm’s focus areas.
bles.

Rationale

rkets.
odel or end markets.
and connectivity focus.
s core design business.
mm’s digital and mobile focus.
m's design-oriented business.
 J K L M
Price Multiple
Price/LTM Normalized
EV/NTM EBIT Price/LTM EPS Price/NTM EPS EPS

41.36x 76.20x 37.49x 138.75x

30.75x 70.17x 36.71x 99.25x
17.03x 25.02x 19.88x 34.02x
9.88x 25.82x 13.77x 59.53x
17.83x 21.02x 20.03x 30.12x
22.55x 71.64x 27.59x 79.62x
NM 29.38x 33.76x 41.78x
75.83x 284.28x 86.73x NM
15.04x 22.81x 17.37x 29.92x
24.27x 31.57x 29.18x 42.50x

35.72x 209.82x 41.32x 263.50x

23.67x 38.55x 31.92x 47.59x
21.74x 149.59x 25.12x 155.01x
14.26x 21.01x 15.57x 27.09x
11.99x 10.09x 15.16x 13.87x
23.08x 31.98x 26.57x 44.16x
9.21x 9.80x 10.63x 10.55x

14.58x 23.51x 16.92x 34.08x

28.28x
### 65.79x
### 32.25x
### 61.72x
###
22.55x
### 30.48x
### 28.38x
### 42.50x
###

9.88x
### 21.02x
### 13.77x
### 29.92x
###
75.83x
### 284.28x
### 86.73x
### 138.75x
###
 N O
ltiple

Price/Book Value Price/ Tangible Book

1.28x 1.83x
53.06x 60.40x
6.06x 6.09x
1.40x 1.49x
4.94x 6.30x
12.55x NM
9.98x 13.65x
23.47x 35.55x
7.09x NM
44.92x 44.92x

4.67x 24.07x
8.53x 8.69x
2.69x 2.79x
2.21x 2.88x
2.02x 2.10x
13.99x 17.82x
1.16x 1.87x

8.10x 16.47x

16.48x
### 21.28x
8.54x
### 9.98x

1.28x
### 1.49x
53.06x
### 60.40x
 A

Selected company

AMD (QQQ: AMD)

Nvidia (QQQ: NVDA)
TSMC (NYSE: TSM)
Samsung (KRX: 005930)
IBM (NYSE: IBM)
Broadcom (QQQ: AVGO)
Texas Instruments (QQQ: TXN)
ARM (QQQ: ARM)
Qualcomm (QQQ: QCOM)

Unselected company

Sk Hynix (KSE: 000660)

ASML (QQQ: ASML)
Micron Technology (QQQ: MU)
Mediatek (TSE: 2454)
Tokyo Electron (TSE: 8035)
Analog Devices (QQQ: ADI)
KLA Corporation (QQQ: KLAC)

Intel (QQQ: INTC)

Mean
Median

Low
High

Selected company

AMD (QQQ: AMD)

Nvidia (QQQ: NVDA)
TSMC (NYSE: TSM)
Samsung (KRX: 005930)
IBM (NYSE: IBM)
Broadcom (QQQ: AVGO)
Texas Instruments (QQQ: TXN)
ARM (QQQ: ARM)
Qualcomm (QQQ: QCOM)

Unselected company

Sk Hynix (KSE: 000660)

ASML (QQQ: ASML)
Micron Technology (QQQ: MU)
Mediatek (TSE: 2454)
Tokyo Electron (TSE: 8035)
Analog Devices (QQQ: ADI)
KLA Corporation (QQQ: KLAC)
 B C D E

Unit Price in $ at Total Equity Market

11/19/2024 Value Enterprise Value EV/LTM Revenue

$ 139.39 226.2Bn 223.2Bn 11.34x

$ 147.01 3,606.2Bn 3,576.7Bn 34.55x
$ 189.67 983.7Bn 760.3Bn 9.23x
$ 40.54 270.6Bn 208.1Bn 1.58x
$ 210.25 194.4Bn 238.8Bn 3.53x
$ 165.35 772.3Bn 833.8Bn 17.90x
$ 201.07 183.4Bn 194.8Bn 10.36x
$ 133.06 139.9Bn 133.1Bn 40.55x
$ 164.71 183.0Bn 184.1Bn 5.34x

$ 122.83 84.6Bn 94.4Bn 3.71x

$ 662.16 261.7Bn 260.5Bn 12.13x
$ 97.73 108.4Bn 114.0Bn 6.30x
$ 39.84 63.5Bn 56.1Bn 3.67x
$ 142.51 67.5Bn 62.5Bn 7.38x
$ 210.43 104.5Bn 109.7Bn 10.41x
$ 615.66 82.4Bn 85.2Bn 10.19x

$ 24.20 104.4Bn 133.3Bn 3.06x

728.9Bn 706.4 14.93x

226.2Bn 223.2 10.36x

139.9 133.1 1.58x

###
3606.2 3581.4 40.55x
###

Direct competitor in CPU and GPU markets, with overlap in PC and data center segments. Key peer in consume
Leader in GPUs, AI, and high-performance computing. Competes with Intel in data centers and adjacencies like
Critical foundry player competing with Intel's manufacturing services. Key in capturing supply chain dynamics a
Vertically integrated competitor in CPUs and memory chips, with broad market overlap in manufacturing and de
Legacy competitor in enterprise computing, with overlap in AI, hybrid cloud, and server markets.
Diverse semiconductor player active in data center networking and adjacent markets relevant to Intel.
Market leader in analog and embedded processing, complementing Intel's digital focus and aligning with IoT an
CPU architecture competitor, challenging Intel's x86 dominance in mobile and cloud markets.
Leader in mobile processors, 5G, and IoT, overlapping with Intel’s connectivity and device markets.

Focuses on memory (DRAM, NAND), not processors or high-performance computing.

Equipment supplier (EUV lithography); key to manufacturing but not a design competitor.
Like SK Hynix, focused on memory with minimal overlap in Intel’s core markets.
Targets low-cost markets and mobile chips, unlike Intel's enterprise focus.
Equipment manufacturer with no overlap in chip design or end markets.
Specializes in analog chips for healthcare and industrial markets, not digital processors.
Equipment supplier for process control, with no direct competition in chip design.
Costco’s membership-based model and emphasis on bulk purchasing distin
 F G H I
Enterprise Value Multiple

EV/NTM Revenue EV/LTM EBITDA EV/NTM EBITDA EV/LTM EBIT

9.54x 64.35x 45.87x 261.67x

20.08x 58.94x 30.58x 61.95x
7.30x 13.66x 10.70x 21.70x
1.33x 8.22x 4.93x 37.09x
3.44x 14.70x 13.52x 25.03x
13.48x 34.42x 21.86x 48.33x
NM 22.07x NM 26.87x
33.31x 182.76x 69.86x NM
4.92x 17.42x 12.96x 21.19x

2.11x 16.21x 4.11x 20.58x

10.59x 34.48x 29.31x 37.58x
3.88x 36.45x 8.65x 97.22x
3.28x 16.39x 14.26x 19.94x
6.40x 26.05x 21.66x 28.84x
11.62x 21.82x 26.25x 39.65x
9.22x 24.64x 21.13x 27.77x

2.94x 16.07x 10.92x 235.20x

11.68x 46.28x 26.29x 62.98x

8.42x 22.07x 17.69x 31.98x

1.33x
### 8.22x
### 4.93x
### 21.19x
###
33.31x
### 182.76x
### 69.86x
### 261.67x
###

Rationale

er segments. Key peer in consumer and enterprise computing.

data centers and adjacencies like edge computing and automotive.
capturing supply chain dynamics and leading-edge technology.
et overlap in manufacturing and design.
and server markets.
markets relevant to Intel.
gital focus and aligning with IoT and industrial sectors.
d cloud markets.
y and device markets.

Rationale

puting.
competitor.
ts.

processors.
sign.
asis on bulk purchasing distinguish it from Best Buy’s traditional retail approach. The fundamental diffe
 J K L M
Price Multiple
Price/LTM
EV/NTM EBIT Price/LTM EPS Price/NTM EPS Normalized EPS

35.72x 209.82x 41.32x 263.50x

30.75x 70.17x 36.71x 99.25x
17.03x 25.02x 19.88x 34.02x
9.88x 25.82x 13.77x 59.53x
18.71x 22.21x 18.83x 30.86x
22.55x 71.64x 27.59x 79.62x
NM 29.38x 33.76x 41.78x
75.83x 284.28x 86.73x NM
14.58x 23.51x 16.92x 34.08x

7.88x 49.57x 9.80x 45.08x

32.26x 44.61x 37.64x 60.13x
21.74x 149.59x 25.12x 155.01x
17.83x 21.02x 20.03x 30.12x
23.67x 38.55x 31.92x 47.59x
28.48x 48.70x 32.34x 66.92x
22.74x 36.07x 26.61x 46.32x

41.36x 76.20x 37.49x 138.75x

28.13x 84.65x 32.83x 80.33x

20.63x 29.38x 27.59x 50.66x

9.88x
### 22.21x
### 13.77x
### 30.86x
###
75.83x
### 284.28x
### 86.73x
### 263.50x
###
roach. The fundamental differences in operations, target markets, and product offerings make Best Bu
 N O
ultiple

Price/Book Value Price/ Tangible Book

4.67x 24.07x
53.06x 60.40x
6.06x 6.09x
1.40x 1.49x
7.43x NM
12.55x NM
9.98x 13.65x
23.47x 35.55x
8.10x 16.47x

2.24x 2.40x
22.91x 37.05x
2.69x 2.79x
4.94x 6.30x
8.53x 8.69x
2.99x NM
30.46x 189.26x

1.28x 1.83x

14.08x 22.53x
8.10x 16.47x

1.40x
### 1.49x
53.06x
### 60.40x
oduct offerings make Best Buy less comparable to Costco, leading to the decision to exclude it from th
sion to exclude it from the analysis.
S&P Capital IQ - Standard
TEV/ LTM Total Revenue (x) Average
TEV/ NTM Total Revenue (x) Average
TEV/ LTM EBITDA (x) Average
TEV/ NTM EBITDA (x) Average
TEV/ LTM EBIT (x) Average
TEV/ NTM EBIT (x) Average
Price/ LTM EPS (x) Average
Price/ NTM EPS (x) Average
Price/ LTM Normalized EPS (x) Average
Price/ Book (x) Average
Price/ Tangible Book (x) Average
Price/ NTM Cash Flow (x) Average
TEV/ LTM Free Cash Flow Unlevered (x) Average
Market Cap/ LTM Free Cash Flow Levered (x) Average
Dec-28-2023 Nov-19-2024

TEV/ LTM
Total
Revenue (x)
0.33

EV/LTM
Revenue
0.33

104.40
3,606.20
983.7Bn
270.6
63.50
772.3
183.4
139.9
 55.9
3,450.60

960.76
183.40
Dec-29-2023 Nov-19-2024
0.3 0.33
0.33 0.36
4.96 6.2 14.93 11.68 46.28
6.7 8.13 10.36 8.42 22.07
5.69 7.41
7.54 9.21
6.07 9.8
8.22 10.63
7.51 10.55
1.28 1.16
2.12 1.87

TEV/ NTM
Total TEV/ LTM TEV/ NTM TEV/ LTM TEV/ NTM Price/ LTM
Revenue (x) EBITDA (x) EBITDA (x) EBIT (x) EBIT (x) EPS (x)
0.36 6.2 8.13 7.41 9.21 9.8

EV/NTM EV/NTM
Revenue EV/LTM EBITDA EBITDA
0.36 6.2 8.13

Bn 133.30 Bn
Bn 3,576.70 Bn
760.3 Bn
Bn 208.1 Bn
Bn 56.10 Bn
Bn 833.8 Bn
Bn 194.8 Bn
Bn 133.1 Bn
Bn 63.2 Bn
Bn 3,413.00 Bn

937.24
201.45
 26.29 62.98 28.13 84.65 32.83 80.33
17.69 31.98 20.63 29.38 27.59 50.66

Price/ LTM Price/

Price/ NTM Normalized Price/ Book Tangible
EPS (x) EPS (x) (x) Book (x)
10.63 10.55 1.16 1.87

EV/LTM EBIT EV/NTM EBIT Price/LTM EPS

7.41 9.21 9.8
14.08 22.53
8.1 16.47

Price/LTM
Normalized Price/Book
Price/NTM EPS EPS Value
10.63 10.55 1.16
Price/ Tangible
Book
1.87
Target

Office Depot
Michael's
Rocksbox
Returnly
At Home Group
Zeekit
Depop
Current Health
Quiet Logistics
Costco Taiwan
Albertsons
 $Mil
Acquirer Date Impl, EV

Staples 6/21/2022 $ 6,300

Apollo Global Management 3/3/2021 $ 3,300
Signet Jeweler 4/16/2021 $ 14.4
Affirm 4/21/2021 $ 300
Hellman & Friedman 5/6/2021 $ 2,860
Walmart 5/13/2021 $ 300
Etsy 6/2/2021 $ 1,620
Best Buy 10/12/2021 $ 400
American Eagle 11/2/2021 $ 360
Costco 6/30/2022 $ 2,350
Kroger 2/26/2024 $ 2,460

6
13
 LTM
Revenue

8,491.00
5,270.00
31.80
102.00
2,084.00

66.88
8.01

79,452.00

Multiple EV/Rev
0.487
0.537
0.587
0.637
0.687
0.737
0.787

Enterprise Value (MM)

(Debt)
(Preferred)
Cash

Equity Value
Share Outstanding

Share Price

ASML
Enterprise Value (MM)
(Debt)
(Preferred)
Cash
Equity Value
Share Outstanding (MM)
Share Price

TEV/ LTM Revenue (Revenue ±10%, Multiple ± 3x)

TEV/ LTM EBIT (EBIT ±10%, Multiple ± 3x)
TEV/ LTM EBITDA (EBITDA ±10%, Multiple ± 3x)

Intel
Enterprise Value (MM)
(Debt)
(Preferred)
Cash
Equity Value
Share Outstanding
Share Price

TEV/ LTM Total Revenue (Revenue ±10%, Multiple ± 2x)

TEV/ LTM EBITDA (EBITDA ±10%, Multiple ± 2x)
TEV/ LTM EBIT (EBIT ±10%, Multiple ± 4x)
 TEV/LTM Revenue TEV/LTM EBITDA
EBITDA

437.00 0.741962077493817 14.42

670.00 0.62618595825427 4.92537313432836
0.45
0.34
449.00 1.37 6.36971046770601

(72.70) 22.28
(29.99) 13.34

4,852 0.29 4.29

0.637223178159514 10.93712

costco 242,290,000,000 10,582,000,000

TEV 154,392,803,836.27 115,736,559,912.22
(debt) -442793000 -442793000
(preferred) 0 0
cash 13700000000 13700000000

Equity Value 409,940,010,836 139,575,766,912

Outstanding Shares 442793000 442793000

925.81 315.22

$ 843.73 $ 267.42
$ 871.09 $ 291.32
$ 898.45 $ 315.22
$ 925.81 $ 374.96
$ 953.16 $ 434.71
$ 980.52 $ 494.45
$ 1,007.88 $ 554.20

$273,605 $294,850 $259,538

($50,823) ($50,823) ($50,823)
($4,375) ($4,375) ($4,375)
 $7,079 $7,079 $7,079

$225,486 $246,731 $211,419

4,228 4,228 4,228

$53.33 $58.36 $50.00

TEV/LTM Revenue TEV/LTM EBIT TEV/LTM EBITDA

$241,901 $212,093 $412,076
$4,632 $4,632 $4,632
$0 $0 $0
$7,010 $7,010 $7,010
$253,543 $223,735 $423,717
394 394 394
$643.67 $568.00 $1,075.70

Lower Bound Original Upper Bound

$393.08 $643.67 $936.31
$457.58 $568.00 $690.98
$908.42 $1,075.70 $1,256.90

TEV/LTM Revenue TEV/LTM EBIT TEV/LTM EBITDA

$273,605 $294,850 $259,538
($50,823) ($50,823) ($50,823)
($4,375) ($4,375) ($4,375)
$7,079 $7,079 $7,079
$225,486 $246,731 $211,419
4,228 4,228 4,228
$53.33 $58.36 $50.00

LB Original UB
$20.42 $50.00 $84.85
$42.35 $53.33 $65.31
$44.02 $58.36 $74.33
 49.94 24.22

EV/EBITDA
8.937
9.937
10.937
13.437
15.937
18.437
20.937
CCA AnalysisCCA EV/LTM Revenue
CCA EV/NTM Revenue
CCA EV/LTM EBITDA
CCA EV/NTM EBITDA
CCA EV/LTM EBIT
CCA EV/NTM EBIT
CCA P/LTM EPS
CCA P/NTM EPS
CCA P/LTM NEPS
CCA P/B
CCA P/NTM CF
CCA MC/FCFL
PTA AnalysisPTA EV/LTM Revenue
PTA EV/LTM EBITDA
DCF AnalysisDCF TEV/ EBITDA
DCF TEV/Revenue
DCF TEV/EBIT
DCFImplied Value
For ReferenceFor Reference: 52 Weeks Trading Range

For Reference: Analyst Price Targets

LB UB Range
800.10 964.26 164.16 DCFImplied Value
785.06 949.21 164.16 DCF TEV/Revenue
418.56 538.05 119.49 DCF TEV/EBIT
422.20 541.69 119.49 DCF TEV/ EBITDA
644.73 740.77 96.04 PTA EV/LTM EBITDA
499.90 595.94 96.04 PTA EV/LTM Revenue
523.42 608.68 85.26 CCA MC/FCFL
350.82 436.08 85.26 CCA P/NTM CF
615.41 700.67 85.26 CCA P/B
850.02 1,586.67 736.65 CCA P/LTM NEPS
209.86 322.85 112.99 CCA P/NTM EPS
510.77 636.31 125.54 CCA P/LTM EPS
898.45 1,007.88 109.43 CCA EV/NTM EBIT
434.71 554.20 119.49 CCA EV/LTM EBIT
1104.00 1291.00 187.00 CCA EV/NTM EBITDA
1440.75 1739.55 298.80 CCA EV/LTM EBITDA
1179.09 1293.85 114.76 CCA EV/NTM Revenue
1336.53 1710.95 374.42 CCA EV/LTM Revenue
530.56 896.67 366.11 Price
For Target
Reference: 52 Weeks
Trading Range

(90days, 30days)
 For Reference: 52 Weeks
Trading Range
1336.53 1710.95 374.42
1440.75 1739.55 298.80 Price Target
1179.09 1293.85 114.76
1104.00 1291.00 187.00 CCA EV/LTM Revenue
434.71 554.20 119.49
898.45 1,007.88 109.43 CCA EV/NTM Revenue
510.77 636.31 125.54
209.86 322.85 112.99
CCA EV/LTM EBITDA
850.02 1,586.67 736.65
615.41 700.67 85.26
350.82 436.08 85.26 CCA EV/NTM EBITDA
523.42 608.68 85.26
499.90 595.94 96.04 CCA EV/LTM EBIT
644.73 740.77 96.04
422.20 541.69 119.49 CCA EV/NTM EBIT
418.56 538.05 119.49
785.06 949.21 164.16
CCA P/LTM EPS
800.10 964.26 164.16

530.56 896.67 366.11 CCA P/NTM EPS

CCA P/LTM NEPS

CCA P/B

CCA P/NTM CF

CCA MC/FCFL

PTA EV/LTM Revenue

PTA EV/LTM EBITDA

DCF TEV/ EBITDA

DCF TEV/EBIT

DCF TEV/Revenue

DCFImplied Value

0.
 DCF TEV/EBIT

DCF TEV/Revenue

DCFImplied Value

0.
For Reference: 52 Weeks
Trading Range

Price Target

CCA EV/LTM Revenue

CCA EV/NTM Revenue

CCA EV/LTM EBITDA

CCA EV/NTM EBITDA

CCA EV/LTM EBIT

CCA EV/NTM EBIT

CCA P/LTM EPS

CCA P/NTM EPS

CCA P/LTM NEPS

CCA P/B

CCA P/NTM CF

CCA MC/FCFL

PTA EV/LTM Revenue

PTA EV/LTM EBITDA

DCF TEV/ EBITDA

DCF TEV/EBIT

DCF TEV/Revenue

DCFImplied Value

0.00 200.00 400.00 600.00 800.00 1000.00 1200.00 1400.00

 DCF TEV/EBIT

DCF TEV/Revenue

DCFImplied Value

0.00 200.00 400.00 600.00 800.00 1000.00 1200.00 1400.00

Column I Column K
1200.00 1400.00 1600.00 1800.00 2000.00
1200.00 1400.00 1600.00 1800.00 2000.00
Holder
Vanguard Group Inc.
BlackRock Inc.
State Street Global Advisors Inc.
Geode Capital Management LLC
FMR LLC
Morgan Stanley
Norges Bank Investment Management
UBS Asset Management AG
Capital Research and Management Co.
Northern Trust Global Investments

41.37
32.35
18.63
9.32
7.91
5.55
5.31
5.12
4.88
4.82
Common Stock Equivalent Held (actual)
41,373,546
32,351,425
18,628,087
9,324,866
7,912,869
5,546,565
5,313,432
5,123,372
4,875,016
4,823,710

41,373,546
32,351,425
18,628,087
9,324,866
7,912,869
5,546,565
5,313,432
5,123,372
4,875,016
4,823,710
Percent of Common Shares Outstanding (%)
9.33
7.3
4.2
2.1
1.78
1.25
1.2
1.16
1.1
1.09

[
[Y VALU
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%

[Y VALUE]%

[Y VALUE]%

Type
Institutions
Corporations (Private)
Individuals/Insiders
State Owned Shares
Public and Other
Total
 9.3
16.6
20.8
22.9
24.7
26.0
27.2
28.3
29.4
30.5

[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
LUE]%

Common Stock Equivalent Held

307,679,915
 14,343
772,809
448,974
134,418,983
443,335,024
 Ownership Stake and Cumulative Holdings
|||||||||||||||||||||||||||||||||||||||||||||| 9.33% |||||||||||||||||||||||||||||||||||||||||||||| 9.3
|||||||||||||||||||||||||||||||||||| 7.30% |||||||||||||||||||||||||||||||||||| 7.30%
||||||||||||||||||||| 4.20% ||||||||||||||||||||| 4.20%
|||||||||| 2.10% |||||||||| 2.10%
|||||||| 1.78% |||||||| 1.78%
|||||| 1.25% |||||| 1.25%
|||||| 1.20% |||||| 1.20%
||||| 1.16% ||||| 1.16%
||||| 1.10% ||||| 1.10%
||||| 1.09% ||||| 1.09%
0
0
0
0

[Y VALUE]%
[Y VALUE]%
[Y VALUE]%
ALUE]%
%

30

Percent of Common Shares Outstandings Market Value ($Mn)

69.4 269,943.00
 0 12.6
0.17 678
0.1 393.9
30.32 117,932.50
99.99 388,960.00
0.17%

0.10%

Insti
Stat
Market Value ($M) Change in Shares
Change (%) Position Date History
36,299.10 539,676 1.32 6/30/2024 History
28,383.50 1,739,439 5.68 3/31/2024 History
16,343.40 108,783 0.59 6/30/2024 History
8,181.20 234,715 2.58 6/30/2024 History
6,942.40 -335,770 -4.07 6/30/2024 History
4,866.30 467,312 9.2 3/31/2024 History
4,661.70 -183,923 -3.35 6/30/2024 History
4,495.00 153,542 3.09 3/31/2024 History
4,277.10 109,056 2.29 6/30/2024 History
4,232.10 -19,624 -0.41 6/30/2024 History

30.32%
0.17%

0.10%

Institutions
69%

Institutions Corporations (Private) Individuals/Insiders

State Owned Shares Public and Other
Source Portfolio Turnover Category Portfolio TurnovInvestment Orie
13F Very Low 2.84 Passive
13F Very Low 6.72 Passive
13F Very Low 5.4 Passive
13F Very Low 2.81 Passive
13F Low 20.64 Active
13F Very Low 18.13 Active
13F Very Low 11.67 Active
Multiple Very Low 15.54 Active
Aggregated 13F Low 21.72 Active
13F Very Low 5.93 Active
 Institutions
69%

Individuals/Insiders
Equity Assets ($ City State Country Calculated InveCalculated Mar
6,080,034.64 Malvern PA USA Growth Large Cap
5,402,405.13 New York NY USA Growth Large Cap
2,508,139.14 Boston MA USA Growth Large Cap
1,271,651.05 Boston MA USA Growth Large Cap
1,539,469.79 Boston MA USA Growth Large Cap
521,573.93 New York NY USA Growth Large Cap
1,116,129.65 Oslo Norway Growth Large Cap
726,079.65 Zurich Switzerland Growth Large Cap
1,952,346.02 Los Angeles CA USA Growth Large Cap
580,915.95 United Kingdom Growth Large Cap
Owner Type Funds Derivatives Ex. 60 Days
Traditional Inve 51
Traditional Inve 161
Traditional Inve 62
Traditional Inve 20
Traditional Inve 66
Banks/Investment Banks
Banks/Investmen 1
Traditional Inve 77
Traditional Inve 24
Traditional Inve 20
 Costco
Financials
Revenue ($Bn) 242
Single store sales ($Mn) 281
Single store areas (sq ft) 146,000
sales/sq ft ($/sq ft) 1,927
# of SKU 4,000
Sales/SKUs ($Mn) 61
Profitability
Gross profit margin 12.50%
SG&A 8.91%
OPM 3.51%
Turnover capacity
Days Inventory Held 28.6

DuPont analysis
ROE 26.72%
Net Profit Margin 2.75%
Asset turnover 3.51
Equity Multiplier 2.75

Revenue-COGS)/Revenue
 % Sam's Club
Costco
|||||||||||||||||||||||||||||||||||||||$242Bn 40% 84
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100% 141
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 96% 134,000
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100% 1,050
||4,000# 3% 6,000
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100% 14

||||||||||||||||||||||||||||||||||||||||||||12.50% 44.64% 12.00%

|||||||||||||||||||||||||||||||||||||||||||8.91% 43.26% 9.00%
|||||||||||||||||||||||||||||||||||||||||3.51% 41.79% 2.37%

|||||||||||||||||||||||||||||||||||||||||||||||28.60Day 47%

-
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 62.77%
 % BJ's Club
Sam's Club
|||||||||||||$84Bn 14% 19
||||||||||||||||||||||||||||||||||||||||||||||||||$141Mn 50% 89
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 88% 85,035
||||||||||||||||||||||||||||||||||||||||||||||||||||||$1, 54% 1,052
||||6,000# 4% 7,000
|||||||||||||||||||||||$14Mn 23% 3

||||||||||||||||||||||||||||||||||||||||||12.00% 42.86% 18.10%

|||||||||||||||||||||||||||||||||||||||||||9.00% 43.69% 13.75%
||||||||||||||||||||||||||||2.37% 28.24% 3.88%

- 30.0

42.57%
2.59%
3.06
6.07
 % Walmart
BJ's
|||$19Bn 3% 611
|||||||||||||||||||||||||||||||$89Mn 32% 132
||||||||||||||||||||||||||||||||||||||||||||| 56% 151,462
|||||||||||||||||||||||||||||||||||||||||||| 55% 875
|||||7,000# 5% 140,000
||||$3Mn 5% 4

||||||||||||||||||||||||||||||||||||||||||||| 64.64% 25.10%

||||||||||||||||||||||||||||||||||||||||||||| 66.76% 20.60%
||||||||||||||||||||||||||||||||||||||||||||| 46.24% 3.69%

||||||||||||||||||||||||||||||||||||||||||| 50% 44.5

-
|||||||||||||||||||||||||||||||||||||||||||||| 100.00% 18.22%
3.16%
2.60
2.90
 % Target
Walmart
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100% 108
|||||||||||||||||||||||||||||||||||||||||||||||$132Mn 47% 54
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100% 125,000
|||||||||||||||||||||||||||||||||||||||||||||$875/sq ft 45% 430
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100% 80,000
|||||||$4Mn 7% 1

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 89.64% 28.00%

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100.00% 19.10%
|||||||||||||||||||||||||||||||||||||||||||3.69% 43.87% 8.40%

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 73% 60.6

-
||||||||||||||||||||||||||||||||||||||||||18.22% 42.80% 33.41%
3.40%
1.94
4.75
 %
Target
|||||||||||||||||$108Bn 18%
|||||||||||||||||||$54Mn 19%
|||||||||||||||||||||||||||||||||||||||||||||||||||||||| 83%
||||||||||||||||||||||$430/sq ft 22%
||||||||||||||||||||||||||||||||||||||||||||||||||||||| 57%
||$1Mn 2%

||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100.00%
||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 92.70%
||||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100.00%

|||||||||||||||||||||||||||||||||||||||||||||||||||||||| 100%

-
|||||||||||||||||||||||||||||||||||||||||||||||||||||||| 78.48%
 Revenue ($Bn)
Financials

Single store sales ($Mn)

Single store areas (sq ft)
sales/sq ft ($/sq ft)
# of SKU
Sales/SKUs ($Mn)
Profitability

Gross profit margin

SG&A
OPM
DuPont Analysis

Days Inventory Held

ROE
Net Profit Margin
Asset turnover
Equity Multiplier
 Costco
|||||||||||||||||||||||||||||||||||||||$242Bn
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||4,000#
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||

||||||||||||||||||||||||||||||||||||||||||||12.50%
|||||||||||||||||||||||||||||||||||||||||||8.91%
|||||||||||||||||||||||||||||||||||||||||3.51%

|||||||||||||||||||||||||||||||||||||||||||||||28.60Days
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||26.72%
2.75%
3.51
2.75
 Sam's Club
|||||||||||||$84Bn
||||||||||||||||||||||||||||||||||||||||||||||||||$141Mn
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||$1,050/sq ft
||||6,000#
|||||||||||||||||||||||$14Mn

||||||||||||||||||||||||||||||||||||||||||12.00%
|||||||||||||||||||||||||||||||||||||||||||9.00%
||||||||||||||||||||||||||||2.37%
 BJ's
|||$19Bn
|||||||||||||||||||||||||||||||$89Mn
||||||||||||||||||||||||||||||||||||||||||||||||||||||||85,035
||||||||||||||||||||||||||||||||||||||||||||||||||||||$1,052/sq
|||||7,000#
||||$3Mn

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||3.88%

|||||||||||||||||||||||||||||||||||||||||||||||||30.00Days
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2.59%
3.06
6.07
 Walmart
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||||$132Mn
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||||$875/sq ft
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||$4Mn

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|||||||||||||||||||||||||||||||||||||||||||3.69%

|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||44.
||||||||||||||||||||||||||||||||||||||||||18.22%
3.16%
2.60
2.90
 Target
|||||||||||||||||$108Bn
|||||||||||||||||||$54Mn
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||125,000 sq ft
||||||||||||||||||||||$430/sq ft
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||80,000#
||$1Mn

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||28.00%
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||19.10%
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||8.40%

||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||60.60Days
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||33.41%
3.40%
1.94
4.75
0.60Days