Global Retail Undervalued over 20% based on DCF

Amazon.com

Market Cap: US$2.4t

Engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally.

Alibaba Group Holding

Market Cap: US$269.9b

Through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally.

Coupang

Market Cap: US$51.2b

Owns and operates retail business through its mobile applications and internet websites in South Korea and internationally.

Genuine Parts

Market Cap: US$18.6b

Distributes automotive and industrial replacement parts.

Chewy

Market Cap: US$14.3b

Engages in the e-commerce business in the United States.

Allegro.eu

Market Cap: zł39.3b

Operates a go-to commerce platform for consumers in Poland and internationally.

Hotai MotorLtd

Market Cap: NT$313.1b

Hotai Motor Co.,Ltd., together with its subsidiaries, exports and imports, trades, and sells vehicles, automobile air conditioners, and related parts in Taiwan and Mainland China.

Wayfair

Market Cap: US$9.9b

Engages in the e-commerce business in the United States and internationally.

Avolta

Market Cap: CHF 6.4b

Operates as a travel retailer company.

LKQ

Market Cap: US$7.7b

Engages in the distribution of replacement parts, components, and systems used in the repair and maintenance of vehicles and specialty vehicle aftermarket products and accessories.

Gap

Market Cap: US$7.5b

Operates as an apparel retail company.

AutoNation

Market Cap: US$7.4b

Through its subsidiaries, operates as an automotive retailer in the United States.

Urban Outfitters

Market Cap: US$7.2b

Offers lifestyle products and services.

Bath & Body Works

Market Cap: US$6.2b

Operates as a specialty retailer of home fragrance, personal and body care, soaps, and sanitizer products.

MINISO Group Holding

Market Cap: US$6.0b

An investment holding company, engages in the retail and wholesale of lifestyle products and pop toy products in China, rest of Asia, the Americas, Europe, Indonesia, and internationally.

Global-E Online

Market Cap: US$5.9b

Provides direct-to-consumer cross-border e-commerce platform in Israel, the United Kingdom, the United States, and internationally.

JD Sports Fashion

Market Cap: UK£4.4b

Engages in the retail of branded sports fashion and outdoor clothing, footwear, accessories, and equipment for women and men in the United Kingdom, Europe, North America, the Asia Pacific, and internationally.

Abercrombie & Fitch

Market Cap: US$4.9b

Through its subsidiaries, operates as an omnichannel retailer in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

RH

Market Cap: US$4.0b

Operates as a retailer and lifestyle brand in the home furnishings market in the United States, Canada, the United Kingdom, Germany, Belgium, and Spain.

Academy Sports and Outdoors

Market Cap: US$3.4b

Through its subsidiaries, operates as a sporting goods and outdoor recreational retailer in the United States.

Macy's

Market Cap: US$3.3b

An omni-channel retail organization, operates stores, websites, and mobile applications in the United States.

Inchcape

Market Cap: UK£2.4b

Operates as an automotive distributor and retailer.

Signet Jewelers

Market Cap: US$3.1b

Operates as a diamond jewelry retailer.

China Tobacco International (HK)

Market Cap: HK$22.7b

Engages in tobacco business.

Groupe Dynamite

Market Cap: CA$3.9b

Designs, distributes, and sells women’s apparel under the Dynamite and Garage brand names in Canada and the United States.

Buckle

Market Cap: US$2.6b

Operates as a retailer of casual apparel, footwear, and accessories for men, women, and kids under the Buckle and Buckle Youth brands in the United States.

Mercari

Market Cap: JP¥351.1b

Plans, develops, and operates Mercari marketplace applications in Japan and the United States.

Clas Ohlson

Market Cap: SEK 22.4b

A retail company, sells building, electrical, multimedia, home, and leisure products in Sweden, Norway, Finland, and internationally.

Inter Cars

Market Cap: zł8.1b

Engages in the import and distribution of spare parts for passenger cars and commercial vehicles in Poland, Romania, and internationally.

Nojima

Market Cap: JP¥324.8b

Operates digital home electronics retail stores in Japan and internationally.

HORNBACH Holding KGaA

Market Cap: €1.7b

Through its subsidiaries, develops and operates do-it-yourself (DIY) megastores with garden centers in Germany and other European countries.

Bic Camera

Market Cap: JP¥277.2b

Engages in the manufacture and sale of audiovisual products in Japan.

Paltac

Market Cap: JP¥268.5b

Engages in the wholesale of cosmetics, daily necessities, and over-the-counter drugs in Japan.

Chongqing Department StoreLtd

Market Cap: CN¥12.9b

Operates department stores, supermarkets, and electrical appliances stores in the People's Republic of China.

POYA International

Market Cap: NT$49.3b

Operates a chain of retail stores in Taiwan.

Victoria's Secret

Market Cap: US$1.6b

Operates as a specialty retailer of women’s intimate, and other apparel and beauty products worldwide.