Global Retail Undervalued over 20% based on DCF

Amazon.com

Market Cap: US$2.6t

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$219.3b

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

MercadoLibre

Market Cap: US$86.1b

Operates online commerce platforms in Brazil, Mexico, Argentina, and internationally.

Sea

Market Cap: US$58.7b

Through its subsidiaries, operates as a technology company in Southeast Asia, Latin America, the rest of Asia, and internationally.

eBay

Market Cap: US$49.6b

Operates marketplace platforms that connect buyers and sellers in the United States, the United Kingdom, China, Germany, and internationally.

Aritzia

Market Cap: CA$17.9b

Designs, develops, and sells apparels and accessories for women in the United States and Canada.

D'Ieteren Group

Market Cap: €9.3b

Operates as an investment company in Belgium, France, rest of Europe, and internationally.

Allegro.eu

Market Cap: zł39.1b

Operates a commerce platform for consumers in Poland, Czech Republic, Slovakia, Hungary, and internationally.

Avolta

Market Cap: CHF 7.4b

Operates as a travel retail company in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific.

Zhejiang China Commodities City Group

Market Cap: CN¥56.9b

Through its subsidiaries, develops, manages, and operates an online trading platform service in China.

Empresas Copec

Market Cap: CL$7.5t

Operates in the natural resources and energy sectors in Chile and internationally.

El Puerto de Liverpool. de

Market Cap: Mex$138.7b

Operates a chain of department stores primarily in Mexico.

Pool

Market Cap: US$7.8b

Distributes swimming pool supplies, equipment, related leisure, irrigation, and landscape maintenance products in the United States and internationally.

Etsy

Market Cap: US$7.1b

Operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, and internationally.

Gap

Market Cap: US$6.7b

Operates as an apparel retail company in the United States, Canada, Japan, Taiwan, and internationally.

Victoria's Secret

Market Cap: US$6.6b

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

Macy's

Market Cap: US$6.2b

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

Urban Outfitters

Market Cap: US$6.1b

Offers lifestyle products and services in the United States and internationally.

Global-E Online

Market Cap: US$5.8b

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

JB Hi-Fi

Market Cap: AU$8.4b

JB Hi-Fi Limited retails home consumer products.

Ultrapar Participações

Market Cap: R$27.8b

Through its subsidiaries, operates in the energy, mobility, and logistics infrastructure sectors in Brazil, the rest of Europe, the United States, Canada, other Latin American countries, Oceania, and internationally.

Pepkor Holdings

Market Cap: R80.2b

Operates as a retailer in Angola, Botswana, Brazil, Eswatini, Lesotho, Malawi, Mozambique, Namibia, South Africa, and Zambia.

Bath & Body Works

Market Cap: US$4.7b

Operates as a specialty retailer of personal care and home fragrance products.

Ollie's Bargain Outlet Holdings

Market Cap: US$4.6b

Operates as a retailer of closeout merchandise and excess inventory in the United States.

Pattern Group

Market Cap: US$4.5b

Operates as an e-commerce accelerator that combines proprietary technology and on-demand expertise to support consumer brands operating across e-commerce marketplaces in the United States and internationally.

SHIMAMURA

Market Cap: JP¥687.3b

Engages in the sale of clothing and fashion related products in Japan and Taiwan.

ABC-MartInc

Market Cap: JP¥682.7b

Engages in the retailing of shoes, clothing, and general merchandise products for men, women, and kids in Japan.

Fielmann Group

Market Cap: €3.6b

Engages in vision care and audiology business in Germany, Switzerland, Austria, Spain, North America, and internationally.

Eagers Automotive

Market Cap: AU$6.0b

Owns and operates motor vehicle dealerships in Australia and New Zealand.

Harvey Norman Holdings

Market Cap: AU$5.8b

Engages in the integrated retail, franchise, property, and digital system businesses.

Clas Ohlson

Market Cap: SEK 27.7b

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

Cosan

Market Cap: R$14.5b

Engages in the fuel distribution business.

Mr Price Group

Market Cap: R44.9b

Provides fashion-value merchandise in South Africa and internationally.

Sonic Automotive

Market Cap: US$2.7b

Operates as an automotive retailer in the United States.

Nojima

Market Cap: JP¥383.2b

Operates digital home electronics retail stores in Japan and internationally.

HORNBACH Baumarkt

Market Cap: €2.0b

Operates as a do-it-yourself (DIY) retail company in Germany, Austria, the Czech Republic, Luxembourg, the Netherlands, Romania, Slovakia, Sweden, Switzerland, and Serbia.