U.S. Retail Undervalued over 20% based on DCF

Amazon.com

Market Cap: US$2.3t

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$272.8b

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.

PDD Holdings

Market Cap: US$143.2b

A multinational commerce group that owns and operates a portfolio of businesses.

MercadoLibre

Market Cap: US$87.0b

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

Carvana

Market Cap: US$69.3b

Operates an e-commerce platform for buying and selling used cars.

eBay

Market Cap: US$42.2b

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

Coupang

Market Cap: US$34.6b

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

Williams-Sonoma

Market Cap: US$21.4b

Operates as an omni-channel specialty retailer of various products for home the United States and internationally.

Genuine Parts

Market Cap: US$14.4b

Distributes automotive and industrial replacement parts.

Gap

Market Cap: US$9.0b

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

Pool

Market Cap: US$7.4b

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

CarMax

Market Cap: US$5.8b

Through its subsidiaries, operates as a retailer of used vehicles and related products in the United States.

Urban Outfitters

Market Cap: US$5.5b

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

Global-E Online

Market Cap: US$5.2b

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

Macy's

Market Cap: US$4.7b

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

Group 1 Automotive

Market Cap: US$3.9b

Through its subsidiaries, operates in the automotive retail industry in the United States and the United Kingdom.

Victoria's Secret

Market Cap: US$3.7b

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

American Eagle Outfitters

Market Cap: US$2.8b

Operates as a multi-brand specialty retailer in the United States and internationally.

Buckle

Market Cap: US$2.5b

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.

Warby Parker

Market Cap: US$2.5b

Sells eyewear products through its retail and e-commerce platform in the United States and Canada.

Revolve Group

Market Cap: US$1.6b

Operates as a fashion retailer for millennial and generation z consumers in the United States and internationally.

Bob's Discount Furniture

Market Cap: US$1.5b

Engages in retailing home furnishings furnishings in the United States.

Savers Value Village

Market Cap: US$1.2b

A thrift operator, sells second-hand merchandise in retail stores in the United States, Canada, and Australia.

RealReal

Market Cap: US$1.1b

Operates an online marketplace for resale luxury goods worldwide.

ATRenew

Market Cap: US$987.0m

Operates pre-owned consumer electronics transactions and services platform in the People’s Republic of China.

Build-A-Bear Workshop

Market Cap: US$483.1m

Operates as a multi-channel retailer of plush animals and related products in the United States, Canada, the United Kingdom, Ireland, and internationally.

Monro

Market Cap: US$479.1m

Engages in the operation of retail tire and automotive repair stores in the United States.

Tokyo Lifestyle

Market Cap: US$9.7m

Engages in the retail and wholesale of beauty, health, sundry, and other products in Japan, China, Hong Kong, the United States, Canada, Thailand, and the United Kingdom.