Examples for True Competitor Identification

Detailed segmentation of Adobe's three business lines (Creative Cloud, Document Cloud, Experience Cloud) to identify appropriate competitive peers for each segment. Shows how Autodesk (75% overlap) is the truest business model peer despite serving different creative verticals, while commonly-cited competitors Microsoft and Oracle have fundamentally different business models. Highlights the importance of subscription SaaS economics over generic 'software company' classifications for valuation purposes.

Untangles the confusing 'fintech' label by distinguishing payment processors (PayPal, Block, Adyen) from card networks (Visa/Mastercard), digital wallet interfaces (Apple Pay), and BNPL specialists (Affirm). Demonstrates why PayPal's 75% overlap with Block (similar dual-sided merchant/consumer platform) makes it the truest peer, while Visa's 15% overlap reflects fundamentally different take rates and business economics (network vs processor). Critical for understanding payment industry stack layers and avoiding valuation errors from improper peer selection.

Comprehensive analysis of Spotify's true competitive peers in music streaming, identifying Tencent Music (85% overlap) and YouTube Music (70% overlap) as primary competitors while explaining why Netflix, Live Nation, and record labels are misclassified despite being in 'entertainment'. Demonstrates proper peer selection for subscription audio streaming platforms, highlighting how content economics (royalty payments vs IP ownership) create structural margin differences that invalidate Netflix comparisons.