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2011 BrandFinanceBanking 500Summary brand valuation report
Prepared for: -
Brand Finance plc, January 2011
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1. Introduction to BrandFinance and Methodology The Banker Magazine and the Global Banking 500
IVSCRecognised Valuation Approaches
IVSCRecognised Valuation Methods
Summary of Royalty Relief Method
ISO 10668
2. Global results Executive Summary
Top 10 most valuable global banking brands
Top 10 most valuable banking brands in [relevant
geographic region]
Top 10 most valuable banking brands in [country x]
Most valuable banking brand by business segment
3. [name of bank] results
Valuation Results Valuation Schedule & Assumptions
Brand valuation by region
Brand valuation by business segment
Brand valuation reconciliation
Change in BSI
Competitor review
Competitor reviewhistorical brand values
Portfolio value
Market cap composition
Table Of Contents
2011 BrandFinance Banking 500 Summary Brand Valuation Report
4. Comparison of brand valuation approaches
5. About Brand Finance
Appendix IA detailed overview of the BrandFinance Methodology
Appendix II2011 BrandFinance Global Intangibles Financial Tracker (GIFT)
Contents 2
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sectionone
sectionone
Introduction and valuation methodology
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Brand Finance is the worlds leading independent brand valuation
consultancy.
The BrandFinance Banking 500, now in its fifth year, directly
compares the values of the worlds leading banking brands. It is
the only direct comparison of brand value within the banking
industry.
The BrandFinance Banking 500 provides an opinion on the point-in-time value of the worlds leading banking brands. This report
illustrates how our methodology, findings and value-based
marketing techniques can be used for decision-making and to
determine the impact of brand equity on business performance.
Brand Finance has teamed up with The Banker, the monthly
international financial affairs magazine, for the fifth year running
to publish the results.
The BrandFinance Banking 500
4Introduction
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The Royalty Relief approach is based on the assumption that if a company did not own any trademarks it would
need to license them from a third party trademark owner instead. Ownership therefore relieves the company
from paying a license fee (the royalty) for the use of the third party trademarks
The royalty relief method involves estimating likely future sales, applying an appropriate royalty rate to them and
then discounting estimated future, post-tax royalties, to arrive at a Net Present Value (NPV). This is held to
represent the brand value.
Brand Finance uses the Royalty Relief methodology for three reasons:
Firstly, it is the approach that is most recognised by technical authorities worldwide and favoured by
accounting, tax and legal users because it calculates brand values by reference to comparable, third-partytransactions.
Secondly, it ties back to the commercial reality of brands - their ability to command a premium in an arms
length transaction.
Finally, because it can be performed on the basis of publicly available financial information.
5Valuation methodology
Introduction to Royalty Relief methodology
X RR tax1
2
3
45
Revenue Forecast -X
Discount Rate
NPV
=
Brand
Value
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Full Methodology section intentionally summarised
in this version of the report
Additional sections included in the full report :
IVSCRecognised Valuation Approaches
IVSCRecognised Valuation Methods
ISO 10668 Required Brand Valuation steps
6Valuation methodology
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sectiononesectiontwo
Global Results
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Excluded from sample report
Additional sections included in the full report :
Executive summary
Top 10 most valuable banking brands
Top 10 most valuable banking brands in relevant geographic region
Top 10 most valuable banking brands in relevant country
Most valuable banking brand by service line
8Global results
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sectiononesectionthree
[name of bank] results
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Market Capitalisation Brand Value
Brand Strength Index
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
XXXX Valuation Results
10Valuation results
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2009 2010 2011
XXXXX XXXXX
XXXXX
BrandValu
e$millions
0
50,000
100,000
150,000
200,000
250,000
300,000
2009 2010 2011
XXXXX
XXXXX
XXXXX
MarketC
ap$millions
0
20
40
60
80
100
2009 2010 2011
XX XX
XX
BrandStrengthIndex
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TOTAL BRAND VALUE
XXXX
VALUE IN EXPLICIT
PERIOD
VALUE IN
PERPETUITY
CORPORATE
VALUE
XXXX XXXX XXXXX
DISCOUNT RATE XXXX XXXX REVENUE FORECAST CAGR
TAX RATE XXXX XXXX ROYALTY RATE
PERPETUITY RATE XXXX XXXX BRAND SPLIT
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BRAND SPLIT %REVENUE
growth %
ROYALTY RATE
BRAND
CONTRIBUTION
TAX
DISCOUNT FACTOR
NPV
11Valuation results
Parent Company: XXXXDomicile: XXXX
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X Valuation Schedule & Assumptions
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TOTAL CORPORATE
BRAND VALUE
XXXX
VALUE IN EXPLICIT
PERIOD
VALUE IN
PERPETUITY
XXXX XXXX
DISCOUNT RATE XXXX XXXX REVENUE FORECAST CAGR
TAX RATE XXXX XXXX ROYALTY RATE
PERPETUITY RATE XXXX XXXX BRAND SPLIT
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
BRAND SPLIT %REVENUE
growth %
ROYALTY RATE
BRAND
CONTRIBUTION
TAX
DISCOUNT FACTOR
NPV
12Valuation results
Parent Company: XXXXDomicile: XXXX
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X Valuation Schedule & Assumptions
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Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X regional brand value segmentation
13Valuation results
- 2,000 4 ,000 6 ,000 8 ,000 10,000 12,000
Europe
South America
North America
Rest of the World
/ Other
Pacific
XXX
XXX
XXX
XXX
XXX
Brand value $ millions
X%
X%
X%
X% X%Europe
South America
North America
Rest of the World / Other
PacificBrand X
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Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X product brand value segmentation
14Valuation results
X%
X%
X%X%
Wholesale - Banking /
Investment - Banking
Retail - Banking
Asset Management -
Banking
Other - Banking
- 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Wholesale - Banking /
Investment - Banking
Retail - Banking
Asset Management -
Banking
Other - Banking
XXX
XXX
XXX
XXX
Brand value $ millions
Brand X
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Valuation Comparison with Last YearLast Historical
Revenue
Last
Forecasted
Revenue
Brand
Split
Royalty
Rate
Perpetuity
Rate
Discount
RateTax Rate
Corporate
Value
Brand
Value
Effective
Change% Change
2010 Brand Finance Valuation X X X X X X X X X X X
Change in Revenue X X X X X X X X X X X
Change in Brand Split X X X X X X X X X X X
Change in Royalty Rate X X X X X X X X X X X
Change in Perpetuity Rate X X X X X X X X X X X
Change in DiscountRate
X X X X X X X X X X X
Change in Tax Rate X X X X X X X X X X X
Change in Corporate Value X X X X X X X X X X X
2011 Brand Finance Valuation X X X X X X X X X X X
15Valuation results
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X value reconciliation (2010 to 2011)
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Financial Measures Security/ Risk Measures Brand Equity Measures Brand Rating
Net Revenue Visual Identity Function
AAA+
Tier 1 Capital
Forecasted Growth % Assets Rank Emotion
Capital Asset
Ratio
Net Income Real ProfitGrowth
Conduct
Performance on
Average Capital
Margin %Return on Assets
Loyalty
Credit Rating
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Change in randeta Index
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Brand Value X X X X X X X
Market Cap X X X X X X X
Global Rank X X X X X X X
BV/MC X% X% X% X% X% X% X%
17Valuation results
XXX XXX
XXX
XXX
XXX
XXX
XXX
XXX XXX XXX XXX XXX XXX XXX
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
Brandvalue$
millions
Enterprise Value Brand Value
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Your Brand Comp 1 Comp 5Comp 4Comp 3Comp 2 Comp 6
Brand X competitor review
Market Cap
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18Valuation results
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X competitor review historical brand values
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2007 2008 2009 2010 2011
Brandvalue$millions
Year
Your Brand
Comp 1
Comp 2
Comp 3
Comp 4
Comp 5
Comp 6
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19Valuation results
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X portfolio value
0
20,000
40,000
60,000
80,000
100,000
Brand 1 Brand 2 Brand 3 Brand 4 Totalportfolio
XXX XXX
XXX
XXX
XXX
XXX
XXX
XXX
Brandvalue$million
s
X%
X%
X%
X%
0%
20%
40%
60%
80%
100%
Brand Value Contribution
Brand 4
Brand 3
Brand 2
Brand 1
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20Valuation results
Parent Company: XXXXDomicile: xxxxx
Brand Value $XXXXMarket Capitalisation Value $XXXXX
Brand Value/Market Capitalisation XX%Brand Rating XX
Brand X: composition of market cap
XXXXXX
XXX
XXX XXX
XXX
XXX
XXX
XXX
-
20,000
40,000
60,000
80,000
100,000
120,000
MC Analyst Mcap Asset Break Down Intangible Asset
Value
Brand Value
$millions
Undisclosed Value
Disclosed Intangibles
(less GW)
Disclosed Goodwill
Tangible NAV
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sectiononesectionthree
Brand valuation analysis
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22Brand valuation analysis
How can brand valuation enhance shareholder value?
Better understand the value of key customer segments (bygeography, product, channel and customer type)
Understand the relationship between brand equity and key value drivers in
the business model
Understand the strengths and weaknesses of the brand compared with key
competitors
Provide a planning framework for long term strategic marketing investment
Create a framework for marketing mix modelling
Create the framework for better reporting and managing brand performance
(brand scorecard or dashboard)
Create a body of information about brand performance for use in investor
and banking presentations
Why conduct a more detailed brand valuation study
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23Brand valuation analysis
Marketing Mix
Optimisation
Brand
Scorecard
Dynamic
Valuation
Model
Brand Equity
MeasurementStrategic
Brand
Valuation
Market
Research
Business Data
Value Mapping
Continuous feedback
Brand
Discovery
Brand Finances approach has been designed to allow clients to manage their brands more intelligently and deliver
improved business results
Each step in the process is tailored to the clients specific needs and the level of sophistication required, from highlevel to highly granular
Brand Finance approach to marketing-oriented projects
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24Brand valuation analysis
Brand Discovery& Value Mapping
Brand EquityMeasurement
Strategic BrandValuation
Marketing MixOptimisation
Brand Scorecard DynamicValuation Model
What is legal &
economic status of
the brand?
What financial,
competitor & marketdata is available?
What data gaps
must be addressed?
What are key value
drivers (and linkages
between drivers)
within the business?
What are key drivers
of brand equity?
What is the relative
importance of each
driver to mycustomers (by
segment)?
How do I perform
versus mycompetitors on key
drivers?
How strong is my
brand relative to its
competitors?
What is the value of
my brand and what
does it contribute to
business value?
Which segments ofmy business are
generating most
value?
How should Iallocate my
resources?
How does brand
equity link to
business results andbranded business
value?
What is the optimal
marketing mix to
maximise short term
sales?
What is the return onmy promotional
marketing spend?
Can we connect
marketing
investments, drivers,
& health indicators to
financial KPIs and
shareholder value?
How can we track
performance over
time and capture
data systematically
for improved
decision-making and
in-depth
understanding of
value drivers?
Which markets,
customers, brands
and channels will
generate the highest
return and maximiseshareholder value?
How much should
we invest and where
to maximise that
return?
What value is at risk
if we fail to
adequately support
the brand?
Market research
review
Data gap analysis
Value map (via
interviews or
workshops)
Brand Equity Driver
analysis
Brand Equity
analysis
Brandetaanalysis
Business and brand
valuation framework
Brand Valued
Added
Brand Evaluation
Matrix
Profit pool analysis
Demand Driver
analysis
Econometric
modelling
Marketing ROI
Brand Dashboard
(high level snapshotfor management)
Brand Scorecard (in
depth diagnostic tool
for marketers)
Strategy selection
Portfolio
management
Brand architecture
Resource allocation
Value at risk
analysisServices
Qu
estions
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sectiononesectionfour
Comparison of brand valuation approaches
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The Royalty Relief approach is based on the assumption that if a company did not own any trademarks it would
need to license them from a third party trademark owner instead. Ownership therefore relieves the company
from paying a license fee (the royalty) for the use of the third party trademarks
The royalty relief method involves estimating likely future sales, applying an appropriate royalty rate to them and
then discounting estimated future, post-tax royalties, to arrive at a Net Present Value (NPV). This is held to
represent the brand value.
Brand Finance uses the Royalty Relief methodology for three reasons:
Firstly, it is the approach that is most recognised by technical authorities worldwide and favoured by
accounting, tax and legal users because it calculates brand values by reference to comparable, third-party
transactions.
Secondly, it ties back to the commercial reality of brands - their ability to command a premium in an arms
length transaction.
Finally, because it can be performed on the basis of publicly available financial information.
26Valuation methodology
Introduction to Royalty Relief methodology
X RR tax1
2
3
45
Revenue Forecast
- XDiscount Rate
NPV = Brand
Value
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27Valuation methodology
ROYALTY RELIEF: Determine sales forecast, multiply sales forecast by royalty rate, deduct tax. Net Present Value (NPV) of brand contribution = Brand Value
(Favouredby BrandFinance plc)
EARNINGS SPLIT (Role of branding): Determine forecast earnings, deduct charge for capital employed to give intangible earnings (EVA), apply
role of brand to determinebrand contribution.NPV of brand contribution= Brand Value
3
Forecast Earnings Brand Contribution (%)Role of Branding
Deduct
Charge for Capital
Employed
1
2 4
5 RoBX = % NPV =Brand
Value1
2
3
45
Discount Rate
X RR tax1
2
3
45
Revenue Forecast -X
Discount Rate
NPV
=
Brand
Value
Visual representation of the three leading methodologies
X
$
$
$
Corporate
Earnings
Intangible
Earnings
Allocated
Intangible
Earnings
% BX =Brand
Value
Intangible Earnings ($M) Brand Contribution (%) Brand Multiple (x)
EARNINGS SPLIT : Determine current year earnings, deduct charge for capital employed to give intangible earnings (EVA), determine brandcontribution.Apply brandmultiple = BrandValue
Earnings split method 1
Earnings split method 2
Royalty Relief approach
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28Valuation methodology
Definition of Brand ValueBrand Value is the Net Present Valueof the estimated future cash flows
attributable to the brand
The dollar value of a brand iscalculated as Net Present Value or
todays value of the earnings the
brand is expected to generate in the
future
The financial value of a brand is
defined as the sum of all earnings that
a brand is expected to generate
Valuation based on which key financial
metric?Net Sales Intangible Earnings Intangible Earnings
Forecast of future Economic Value
Added
Royalty Rate study based on third
party arms length comparables, brandstrength and margin analysis
Based on drivers of demand analysis
(Role of Brand Index)
Based on % of committed consumers
base
Time scale (modeling)DCF of five year explicit forecast and
perpetuity
DCF of five year explicit forecast and
perpetuity
Not explicitly taken into account; Uses
current Intangible Earnings
How is risk accounted for?
Discount rate calculated from first
principles using Capital Asset Pricing
Model (CAPM) producing Weighted
Average Cost of Capital (WACC) that
takes into account brand specific risk
Discount rate determined by
estimating brand risk using a Brand
Strength Index (BSI) and applying the
answer to an S curve of possible
rates.
Multiple (short term growth indicator)
BV Calculation
BV = (Si * RR*(1-tax))/(1+r)i
Where S = Sales Forecasts; RR =
Royalty Rate; r = Discount Rate; i =
number of years
BV = (EVAi * RBI)/(1+r)i
Where EVA = Intangible Earnings; RBI
= Role of brand Index; r = Discount
Rate (S curve); i = number of years
BV = EVA * (%) * M
Where EVA = intangible Earnings; % =
Brand Contribution);
M = Brand Momentum
Methodology summary
Earnings split method 1 Earnings split method 2Royalty Relief method
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29Valuation methodology
Pros & cons
Pros This is an accepted methodology for valuing brands, that iswidely used and based in commercial reality. It is commonly used
in legal cases and tax disputes;
It ties back to the commercial reality of brands - their ability to
command a premium in an arms length transaction.
The methodology specifically recommended by the IVSC for use
in IFRS reporting;
It relies on verifiable third party data (licensing agreements) and
therefore less judgment is involved;
It recognises that brands can have a value even where the
underlying business is unprofitable.
It can be performed on the basis of publicly available financial
information.
Also a generally accepted methodology for valuing brands
With sufficient market research, it can provide insight into impact of drivers of
demand on the value of different intangible assets in the business
Cons At times it is difficult to source comparable license agreements
for a particular sector.
Unless the Royalty Range is analysed carefully, it could lead to a
conservative or even an aggressive brand valuation.
Highly judgmental, particularly when done without specific, detailed market
research into drivers of demand
Calculations based on profit can lead to volatile results which do not reflect the
underlying value of the brand; businesses that are loss-making will have zero ornegative brand value, which is inappropriate in many cases
Approach to determining discount rate has been criticised as lacking
transparency and not being applicable to all situations
Generic approach for brand strength may lack cohesion with particular sectors
Calculations of EVA are notoriously complex and hard to audit. E.g. Stern
Stewart claim to make 167 adjustments between accounting profits and EVA
(EVAs of many brands from time to time can be negative)
Earnings SplitRoyalty Relief
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sectiononesectionfive
About Brand Finance
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We perform valuations forfinancial reporting, taxplanning, M&Aactivities, jointventures, IPOs and othertransactions. We workclosely with auditors, taxauthorities and lawyers.
Our analytical services helpclients to better understandthe drivers of business andbrand value. Understandinghow value is created, whereit is created and therelationship between brandvalue and business value isa vital input to strategicdecision making.
Valuation Analytics
We give marketers theframework to makeeffective economicdecisions. Our value-basedmarketing service enablescompanies to focus on thebest opportunities, allocatebudgets to activities thathave the mostimpact, measure the resultsand articulate the return onbrand investment.
We help private equitycompanies, venturecapitalists and brandedbusinesses to identify andassess the valueopportunities throughbrand and market duediligence and brandlicensing.
Strategy Transactions
Our Services
At Brand Finance, we are entirely focussed on quantifying and leveraging intangible assetvalue. Our services compliment and support each other, resulting in robust valuation
methodologies, which are underpinned by an in-depth understanding of revenue drivers andlicensing practice.
About Brand Finance 31
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Selection of financial services clients
About Brand Finance 32
http://www.barclaycard.co.uk/8/4/2019 2011 Brand Finance Banking 500 Generic Report
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Selection of other global clients
33
About Brand Finance 33
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Canada
USA
Brazil
South Africa
Spain
Portugal
Turkey
Greece
SwitzerlandCroatia
Holland
U.K. (HQ)
France
Finland
Russia
Dubai
Sri Lanka
India
Singapore
Hong Kong
Australia
About Brand Finance 34
Our international network
East Africa
Belgium
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35Brand Finance
Brand Finance plc is the leading independent
intangible asset valuation and brand strategy
firm, helping companies to manage their
brands more intelligently for improved
business results.
For further enquiries relating to this report,
please contact:
David Haigh
CEO
d.haigh@brandfinance.com
Mike Rocha
Managing Director
m.rocha@brandfinance.com
Country Name of Contact Email address
Australia Tim Heberden t.heberden@brandfinance.com
Belgium Valerie Herdlicka v.herdlicka@brandfinance.com
Brazil Gilson Nunes g.nunes@brandfinance.comCanada Andrew Zimakas a.zimakas@brandfinance.com
Croatia Borut Zemljic b.zemljic@brandfinance.com
Dubai Gautam Sen Gupta g.sen-gupta@brandfinance.com
East Africa Jawad Jaffer info@brandfinance.co.ke
France Xander Bird x.bird@brandfinance.com
Holland Marc Cloosterman m.cloosterman@brandfinance.com
Hong Kong Rupert Purser r.purser@brandfinance.com
India Unni Krishnan u.krishnan@brandfinance.com
Portugal Pedro Tavares p.tavares@brandfinance.com
Russia Alexander Eremenko a.eremenko@brandfinance.com
Singapore Bernard Lee b.lee@brandfinance.com
South Africa Oliver Schmitz o.schmitz@brandfinance.com
Spain Pedro Tavares p.tavares@brandfinance.com
Sri Lanka Ruchi Gunewardene r.gunewardene@brandfinance.com
Switzerland Mike Rocha m.rocha@brandfinance.com
Turkey Muhterem Ilguner m.ilguner@brandfinance.com
United Kingdom James Park j.park@brandfinance.com
USA Bill Barker w.barker@brandfinance.com
For further information on Brand Finances services and
valuation experience, please contact your local
representative.
Contact details
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sectiononeappendixone
A detailed overview of the BrandFinance Methodology
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1. Determine forecast revenues
Determine future revenues attributable to the Aeroflot passenger brand over afive year explicit forecast period. This is done by referencing historic trends,market growth estimates, competitive forces , analyst projections and company
forecasts.
2. Establish Royalty Rate RangeReview comparable licensing agreements. Analyse margins and value drivers.Establish average royalty rate range for airline sector.
3. Assess the Brand StrengthDetermine the strength of the brand using the randeta Index. Applyrandeta Index to royalty rate range to determine royalty rate for the brand(see next slide)
4. Determine the Discount RateDetermine discount rate to calculate the net present value (NPV) of futurebrand earnings (accounting for the time value of money and the associatedrisk).
5. Brand Valuation Calculation The NPV of post-tax royalties equals the brand value
Five Steps - Royalty Relief Valuation
Introduction to Royalty Relief methodology
X RR tax1
2
3
45
Revenue Forecast
- XDiscount Rate
NPV
37Valuation methodology
= Brand
Value
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38Valuation methodology
MEASURE KPI WEIGHT PROVIDED BY SCORE
randeta
INDEX
FINANCIAL MEASURES
50
NET REVENUE 8.3% BRAND FINANCE 2.5
FORECASTED GROWTH % 8.3% BRAND FINANCE 2.5
NET INCOME 8.3% BLOOMBERG 2.5
MARGIN % 8.3% BLOOMBERG 2.5
SECURITY/RISK
MEASURES 50
VISUAL IDENTITY 11.0% VI360 (see next slide) 2.5
DISTRIBUTION 11.0% BRAND FINANCE 2.5
50
CREDIT RATING 11.0% BLOOMBERG 2.5
BRAND EQUITY
MEASURES 50
FUNCTION 8.3% BRAND FINANCE 2.5
EMOTION 8.3% BRAND FINANCE 2.5
CONDUCT 8.3% BRAND FINANCE 2.5
LOYALTY 8.3% BRAND FINANCE 2.5
randeta Index determination - EXAMPLE
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39Valuation methodology
Visual Identity determination VI360
VI360 is a specialist visual identity management
company and is part of the Brand Finance group. We
have a close and formal working relationship driven by
the recognition that there is a strong link between
visual identity management and brand value.
VI360 works with national and international
organisations to implement, monitor and control the
visual elements of their brands and manage the holisticview of their visual identities.
Our aim is to maximize the value of the visual identity
as a business asset and to ensure that the all round
visual impression leads to a comparative advantage. We
do this by working to ensure that all aspects of the
visual brand identity are managed properly and
performing as intended.
Holistic visual identity management requires a
practical, process driven approach. At the heart of this
is the visual identity management cycle.
A brand or visual identity is rarely static and whether a
company is undertaking a large scale transition or a
series of evolutionary changes, the phases of the visual
identity management cycle always apply.
Improvements can be made that will deliver greater
brand performance no matter what phase of the cycle
a company is in.
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Further details of methodology excluded from sample report
40Valuation methodology
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sectiononeappendixtwo
2011 BrandFinance Global Intangibles Financial Tracker
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BrandFinance Global Intangibles Financial Tracker 2011
(GIFT 2011)
Annual review of global intangible value: Banks and Diversified Financial Services
BrandFinance GIFT 2011 42
- 500 1,000 1,500 2,000
United States
China
Britain
Japan
Brazil
Canada
Australia
France
Spain
Switzerland
$USD billion
Tangible Net Assets
Disclosed Intangible
Assets (ex g/w)
Disclosed Goodwilll
Undisclosed Value
-20% 0% 20% 40% 60% 80% 100% 120%
United States
China
Britain
Japan
Brazil
Canada
Australia
France
Spain
Switzerland
Tangible Net Assets
Disclosed Intangible Assets (ex g/w)
Disclosed Goodwilll
Undisclosed Value
Global Banks % DFS Enterprise Value Breakdown
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Excluded from sample report
Included in full report
Further analysis taken from GIFT 2011
43BrandFinance GIFT 2011
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44Disclaimer
Disclaimer
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions produced in this
study are based only on publicly available information and certain assumptions that Brand Finance used where such data wasdeficient or unclear. No independent verification or audit of such materials was undertaken. Brand Finance accepts no responsibility
and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate.
The conclusions expressed are the opinions of Brand Finance and are not intended to be warranties or guarantees that a particular
value or projection can be achieved in any transaction. The opinions expressed in the report are not to be construed as providing
investment advice. Brand Finance does not intend the report to be relied upon for technical reasons and excludes all liability to any
organisation.
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Brand Finance plc (London) is the worlds leading independent brand valuation consultancy.We have a global footprint with offices in more than 20 countries. For more informationplease refer to our website:www.brandfinance.com