2011 Brand Finance Banking 500 Generic Report

8/4/2019 2011 Brand Finance Banking 500 Generic Report

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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



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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 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 X Valuation Schedule & Assumptions


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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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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




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




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




Your Brand Comp 1 Comp 5Comp 4Comp 3Comp 2 Comp 6

Brand X competitor review

Market Cap


18/45

18Valuation results




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




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




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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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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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.



X RR tax1

2

3

45

Revenue Forecast

- XDiscount Rate

NPV = Brand

Value


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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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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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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

http://www.barclaycard.co.uk/


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Selection of other global clients

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


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

[email protected]

Mike Rocha

Managing Director

[email protected]

Country Name of Contact Email address

Australia Tim Heberden [email protected]

Belgium Valerie Herdlicka [email protected]

Brazil Gilson Nunes [email protected] Andrew Zimakas [email protected]

Croatia Borut Zemljic [email protected]

Dubai Gautam Sen Gupta [email protected]

East Africa Jawad Jaffer [email protected]

France Xander Bird [email protected]

Holland Marc Cloosterman [email protected]

Hong Kong Rupert Purser [email protected]

India Unni Krishnan [email protected]

Portugal Pedro Tavares [email protected]

Russia Alexander Eremenko [email protected]

Singapore Bernard Lee [email protected]

South Africa Oliver Schmitz [email protected]

Spain Pedro Tavares [email protected]

Sri Lanka Ruchi Gunewardene [email protected]

Switzerland Mike Rocha [email protected]

Turkey Muhterem Ilguner [email protected]

United Kingdom James Park [email protected]

USA Bill Barker [email protected]

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


X RR tax1

2

3

45

Revenue Forecast

- XDiscount Rate

NPV


= Brand

Value


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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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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.


40/45

Further details of methodology excluded from sample report



41/45

sectiononeappendixtwo

2011 BrandFinance Global Intangibles Financial Tracker


42/45

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


43/45

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

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2011 Brand Finance Banking 500 Generic Report

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