Aegon 2014 Dutch brand value ranking
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The document provides brand valuation results and methodology for 2014. Key points: - Brand value for [company name] increased 45% to $5.316 billion in 2014 from $3.657 billion in 2013. - Market capitalization increased 78% to $18.498 billion from $10.385 billion. - Brand value as a percentage of market cap declined from 35% to 29%. - Brand rating remained at AA. Global 500 rank improved from 323 to 243. - Brand value is calculated using a royalty relief methodology that factors brand strength and financial performance. Brand strength is determined by a Brand Strength Index that benchmarks the brand across various metrics and stakeholders.
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Aegon 2014 Dutch brand value ranking
- 1. Brand Finance League Tables Summary Results - 2014 March 2014 The world’s only published ranking of ISO compliant brand values Prepared for Wendel Hofman
- 2. Brand value results 2014 2014 2013 Brand Value $5,316m $3,657m Market Cap $18,498m $10,385m BV / MC 29% 35% Brand Rating AA AA Global 500 Rank 243 323 45% 78% Brand value 2014 date: 1st January 2014 Market Cap 2014 date: 18 October 2013 (Adjusted by branded revenue)
- 3. Product Segmentation (USDm) Brand rating Brand value / Market cap % 29% Value date: 1st January 2014 BV changes due to: Brand value $5,316m 45% AA 74 Global 500 Rank 243 323 20132014 Brand Value Dashboard Brand value 2014 date: 1st January 2014 Market Cap 2014 date: 18 October 2013 (Adjusted by branded revenue) 65% 29% 6% General Insurance Investments Other 18,498 5,316 Market Cap Brand Value 3,657 5,316 2013 Brand Strength Business Performance External changes 2014
- 5. Brand valuation methodology – ‘Royalty Relief’ BV is a function of brand strength and financial performance. The strength of the brand determines the ‘royalty rate’ which is applied to forecast revenues to derive the brand value Brand strength expressed as a BSI score out of 100 BSI score applied to an appropriate company-specific royalty rate, derived from a similar sector royalty rate range Royalty rate applied to forecast revenues to derive brand revenues Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value Brand Support Brand Equity Business Performance Stakeholder Opinion X = $Forecast revenues Brand Strength Index (BSI) Brand ‘Royalty Rate’ Brand revenues Brand value % Strong brand Weak brand X
- 6. Brand Support Brand Equity Business Performance Stakeholder Opinion X = $Forecast revenues Brand Strength Index (BSI) Brand ‘Royalty Rate’ Brand revenues Brand value % Strong brand Weak brand X Brand strength expressed as a BSI score out of 100 BSI score applied to an appropriate company- specific royalty rate, derived from a similar sector royalty rate range Royalty rate applied to forecast revenues to derive brand revenues Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value The BSI is calculated by benchmarking the brand against competitors across a range of metrics and stakeholders Brand Strength in the royalty relief calculation
- 7. What support is provided/ invested to build the brand? How do consumers feel about the brand vs. competitors? How does the brand perform on customer & financial metrics? How does the brand impact staff, financiers, investors and other external audiences? The strength of the brand is determined by benchmarking it against competitor brands in a balanced scorecard framework. Brand Strength is measured using a range of measures to quantify the quality and size of the brand across different stakeholder groups. This chart summarises the conceptual approach of measuring brand strength within a single index. Our Brand Strength Index (‘BSI’), captures a range of measures across various stakeholders including: • Consumers • Staff • Financial Audiences • External Audiences Consumer benchmarking, the biggest driver of brand strength (70% weighting), incorporates measures relating to brand support, brand equity and brand performance relative to competitor brands. Determining strength of the brand amongst stakeholders Measure Stakeholder BrandStrengthIndex Brand Support Customer (70%) Brand Equity Brand Performance Stakeholder opinion Staff (10%) Financial (10%) External (10%)
- 8. The BSI Incorporates a range of metrics to determine overall brand strength relative to competitors 80 / 100 Measure Stakeholder Attribute Score Source BrandStrengthIndex Brand Support Customer (70%) Brand protection 4.2 Novagraaf Visual Identity 4.5 VI360 Marketing & ad spend 3 Public data Online reputation 3.2 Meltwater CEO Score 4.9 Brand Finance Brand Equity Function 4.3 Various (BAV, Havas) Emotion 3.7 Various (BAV, Havas) Conduct 3.9 Various (BAV, Havas) Loyalty 3.5 Various (BAV, Havas) Brand Performance Revenue ($) 4.4 Bloomberg, annual reports Forecasted Growth (%) 4.0 Bloomberg Net Income ($) 4.6 Bloomberg, annual reports Margin (%) 3.4 Bloomberg, annual reports Web ranking 4.0 Alexa Tier 1 Cap 4.0 The Banker Tier 1 Cap % Change 2.8 The Banker Assets rank 5.0 The Banker Capital Assets Ratio 2.7 The Banker Pre-Tax Profits % change 3.6 The Banker Return on Capital 3.8 The Banker Return on Assets (%) 3.3 The Banker Stakeholder opinion Staff (10%) CEO Score 4.9 Brand Finance Employee Score 4.3 CSRHUB Number of Employees 5.0 Bloomberg, annual reports Employee growth 2.9 Bloomberg, annual reports Financial (10%) CEO Score 4.9 Brand Finance Credit Rating 4.0 Bloomberg Buy / Sell / Hold 4.6 Bloomberg External (10%) CEO Score 4.9 Brand Finance Environmental Score 3.9 Bloomberg Social Score 4.3 Bloomberg Governance Score 4.6 Bloomberg Community - CSRHUB 4.0 CSRHUB Governance - CSRHUB 4.1 CSRHUB Environment - CSRHUB 4.0 CSRHUB Example- Brand strength score: Peer AverageBNP Paribas score Example Banking BSI
- 9. Partner About Contribution BSI score VI management company helping brands to implement, monitor and control the visual elements of their identity High level visual identity and management performance assessment benchmarked against industry best practice Visual identity score Leading international patent and trademark consultancy Reviewed over 300 brands across Brand Finance’s Global, Banking and Telecoms league tables Trademark protection score (input) Global strategic consultancy specialising in brand and customer insights and analytics Access to BrandAsset® Valuator database – the largest study of consumer and brand behaviour covering 50,000 brands in 50 countries Functional, emotional, conduct and loyalty scores (brand equity) Leading media business who analyse and track the connections brands have with human well-being Access to Meaningful Brands index covering 700 brands, over 134,000 consumers and 23 countries Emotional, conduct and loyalty scores (brand equity) Leading online media monitoring software company Access to Sentiment Index (online and social reputation tracking) data for the top Global, Banking and Telecoms brands Sentiment Index score (input) World’s largest CSR (corporate social responsibility) and sustainability ratings company Access to CSR ratings and information database covering 8,500 brands CSR score (outputs) The leading provider of global company web metrics and analytics Access to website rankings, unique visitor numbers and pageviews covering thousands of brands Brand performance Bloomberg is a major global provider of 24- hour financial news and information Access to our consolidated financials, forecast financials, and key performance metrics which make up a key part of our BSI Brand performance and Stakeholder opinion ktMINE is an interactive intellectual property database that provides direct access to royalty rates, actual license agreements and detailed agreement summaries. Database consists of more than 15,000 agreements. Royalty rate analysis IntangibleSpring is an online database of license agreements with royalty rates used for valuation of intangible assets and transfer pricing analysis. Database consists of more than 12,000 agreements. Royalty rate analysis Brand Strength Index (BSI) Partners Note: In case where brands in our league tables are not covered by any of the featured BSI partners, Brand Finance has relied on other public data sources to corroborate the brand strength score A range of sources to determine overall brand strength relative to competitors Featured partners:
- 10. Brand Support Brand Equity Business Performance Stakeholder Opinion X = $Forecast revenues Brand Strength Index (BSI) Brand ‘Royalty Rate’ Brand revenues Brand value % Strong brand Weak brand X Brand strength expressed as a BSI score out of 100 BSI score applied to an appropriate company- specific royalty rate, derived from a similar sector royalty rate range Royalty rate applied to forecast revenues to derive brand revenues Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value BSI score applied to an appropriate company-specific royalty rate, derived from a similar sector royalty rate range Royalty rate analysis
- 11. Along with internal licensing databases, Brand Finance has partnered with 2 leading licensing database providers to set the royalty rate ranges used in the study Royalty rate ranges • ktMINE is an interactive intellectual property database that provides direct access to royalty rates, actual license agreements and detailed agreement summaries. • ktMINE’s database consists of more than 15,000 agreements. • IntangibleSpring is an online database of license agreements with royalty rates used for valuation of intangible assets and transfer pricing analysis. • IntangibleSpring’s database consists of more than 12,000 agreements.
- 12. 1. Brand strength expressed as a score out of 100 75 5% 1% 4% 3. Set appropriate royalty rate 2. Score applied to sector royalty rate range (e.g. 1-5%) Illustrative The brand strength (BSI) score is applied to the sector royalty rate range to determine an appropriate brand-specific royalty rate Set the brand royalty rate Global
- 13. Brand valuation methodology – ‘Royalty Relief’ BV is a function of brand strength and financial performance. The strength of the brand determines the ‘royalty rate’ which is applied to forecast revenues to derive the brand value Brand strength expressed as a BSI score out of 100 BSI score applied to an appropriate company-specific royalty rate, derived from a similar sector royalty rate range Royalty rate applied to forecast revenues to derive brand revenues Post-tax brand revenues are discounted to a net present value (NPV) which equals the brand value Brand Support Brand Equity Business Performance Stakeholder Opinion X = $Forecast revenues Brand Strength Index (BSI) Brand ‘Royalty Rate’ Brand revenues Brand value % Strong brand Weak brand X
- 15. • Businesses are made up of many different assets that can be valued, one of which can be identified as brand. • A branded business refers to all businesses operating under the same brand, as the accompanying chart illustrates. • Our role is to help explain the impact that brands have on the branded businesses they form part of. • We care about increasing branded business value, not just brand value. • When looking at brand value, we first look at the value of the branded business as a whole. Brand Value Branded Business Value Enterprise Value The Brand Finance approach Bridging the gap between marketing and finance Brand – Trade marks (i.e. word mark, logo and strap line registrations), associated marketing IP (specifically domain names, trade dress, advertising copyrights, brand guidelines and manuals) together with the goodwill associated with those trade marks and marketing IP Enterprise – comprised of one or many businesses or assets Branded Business – businesses operating under a particular trade mark
- 16. stakeholder effects business value drivers customers • Greater sales volumes • Price premiums Revenue & Costs suppliers • Lower prices • Better terms • Greater willingness to partner Costs staff • Lower recruitment costs • Lower retention costs Costs financiers • Lower borrowing costs • Better repayment conditions • Higher price earnings ratio WACC regulator • More invitations to tender • Greater propensity to award Revenue & Long term growth media • Influencing the attitudes of direct stakeholders n/a public • Influencing the attitudes of direct stakeholders n/a indirectdirect Volume Growth Gross Margin OpEx CapEx CurrentBrand&BusinessValue We explain how brands impact business value Bridging the gap between marketing and finance
- 17. Customer Brand Perceptions affect - Price - Volume - Repeat - Share of wallet - Cross sell External Audiences Brand Perceptions affect - Distribution terms - Channel access - Strategic alliances - Deal completion - Licensing - CSR Staff Brand Perceptions affect - Recruitment - Retention - Recommendation - Morale - Staff costs Financial Audiences Brand Perceptions affect - Interest spread - Share price - Debt/ Equity ratio - Risk appetite - Cost of borrowing Potential Customers Existing Customers Influencers e.g. Media Trade Channels Strategic Allies & Suppliers Investors Debt providers Sales Production All Other Employees Middle Managers Directors brand Different stakeholders have varying affects on business value and brand can have an impact on all of them
- 18. David Haigh CEO Brand Finance plc d.haigh@brandfinance.com +44 20 7389 9400 Brand Finance plc is the leading brand valuation and strategy firm, helping companies to manage their brands for improved business results. www.brandfinance.com