Global Top 100 Companies by market capitalisation IPO Centre An IPO Centre

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Warren Bennett
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1 Companies by market capitalisation IPO Centre An IPO Centre publication

2 Introduction In this brief report we have identified the top 100 listed companies in the world and ranked them by market capitalisation. The results are a definite eye opener and we have been able to identify some interesting trends and developments on a individual company level, a regional level and by sector. Key highlights - Apple is 1. Having more than tripled its market cap in the past six years, its has jumped from rank 41 to pole position. - Technology (35%) and consumer services (almost 400%) are the leading sectors to have grown market cap in the Top growth is driven by innovation. - Despite the financial crisis the US is king - there are 43 companies from the US in the top 100, up from 37 in China has yet to achieve the same levels as the west and Europe has really suffered from the financial crisis. - There are only 67 survivors in the top 100 list since Read the rest of our report to find out more. $15,000bn $10,000bn ($) $5,000bn $600m $500m $400m $300m $200m $100m $m Total top 100 companies by market capitalisation s of top and low end in the top 100 companies Number 1 Number 100 Slide 2

3 The list ed by market capitalisation Slide 3

The ranking The list ranks companies by their market capitalisation in US$ as of 31 March 2013 Data source is Bloomberg Industry classification follows Bloomberg as well The ranking does not allow

Eight out of the top 10 are US companies (13 out of the top 20) Change is the norm no company has maintained it 2008 position in 2013.

4 The ranking The list ranks companies by their market capitalisation in US$ as of 31 March 2013 Data source is Bloomberg Industry classification follows Bloomberg as well The ranking does not allow for changes in the currency exchange rates Key highlights The US dominates. Eight out of the top 10 are US companies (13 out of the top 20) Change is the norm no company has maintained it 2008 position in This is particularly true from rank 20 onwards where it seems companies find it increasingly difficult to keep their rank over time Climbing the ranks is no easy task. The difference between rank 100 and rank 80 is just $11bn. It would need 215bn to climb from 20 to rank one.! NB: Obviously companies within the Eurozone are affected by the value of the Euro dropping against the US$ (c. 20%) between start and end of the study. In order to meet market perception we allocated dual listed companies as follows: BP (UK), Unilever (NL), Rio Tinto (UK) and BHP Billiton (AUS). Slide 4

5 Top 100 global companies 1-20 Company name Nationality Industry +/- 31 March March 2008 APPLE United States Technology EXXON MOBIL United States Oil & Gas GOOGLE United States Technology BERKSHIRE HATHAWAY United States Financials PETROCHINA China Oil & Gas WAL-MART STORES United States Consumer Services GENERAL ELECTRIC United States Industrials MICROSOFT United States Technology IBM United States Technology NESTLE Switzerland Consumer Goods IND & COMM BK China Financials CHEVRON United States Oil & Gas JOHNSON&JOHNSON United States Health Care CHINA MOBILE Hong Kong Telecommunications PROCTER & GAMBLE United States Consumer Goods ROYAL DUTCH SHELL United Kingdom Oil & Gas PFIZER United States Health Care CHINA CONST BK China Financials SAMSUNG ELECTRON South Korea Consumer Goods AT&T United States Telecommunications Slide 5

6 Top 100 global companies Company name Nationality Industry +/- 31 March March 2008 ROCHE HLDG Switzerland Health Care HSBC HLDGS United Kingdom Financials WELLS FARGO & CO United States Financials NOVARTIS Switzerland Health Care JPMORGAN CHASE United States Financials COCA-COLA United States Consumer Goods TOYOTA MOTOR Japan Consumer Goods BHP BILLITON Australia Basic Materials ANHEUSER-BUSCH Belgium Consumer Goods ORACLE United States Technology PHILIP MORRIS United States Consumer Goods AGRICULTURAL BK OF CHINA China Financials n/a IPO in 2010 VERIZON COMMUNIC United States Telecommunications VODAFONE GROUP United Kingdom Telecommunications SANOFI France Health Care CITIGROUP United States Financials BP United Kingdom Oil & Gas MERCK & CO United States Health Care BANK OF AMERICA United States Financials BANK OF CHINA China Financials Slide 6

7 Top 100 global companies Company name Nationality Industry +/- 31 March March 2008 UNILEVER The Netherlands Consumer Goods PEPSICO United States Consumer Goods AMAZON.COM United States Consumer Services n/a New 30 QUALCOMM United States Technology GLAXOSMITHKLINE United Kingdom Health Care COMMONW BK AUSTR Australia Financials n/a New 50 ECOPETROL Colombia Oil & Gas n/a New 46 TOTAL France Oil & Gas PETROBRAS Brazil Oil & Gas VISA United States Financials CISCO SYSTEMS United States Technology COMCAST United States Consumer Services INTEL United States Technology CHINA PETROLEUM China Oil & Gas HOME DEPOT United States Consumer Services n/a New 47 BRIT AMER TOBACC United Kingdom Consumer Goods WALT DISNEY United States Consumer Services GAZPROM Russia Oil & Gas MCDONALDS United States Consumer Services SCHLUMBERGER United States Oil & Gas Slide 7

8 Top 100 global companies Company name Nationality Industry +/- 31 March March 2008 WESTPAC BANKING Australia Financials n/a New 41 SAP Germany Technology L'OREAL France Consumer Goods SIEMENS Germany Industrials RIO TINTO United Kingdom Basic Materials NOVO NORDISK Denmark Health Care n/a New 44 VALE SA Brazil Basic Materials VOLKSWAGEN Germany Consumer Goods TSMC Taiwan Technology LVMH MOET HENNES France Consumer Goods ROYAL BANK OF CA Canada Financials CNOOC Hong Kong Oil & Gas UNITED TECH United States Industrials BAYER Germany Basic Materials SABMILLER United Kingdom Consumer Goods n/a New 33 MITSUBISHI FINANCIAL Japan Financials INDITEX Spain Consumer Services n/a New 35 ITAU UNIBAN Brazil Financials ENI Italy Oil & Gas AUST AND NZ BANK Australia Financials n/a New 40 Slide 8

9 Top 100 global companies Company name Nationality Industry +/- 31 March March 2008 ROSNEFT Russia Oil & Gas UNITED PARCEL United States Industrials BASF Germany Basic Materials AMERICA MOVIL Mexico Telecommunications DIAGEO United Kingdom Consumer Goods n/a New 52 STATOIL Norway Oil & Gas SABIC Saudi Arabia Basic Materials AMGEN United States Health Care n/a New 45 TORONTO-DOM BANK Canada Financials n/a New 44 CHINA LIFE INS China Financials NATL AUST BANK Australia Financials n/a New 45 AMERICAN EXPRESS United States Financials n/a New 51 GILEAD SCIENCES United States Health Care n/a New 48 CONOCOPHILLIPS United States Oil & Gas M United States Industrials BRADESCO Brazil Financials n/a New 53 NEWS CORP United States Consumer Services BANCO SANTANDER Spain Financials GOLDMAN SACHS United States Financials EBAY United States Consumer Services n/a New 40 Slide 9

10 The movements Risers, fallers, countries, numbers Slide 10

11 The movements Like all other companies, the is affected by ups and downs in global capital market activity. There was a massive downturn in the market capitalisation of the from 2008 to Since 2009, the has recovered significantly. Key highlights The threshold to enter the was affected as well. In 2013 it took more than $70bn in market cap to even be part of the list, in 2009 a little more than $40bn was sufficient. In 2013 the total market capitalisation of the global top 100 was the highest. In 2012 Apple achieved the highest market capitalisation by a single company in our study ($559bn). As expected, the US has the highest combined market capitalisation of national companies ($6.7trn). This is an increase of more than 29% since 2008 and more than 4.6 times the number of China, which ranks second. In 2013 there are 43 US companies in the after 35 in The Eurozone has lost 12 (from 26 to 14). Slide 11

12 The movements (continued) Key highlights (continued) 67 companies from 2008 have survived to be in the list today. One company (Agricultural Bank of China) entered the by IPO. Tech (Apple, Google, IBM) and Tech-related (Samsung) companies are the top risers since Here again the US dominates. Companies from Oil & Gas, Basic Materials, Utilities and Telecommunications are mainly among the fallers. Slide 12

13 Total top 100 companies by market capitalisation ($) $16,000bn $14,000bn $12,000bn $10,000bn $8,000bn $6,000bn $4,000bn $2,000bn $13,530bn $12,974bn $13,597bn $12,917bn $12,047bn $8,402bn ($) $600m $500m $400m $300m $200m $100m $m s of top and low end in the top 100 companies $559 $453 $417 $416 $337 $329 $66 $40 $61 $69 $64 $ Number 1 Number 100 Slide 13

14 The risers The 20 companies with the largest increase in market capitalisation. Country Change Market cap Market cap United States 1, , ,210 China/HK , ,688 United Kingdom , ,332 Switzerland Australia Germany France Brazil Japan South Korea Russia Canada n/a No companies in Top 100 Belgium n/a No companies in Top 100 Spain Netherlands Colombia n/a No companies in Top 100 Denmark n/a No companies in Top 100 Taiwan n/a No companies in Top 100 Italy Mexico Norway Saudi Arabia Slide 14

15 Number of companies per country of domicile United States United Kingdom China Australia Germany Brazil Slide 15

16 Number of companies per country of domicile 4 4 France Switzerland Russia Hong Kong Canada Spain Japan Slide 16

17 Between 2008 and 2013 there were 33 changes to the Global Top 100 in acquired 30 dropped from 1 IPO* 32 new entries by growth and M&A Global Top 100 in 2013 * Agricultural Bank of China in Visa went public on 18 March 2013, just two weeks prior to the start date of our study. Slide 17

18 Optional slide Between 2008 and 2013 there were 33 changes to the Global Top 100 in acquired 30 dropped from 1 IPO* 32 new entries by growth and M&A Global Top 100 in 2013 * Agricultural Bank of China in Visa went public on 18 March 2013, just two weeks prior to the start date of our study. Slide 18

19 The risers The 20 companies with the largest increase in market capitalisation Company name Nationality Industry Change APPLE United States Technology GOOGLE United States Technology SAMSUNG ELECTRON South Korea Consumer Goods WELLS FARGO & CO United States Financials IBM United States Technology PFIZER United States Health Care CHEVRON United States Oil & Gas NOVARTIS Switzerland Health Care ORACLE United States Technology MERCK & CO United States Health Care BERKSHIRE HATHAWAY United States Financials QUALCOMM United States Technology PHILIP MORRIS United States Consumer Goods JOHNSON&JOHNSON United States Health Care COCA-COLA United States Consumer Goods WAL-MART STORES United States Consumer Services NESTLE Switzerland Consumer Goods ROCHE HLDG Switzerland Health Care VERIZON COMMUNIC United States Telecommunications JPMORGAN CHASE United States Financials Slide 19

20 The fallers The 20 companies with the largest decrease in market capitalisation Company name Nationality Industry Change GAZPROM Russia Oil & Gas PETROCHINA CO China Oil & Gas GENERAL ELECTRIC United States Industrials EDF France Utilities NOKIA Finland Technology ARCELORMITTAL Luxembourg Basic Materials PETROBRAS Brazil Oil & Gas E.ON Germany Utilities CHINA MOBILE China Telecommunications TELEFONICA Spain Telecommunications VALE Brazil Basic Materials HEWLETT-PACKARD United States Technology INTESA SANPAOLO Italy Financials TOTAL France Oil & Gas UNICREDIT Italy Financials RIO TINTO United Kingdom Basic Materials FRANCE TELECOM France Telecommunications NINTENDO Japan Consumer Goods BP United Kingdom Oil & Gas ING GROEP Netherlands Financials Slide 20

21 The industries The list sorted by sectors Slide 21

22 The industries Key highlights Three industries show significant upward trends: Technology, Consumer Services and Healthcare. Among these Technology and Consumer Services are largely dominated by US companies. Technology has three very impressive risers with Apple, Google and IBM. 15 years ago Apple was of no real significance and Google was just founded. All Consumer Services in the could climb up the ranks between 2008 and Increasing consumption and the rise of the middle class throughout large parts of the world are key trends that enable companies in this sector to grow. Also all Healthcare companies in the ranking show an upward trend. Here the table is split between US and European companies. Increasing wealth and life expectation are among the drivers that provide growth in this sector. Despite the financial crisis Financial Services is the sector with the most companies in our study. However, companies don t show a clear upward or downward trend. Slide 22

23 Technology Company name Nationality +/- 31 March March 2008 APPLE INC United States GOOGLE United States MICROSOFT United States IBM United States ORACLE United States QUALCOMM United States CISCO SYSTEMS United States INTEL United States SAP Germany TSMC Taiwan n/a Not in Top Slide 23

24 Consumer Services Company name Nationality +/- 31 March March 2008 WAL-MART United States AMAZON United States n/a Not in Top 150 COMCAST United States HOME DEPOT United States n/a Not in Top 150 WALT DISNEY United States MCDONALDS United States INDITEX Spain n/a Not in Top 150 NEWS CORP United States EBAY United States n/a Not in Top Slide 24

25 Health Care Company name Nationality +/- 31 March March 2008 JOHNSON&JOHNSON United States PFIZER United States ROCHE Switzerland NOVARTIS Switzerland SANOFI France MERCK United States GLAXOSMITHKLINE United Kingdom NOVO NORDISK Denmark n/a AMGEN United States n/a GILEAD SCIENCES United States n/a Not in Top 150 Not in Top 150 Not in Top Slide 25

26 Consumer Goods Company name Nationality +/- 31 March March 2008 NESTLE Switzerland PROCTER & GAMBLE United States SAMSUNG ELECTRON South Korea COCA-COLA United States TOYOTA Japan ANHEUSER-BUSCH INBEV Belgium n/a Not in Top 150 PHILIP MORRIS United States UNILEVER The Netherlands PEPSICO United States BRIT AMER TOBACC United Kingdom L'OREAL France VOLKSWAGEN Germany LVMH MOET HENNES France n/a SABMILLER United Kingdom n/a DIAGEO United Kingdom n/a Not in Top 150 Not in Top 150 Not in Top Slide 26

27 Industrials Company name Nationality +/- 31 March March 2008 GENERAL ELECTRIC United States SIEMENS AG Germany UNITED TECH United States UPS United States M United States Slide 27

28 Oil & Gas Company name Nationality +/- 31 March March 2008 EXXON MOBIL United States PETROCHINA China CHEVRON United States ROYAL DUTCH SHELL United Kingdom BP United Kingdom ECOPETROL Colombia n/a Not in Top 150 TOTAL France PETROBRAS Brazil CHINA PETROLEUM China GAZPROM Russia SCHLUMBERGER United States CNOOC Hong Kong ENI Italy ROSNEFT Russia STATOIL Norway CONOCOPHILLIPS United States Slide 28

29 Basic Materials Company name Nationality +/- 31 March March 2008 BHP BILLITON Australia RIO TINTO United Kingdom VALE SA Brazil BAYER Germany BASF Germany SABIC Saudi Arabia Slide 29

30 Financials Company name Nationality +/- 31 March March 2008 BERKSHIRE HATHAWAY United States IND & COMM BANK China CHINA CONST BANK China HSBC United Kingdom WELLS FARGO United States JPMORGAN CHASE United States AGRICULTURAL BK of CN China n/a IPO in 2010 CITIGROUP United States BANK OF AMERICA United States BANK OF CHINA China COMMONW BK AUSTR Australia n/a Not in Top VISA United States WESTPAC BANKING Australia n/a Not in Top ROYAL BANK OF CANADA Canada MITSUBISHI UFJ Japan ITAU UNIBAN Brazil n/a Not in Top AUST AND NZ BANK Australia n/a Not in Top TORONTO-DOM BANK Canada n/a Not in Top CHINA LIFE INS China NATL AUST BANK Australia n/a Not in Top AMERICAN EXPRESS United States n/a Not in Top BRADESCO Brazil n/a Not in Top BANCO SANTANDER Spain GOLDMAN SACHS United States Slide 30

31 Telecommunications Company name Nationality +/- 31 March March 2008 CHINA MOBILE Hong Kong AT&T United States VERIZON United States VODAFONE United Kingdom AMERICA MOVIL Mexico Slide 31

32 Country/region comparison Slide 32

33 UK companies in the 2008 and companies (10 in 2008) 2013 UK companies in the Top 100 ing change Market cap Market cap Royal Dutch Shell HSBC Vodafone BP Glaxosmithkline British American Tobacco Rio Tinto Companies coming in: SAB Miller Diageo Companies dropping out: Anglo American BG Group Royal Bank of Scotland Slide 33

34 Eurozone companies in the 2008 and companies (26 in 2008) 2013 Eurozone companies in the Top 100 ing change Market cap Market cap Sanofi Unilever Total L Oreal Siemens Volkswagen Eni Banco Santander Companies coming in: Anheuser-Busch Inbev SAP LVMH Moet Hennes Bayer Inditex BASF Companies dropping out: EDF Telefonica Nokia E.ON Arcelormittal BNP Paribas Allianz Intesa Sanpaulo Unicredit Slide 34

35 Eurozone companies in the 2008 and companies (26 in 2008) 2013 Eurozone companies in the Top 100 ing change Market cap Market cap Companies dropping out: France Telecom Daimler Suez ING Group BBVA Iberdrola AXA Deutsche Telekom RWE Slide 35

36 China/HK companies in the 2008 and companies (8 in 2008) 2013 Eurozone companies in the Top 100 ing change Market cap Market cap Petrochina Ind & Comm Bank China Mobile China Const Bank of China China Petroleum China Life Insurance Companies coming in: Agriculture Bank of China Cnoonc Companies dropping out: China Shenua Slide 36

37 US companies in the 2008 and companies (35 in 2008) 2013 Eurozone companies in the Top 100 ing change Market cap Market cap APPLE INC EXXON MOBIL CORP GOOGLE INC-CL A BERKSHIRE HATH-A WAL-MART STORES GENERAL ELECTRIC MICROSOFT CORP IBM CHEVRON CORP JOHNSON&JOHNSON PROCTER & GAMBLE PFIZER INC AT&T INC WELLS FARGO & CO JPMORGAN CHASE COCA-COLA CO/THE ORACLE CORP PHILIP MORRIS IN VERIZON COMMUNIC CITIGROUP INC MERCK & CO BANK OF AMERICA PEPSICO INC QUALCOMM INC CISCO SYSTEMS INTEL CORP SCHLUMBERGER LTD Slide 37

38 US companies in the 2008 and companies (35 in 2008) 2013 Eurozone companies in the Top 100 ing change Market cap Market cap UNITED TECH CORP UNITED PARCEL-B CONOCOPHILLIPS GOLDMAN SACHS GP Companies coming in: AMAZON.COM INC VISA INC-CLASS A COMCAST CORP-A HOME DEPOT INC WALT DISNEY CO MCDONALDS CORP AMGEN INC AMERICAN EXPRESS GILEAD SCIENCES M CO NEWS CORP-A EBAY INC HEWLETT-PACKARD 49 $113 AMERICAN INTERNA 54 $109 GENENTECH INC 76 $85 ABBOTT LABS 77 $85 Slide 38

39 2013 PricewaterhouseCoopers LLP. All rights reserved. In this document, refers to PricewaterhouseCoopers LLP (a limited liability partnership in the United Kingdom) which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity TS-OS

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