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25
2019
The annual report on the most valuable and strongest logistics brands
June 2019
About Brand Finance. Contents.
Brand Finance is the world’s leading independent About Brand Finance 2
brand valuation and strategy consultancy.
Get in Touch 2
Brand Finance was set up in 1996 with the aim of ‘bridging
the gap between marketing and finance’. For more than
Request Your Brand Value Report 4
20 years, we have helped companies and organisations of
Brand Valuation Methodology 5
all types to connect their brands to the bottom line.
Foreword 6
We pride ourselves on four key strengths:
Brand Value Analysis 8
++Independence ++Transparency
++Technical Credibility ++Expertise Brand Finance Logistics 25 (USD m) 12
We put thousands of the world’s biggest brands to the Definitions 14
test every year, evaluating which are the strongest and
most valuable. Consulting Services 16
Brand Finance helped craft the internationally Brand Evaluation Services 17
recognised standard on Brand Valuation – ISO 10668,
and the recently approved standard on Brand Evaluation Communications Services 18
– ISO 20671.
Brand Finance Network 20
Get in Touch.
For business enquiries, please contact:
Richard Haigh
Managing Director
rd.haigh@brandfinance.com
facebook.com/brandfinance www.brandfinance.com/events
www.brandirectory.com
instagram.com/brand.finance
4 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 5
Foreword. UPS posts
record brand
What is the purpose of a strong brand: to attract customers, to build loyalty, to
motivate staff? All true, but for a commercial brand at least, the first answer must
always be ‘to make money’.
value in
Huge investments are made in the design, launch, and ongoing promotion of
brands. Given their potential financial value, this makes sense. Unfortunately, most
organisations fail to go beyond that, missing huge opportunities to effectively make
use of what are often their most important assets. Monitoring of brand performance
should be the next step, but is often sporadic. Where it does take place, it
global market.
frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly
understood by non-marketers.
David Haigh
As a result, marketing teams struggle to communicate the value of their work and
CEO, Brand Finance
boards then underestimate the significance of their brands to the business. Sceptical
finance teams, unconvinced by what they perceive as marketing mumbo jumbo,
may fail to agree necessary investments. What marketing spend there is, can end up
poorly directed as marketers are left to operate with insufficient financial guidance ++ US giants UPS and FedEx defend first and second
or accountability. The end result can be a slow but steady downward spiral of poor
communication, wasted resources, and a negative impact on the bottom line. place in the global top 25 as brand values both
surge 33%
Brand Finance bridges the gap between marketing and finance. Our teams have
experience across a wide range of disciplines from market research and visual
identity to tax and accounting. We understand the importance of design, advertising, ++ Hong Kong’s MTR remains the strongest brand
and marketing, but we also believe that the ultimate and overriding purpose of with Brand Strength Index (BSI) score of 84.4 out
brands is to make money. That is why we connect brands to the bottom line.
of a 100 and AAA- rating
By valuing brands, we provide a mutually intelligible language for marketing and
finance teams. Marketers then have the ability to communicate the significance of ++ French brands La Poste (brand value up 49% to
what they do, and boards can use the information to chart a course that maximises
profits. Without knowing the precise, financial value of an asset, how can you know US$5.5billion) and Bolloré (up 51% to US$2.0
if you are maximising your returns? If you are intending to license a brand, how can billion) achieve best brand value growth
you know you are getting a fair price? If you are intending to sell, how do you know
what the right time is? How do you decide which brands to discontinue, whether to
rebrand and how to arrange your brand architecture? Brand Finance has conducted ++ Royal Mail (up 7% to US$ 2.4 billion) shunted into
thousands of brand and branded business valuations to help answer these 18th position by Hong Kong champion MTR, is one
questions.
of only four brands to fall in the ranking
Brand Finance’s research revealed the compelling link between strong brands and
stock market performance. It was found that investing in highly-branded companies ++ Esteemed US brand CSX (up 16% to US$4.6
would lead to a return almost double that of the average for the S&P 500 as a whole.
billion) moves up and joins global top ten
Acknowledging and managing a company’s intangible assets taps into the hidden
value that lies within it. The following report is a first step to understanding more ++ SF Express and XPO logistics are this year’s
about brands, how to value them and how to use that information to benefit the
business.
surprise newcomers
The team and I look forward to continuing the conversation with you.
6 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 7
Brand Value Analysis.
Its shift from 24th to 21st position is boosted by an 2019: $29,300m +33.2%
ability to constantly adapt to the customers’ changing 2018: $22,003m
needs. Bolloré Logistics, previously known as SDV and
rebranded as of January 1, 2016, is the transport and
logistics business unit of Bolloré Transport & Logistics,
2 02
a fully owned subsidiary of the Bolloré Group. The 2019: $24,232m +33.4%
brand offers five types of services including multimodal 2018: $18,170m
transport, customs and regulatory compliance,
logistics, global supply chain, and industrial projects.
With its headquarters in Puteaux, on the western
3 03
Best ever brand values La Poste jumps from 12th to 7th position (up 49% to
4 04
for US giants UPS and FedEx US$5.5billion) and is tackling the decline in its core 2019: $11,107m +3.7%
mail business with lucrative new ventures. As well as 2018: $10,714m
UPS strengthens and maintains its position as the Outstanding performances last year’s merger with insurer CNP Assurances, La
world’s most valuable brand.
from FedEx and UPS reinforce Poste’s use of Oracle Big Data Appliance has helped
identify 70 new services it can provide using its existing
5 05
Brand value surges 33% to a record US$29.3 billion the US dominance in the infrastructure and labour pool. 2019: $9,319m
2018: $7,877m
+18.3%
following further investment in sustainability and
ground-breaking technology. Improving its carbon
logistics industry. With vast
footprint, UPS is currently trialling new electric areas to supply, both at home Brand Value over Time 6 06
delivery trucks in London, Paris and the US and and abroad, the US brands are 2019: $6,697m +22.7%
has just launched a new logistics service to deliver
medical samples via unmanned drones in North adept in addressing and 30
2018: $5,457m
USD bn
17
campaign launched in 2018 which seeks an emotional ventures, adaptability and 18
connection with customers may have helped. It
illustrates that FedEx is not just about packages, but emotional intelligence are 2019: $5,483m +12.3%
2018: $4,882m
also about what the deliveries mean for the people heightening brand values for 12
9
shipping and receiving them. The relief effort of
supplies delivered with FedEx after Hurricane Michael other players in this growing 2 10
delivered hope. sector. 6 2019: $5,224m +22.8%
0 2018: $4,253m
Amazon’s massive investment in shipping, Amazon David Haigh 2013 2014 2015 2016 2017 2018 2019
10
Air, and trucks to control its own logistics costs, whilst CEO, Brand Finance
impacting on returns for UPS and FedEx, is not, as yet, 2 11
2013 2014 2015 2016 2017 2018 2019
a cause for concern. ● UPS ● FedEx ● JR 2019: $4,632m
● DHL ● Union Pacific 2018: $4,008m
+15.6%
8 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 9
Brand Value Analysis. Brand Value Analysis.
Global mail revenue share is currently about 40%, New arrival in top ten Brand Value Change 2018-2019 (%) Top 10 Strongest Brands
but it is declining. The global volume ratio of letters to
parcels originally 13:1 in 2005 is forecast to reach 1:1
parity by 2025. La Poste, and other postal services are
CSX’s jump from 11th to 10th position (up 16% to
US$4.6 billion) takes the total number of US brands
Bollore +50.9%
1 0 1
right to take innovative action. in the top ten to six. Success is linked to its Network La Poste +48.6% 2019: 84.4 AAA- +2.2
Planning Division which use simulation modelling 2018: 82.2 AAA-
Parcel-led business at Royal Mail technologies including AnyLogic to establish cost
2
Maersk Conglomerate +43.2%
enhanced to offset revenue loss in effective solutions to logistics problem. 0 2
letters FedEx +33.4%
China and US brands join top 25 2019: 80.6 AAA- +0.6
Royal Mail (up 7% to US$2.35 billion) nudged down 2018: 80.0 AAA-
UPS +33.2%
one place by Hong Kong’s logistic giant MTR has had New entrants are China’s SF Express (brand value
a mixed year. US$3.6 billion) in 14th place and US XPO Logistics
(brand value US$1.9 billion) in 22nd position.
DB +23.7% 3 0 3
The brand’s performance in its core UK business 2019: 79.8 AAA- +0.2
Deustche Post DHL Group +22.8% 2018: 79.6 AAA-
has fallen due to a worse than expected decline in SF Express, one of three Chinese brands in this
the number of letters sent by Britons, its struggle to year’s top 25, is China’s second largest courier. The
squeeze more efficiency out of its vast networks, and
difficulty hitting productivity and cost savings targets.
other two are MTR and CRSC (up 8% to US$1.4
billion). As China sharpens its underdeveloped
Berkshire Hathaway +22.7%
4 2 5
The Brexit delay has had a detrimental impact too. logistics network to support rising consumerism and -1.0% Russian Railways 2019: 78.7 AA+ -0.4
the e-commerce explosion more brands are set to 2018: 79.1 AA+
To offset letter revenue decline and capitalise on flourish by taking advantage of assets in outlying -6.8% DSV
balanced and more diversified international business’. GDP growth set to exceed 6% in 2019 US brand XPO Logistics, a third-party provider in 32 2019: 78.7 AA+ +0.5
2018: 78.2 AA+
countries, has acquired 17 companies in the last seven
years. Successful use of synergies has facilitated
explosive growth. 6 1 4
7
Aside from calculating overall brand value, Brand
Finance also determines the relative strength of brands 0 7
through a balanced scorecard of metrics evaluating
Brand Value 2019: 77.7 AA+ +0.2
marketing investment, stakeholder equity, and business
Country (USD bn) % of total 2018: 77.5 AA+
performance. Along with the level of revenues, brand
●
8
United States 87.1 56.7% strength is a crucial driver of brand value.
0 8
● Germany 19.8 12.9%
The strongest brand in the sector belongs to Hong
2019: 77.6 AA+
● Japan 11.4 7.4% Kong’s MTR with a Brand Strength Index (BSI) score 2018: 77.3 AA+
+0.3
● France 7.5 4.9% of 84.40 out of 100 and a corresponding AAA- brand
9
rating.
● Canada 6.8 4.4% 0 9
● Denmark 6.0 3.9% MTR (up 20% to US$2.64 billion) a global operator of
2019: 75.1 AA+ +0.9
● Other 15.0 9.8% sustainable rail transport systems, which consistently 2018: 74.2 AA
maintains its passenger on-time journey at an
Total 153.6 100.0%
10
outstanding level of 99.9%, is worthy of its strongest
brand accolade. A big boost for business in 2018 was 3 NEW
its opening of the first high-speed rail link between 2019: 73.8 AA
mainland China and Hong Kong. -
2018: - -
10 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 11
Brand Finance
Logistics 25 (USD m).
Top 50 most valuable logistics brands 1-50
2019 Brand 2018 2019 2018
2019 2018 Brand Value Brand Brand Brand
Rank Rank Brand Country Value Change Value Rating Rating
12 13 2 Maersk Denmark
14 3 SF Express China
15 15 0 DB Germany
20 20 0 CP Canada
21 24 2 Bollore France
24 21 1 DSV Denmark
25 25 0 CRSC China
12 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 13
Definitions.
Definitions.
Brand Value Brand Strength
+ Enterprise Value Brand Strength is the efficacy of a brand’s Each brand is assigned a Brand Strength Index
The value of the entire enterprise, made performance on intangible measures, relative to its (BSI) score out of 100, which feeds into the brand
up of multiple branded businesses. competitors. value calculation. Based on the score, each brand
[Berkshire Hathaway]
is assigned a corresponding rating up to AAA+ in a
Where a company has a purely mono-
Enterpr In order to determine the strength of a brand, we look format similar to a credit rating.
ise branded architecture, the ‘enterprise value’
Val is the same as ‘branded business value’. at Marketing Investment, Stakeholder Equity, and the
ue
impact of those on Business Performance. Analysing the three brand strength measures helps
+ Branded Business Value inform managers of a brand’s potential for future success.
Brand
ed B The value of a single branded business
us operating under the subject brand.
ine
ss [McLane]
V A brand should be viewed in the context of Marketing Widely recognised factors deployed by marketers to create brand loyalty and
between marketing investment, brand- Stakeholder Perceptions of the brand among different stakeholder groups, with customers
n
tracking data, and stakeholder behaviour. Equity being the most important.
+ Brand Contribution
Brand The overall uplift in shareholder value
that the business derives from owning Business Quantitative market and financial measures representing the success of the
Value the brand rather than operating a Performance brand in achieving price and volume premium.
[McLane]
generic brand.
14 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 15
Consulting Services. Brand Evaluation Services.
How are brands perceived in my
1. Valuation: What are my intangible 2. Analytics: How can I improve category?
assets worth? marketing effectiveness?
Valuations may be conducted for technical Analytical services help to uncover drivers Brand Finance tracks brand fame and perceptions
purposes and to set a baseline against of demand and insights. Identifying the across over 30 markets in 10 consumer categories. Clear,
which potential strategic brand factors which drive consumer behaviour insightful signals of brand performance, with data mining
scenarios can be evaluated. allows an understanding of how brands options for those who want to dig deeper – all at an
N 2. A create bottom-line impact. accessible price.
+ Branded Business Valuation IO NA
+ Trademark Valuation AT Market Research Analytics +
What if I need more depth or
U
LY
AL
TIC
1. V
S
Brand Scorecard Tracking +
Brand &
Business Our bespoke brand scorecards help with market
S
4. Transactions: 3. S 3. Strategy: How can over time, against competitors, between market
Is it a good deal? I increase the value of
T
TR
Can I leverage my NS
AT my branded business? database of brand KPIs enables us to benchmark
intangible assets?
EG
4. TR
A Y Strategic marketing services enable performance appropriately.
Transaction services help buyers, brands to be leveraged to grow
sellers, and owners of branded businesses businesses. Scenario modelling will Do I have the right brand
get a better deal by leveraging the value of identify the best opportunities, ensuring architecture or strategy in place?
their intangibles. resources are allocated to those activities which
have the most impact on brand and business value. Research is conducted in addition to strategic
+ M&A Due Diligence
Brand Governance + analysis to provide a robust understanding
+ Franchising & Licensing
+ Tax & Transfer Pricing Brand Architecture & Portfolio Management + of the current positioning. The effectiveness
+ Expert Witness Brand Transition + of alternative architectures is tested
Brand Positioning & Extension + through drivers analysis, to determine which option(s)
will stimulate the most favourable customer behaviour
and financial results.
16 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 17
Communications Services.
How we can help communicate your brand’s performance
in brand value rankings
SERVICES
• Research and Insights
• Integrated Communications Planning
• Project Management and Campaign Execution
• Content and Channel Strategy
TOP 25 MOST VALUABLE STRONGEST • Communications Workshops
LOGISTICS LOGISTICS LOGISTICS
BRAND BRAND BRAND
For more information, contact enquiries@brand-dialogue.co.uk or visit www.brand-dialogue.co.uk
We also offer aVideo
variety of other services to help communicate
Endorsement – record video with Brand Finance CEO or Director
your brand’s performance
speaking about the performance of your brand, for use in both internal and
Brand Dialogue is a member of the Brand Finance plc group of companies
external communications.
MEMBERS' CLUB
personally signed by Brand Finance CEO to recognise your brand’s
performance.
18 Brand Finance Logistics 25 June 2019 Brand Finance Logistics 25 June 2019 19
Brand Finance Network.
For further information on our services and valuation experience, please contact your local representative: