Brand Valuation Beng Beng (Mayora)
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You can valuate your Brand Valuation with this technique. We give you an example from Beng-Beng.
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Brand Valuation Beng Beng (Mayora)
- 1. BRAND VALUATION Andree Chandradinata Dhebora W. Kinanti Fahmi Farashintya Kenny Alhdrin Reza Taufik Hidayat
- 2. COMPANY PROFILE One of the biggest fast moving consumer goods company in Indonesia Established in 1977, with itâs first factory in Tangerang Initial Public Offering in 1990 32,93% share owned by PT. Unita Branindo
- 3. PRODUCTS
- 5. INCOME-BASED APPROACH BRAND FINANCE Financial Data Market Data Demand Drivers Risk Factors Brand Forecasts Branded Business Earnings Brand Value Added Brand Value Added BVAR Index brand betaR Analysis Brand Value Discount Rate
- 6. STEPS TO VALUATE Step 1: Counting BVA Index Step 2: Counting Brand Beta Step 3: Counting Discount Rate Step 4: Counting Cash Flow of Brand Earning
- 7. COUNTING BVA INDEX BRAND vs SIGNIFICANT ATTRIBUT PRICE PROMOTION TASTE TEXTURE INGREDIENTâS QUALITY AVAILABILITY CHOCOLATE LAYERâS THICKNESS Eating Beng-Beng in the past year Online Survey via Google Form 100 respondents as sample
- 8. COUNTING BVA INDEX Attributes Weighting Relative Importance Brand Dependence Role of Branding Price 71 12.50% 72% 9.00% Promotion 62 11.05% 86% 9.50% Taste 92 16.26% 17% 2.76% Texture 89 15.73% 25% 3.93% Chocolate Layer's Thickness 84 14.88% 46% 6.84% Ingredient's Quality 82 14.52% 28% 4.07% Availability 85 15.05% 30% 4.52% BVA Index 40.63%
- 9. COUNTING BRAND BETA Brand beta = = = 0.262 - Score 50 2 - 87 50
- 10. PRE ASUMPTION
- 11. COUNTING DISCOUNT RATE Discount Rate = (Equity Risk Premium*Specific Market Sector Risk* Brand Beta) + Risk Free Rate ⢠Equity Risk Premium (WACC) ď Weight of Equity: 48%; Weight of Debt: 52% (Annual Report 2015) ď Beta: 1.34; Risk Free Rate: 8.87% ď Specific Market Sector Risk (Cost of Debt): 9.2% ď WACC = 10.21% ⢠Discount Rate (10.21% x 9.2% x 0.26) + 8.87% = 9.12%
- 12. COUNTING CASH FLOW OF BRAND EARNING Assumption ⢠Sales Growth for the next 5 years: 4.4% ⢠Operating income Growth for the next 5 years: 12.6% ⢠Beng-Beng Sales Contribution: 5.2% ⢠Tangible Capital Growth for the next 5 years: 5% 2015 2016 2017 2018 2019 Net Sales 769,626 800,411 832,427 865,724 900,353 Operating Income 96,737 100,607 104,631 108,816 113,169 Tangible Capital Employed 195,835 205,627 215,908 226,703 238,038 Charge of Capital (10.21%) 19,975 21,735 22,821 23,963 25,161 Economic Value Added 76,762 78,872 81,809 84,854 88,008 BVA(40.63%) 31,188 32,046 33,239 34,476 35,758 Tax (24%) 7,485 7,691 7,977 8,274 8,582 Brand Earning 23,703 24,355 25,262 26,202 27,176
- 13. COUNTING BRAND VALUE 2015 2016 2017 2018 2019 Net Sales 769,626 800,411 832,427 865,724 900,353 Operating Income 96,737 100,607 104,631 108,816 113,169 Tangible Capital Employed 195,835 205,627 215,908 226,703 238,038 Charge of Capital (10.21%) 19,975 21,735 22,821 23,963 25,161 Economic Value Added 76,762 78,872 81,809 84,854 88,008 BVA(40.63%) 31,188 32,046 33,239 34,476 35,758 Tax (24%) 7,485 7,691 7,977 8,274 8,582 Brand Earning 23,703 24,355 25,262 26,202 27,176 Residual Value 413,635 PV of Cash Flow Earning 23,703 22,319 25,262 26,202 27,176 Cumulative PV of Cash Flow Earning 124,661 PV of Residual Value 291,712 Brand Value 416,373
- 14. CONCLUSION Brand Finance = 2.1 TKelompok = 416 M 5x