Interim update of Type 2 Consulting's annual comparison of the brand values shown in the league tables published by Brand Finance, Forbes, BrandZ/Millard Brown, and Interbrand. These slides use the recently released 2021 data from Brand Finance and the 2020 data from the other three providers.

1. BRAND VALUATION REVIEW:
MARCH 2021
Based on the most recent brand value league tables published by
Brand Finance, Forbes, BrandZ/Millward Brown, and Interbrand
Jonathan Knowles
22 March 2021
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2. Introduction
• Since 2013, Type 2 Consulting has been publishing an annual comparison of the brand value
league tables published by different providers
• The comparisons are published in October after the release of the Interbrand league table
• The 2020 comparison can be found at: https://www.slideshare.net/jpoknowles/2020-brand-
valuation-review
• This presentation is an interim update that includes the data from Brand Finance’s 2021 league
table data (published in February). The following slides use the data from:
• Brand Finance – 2021 – published in February 2021
• Interbrand – 2020 – published in October 2020
• BrandZ/Millward Brown – 2020 – published in June 2020
• Forbes – 2020 – published in May 2020
• Year-on-year calculations are based on the prior year’s version of each league table
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3. Brand Value League Tables
Brand value league tables have been around for 20 years:
• Interbrand (started in 1999; publishes in October; covers the top 100 brands; in US$)
• Millward Brown/BrandZ (2006; June; top 100 brands; US$)
• Brand Finance (2007; Jan/Feb; top 500 brands – but only top 100 publicly shown; US$)
• Forbes (2012; May; top 100 brands; US$)
• Eurobrand (2011-2017; September; top 100 parent companies; values in EUR)
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4. Brand Valuation: T2 Commentary
• All providers claim to report the “economic use” value of the brand
• “Economic use” represents the financial benefit that the company derives from the brand
• There are only two major methodologies for calculating “economic use” value:
• The “earnings split” approach estimates the brand-specific earnings of the business and calculates their net present
value (this is the approach used by Interbrand and BrandZ/Millward Brown; Forbes uses a variant of this)
• The “relief from royalty” approach establishes a notional licensing fee that a company would have to pay for the use
of its brand and calculates the NPV of the royalty payments (this is the approach used by Brand Finance)
• Both approaches are conceptually sound and are compliant with the ISO 10668 standard (“Brand
Valuation - Requirements for Monetary Brand Valuation”)
• The approaches should yield similar estimates of brand value but in practice we observe huge
variations between the estimates of brand value by the different providers due to:
• Estimation of the total revenues attributable to each brand (this data is not easy to acquire for companies with
multiple brands and for privately-held companies)
• Differences of opinion about the significance of the role that brands play in creating consumer preference ni
industries such as automobiles, financial services and telecoms
• Differences of opinion about the strength of individual brands
• The discount rate used to calculate the NPV of the brand earnings/royalty payments
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5. The four lists contain a total of 187 brands
Only 6 brands appear in the top 30 of each list
Only 31 are common across all four top 100 lists
There is only 31%consensus about whether a
given brand increased or decreased in value
versus 2019 (based on the 29 brands that
appeared on the last two editions of all four lists)
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6. 187 Brands Across the Four Lists
ON ALL FOUR LISTS:
Accenture
Amazon
American Express
Apple
BMW
Cisco
Citi
Coca-Cola
Disney
Facebook
FedEx
Google
Huawei
IBM
IKEA
Intel
5
31
J P Morgan
MasterCard
McDonald's
Mercedes-Benz
Microsoft
Netflix
Nike
Pepsi
Samsung
SAP
Siemens
Starbucks
Toyota
UPS
VISA
ON THREE LISTS:
Adidas
Adobe
Allianz
AT&T
Bank of America
Budweiser
Chanel
Chase
Colgate
Costco
Dell Technologies
Ford
GE
Gillette
Gucci
Hermes
Home Depot
Honda
HSBC
37
Hyundai
Instagram
KFC
L'Oreal
Louis Vuitton
Lowe's
Marlboro
Nestle
Oracle
Pampers
PayPal
Porsche
Uber
Verizon
VW
Walmart
Wells Fargo
Zara

7. 187 Brands Across the Four Lists
ON TWO LISTS:
Agricultural Bank of China
Alibaba
Audi
AXA
Bank of China
Cartier
Caterpillar
China Construction Bank
China Mobile
Corona
CVS
Danone
Deloitte
Deutsche Telekom
DHL
eBay
EY
Goldman Sachs
H&M
Heineken
Hennessy
HP
ICBC
6
46
JD.com
John Deere
Lancome
LEGO
LinkedIn
Moutai
Nescafe
Nintendo
NTT Group
Orange
Ping An
PwC
Salesforce
Santander
Shell
Sony
Spectrum
Tencent
Tesla
UnitedHealth
Vodafone
Xfinity
YouTube
ON ONLY ONE LIST:
3M
AIA Insurance
Aldi
Baidu
BCA
Bosch
BP
Burberry
Burger King
Canon
Chevrolet
China Life Insurance
China Merchants Bank
China State Construction
Commonwealth Bank
Country Garden
DiDi
Dior
ESPN
Evergrande Real Estate
Ferrari
Fox
Frito-Lay
73
Haier
Hewlett Packard Enterprise
HFDC Bank
Jack Daniels
Johnnie Walker
Johnson & Johnson
Kellogg's
Kia
Land Rover
Lexus
LG
LIC
Meituan
MINI
Mitsubishi
Morgan Stanley
Movistar
Nissan
Panasonic
PetroChina
Philips
Prada
RBC
Red Bull
Rolex
Saudi Aramco
Sinopec
SK Group
Spotify
State Grid
Subway
Sumitomo
T-Mobile
Taobao
Tata
TD
Tiffany & Co.
TikTok
Tmall
Total
UBS
Uniqlo
Volvo
WeChat
Wuliangye
Xbox
Xiaomi
Zoom

8. Comparison of the Top 30 Brands on Each List
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BRAND FINANCE 2021 BV $MM INTERBRAND OCT 2020 BV $MM MILLWARD BROWN JUN 2020 BV $MM FORBES MAY 2020 BV $MM
1 Apple 263,375 Apple 322,999 Amazon 415,855 Apple 241,200
2 Amazon 254,188 Amazon 200,667 Apple 352,206 Google 207,500
3 Google 191,215 Microsoft 166,001 Microsoft 326,544 Microsoft 162,900
4 Microsoft 140,435 Google 165,444 Google 323,601 Amazon 135,400
5 Samsung 102,623 Samsung 62,289 VISA 186,809 Facebook 70,300
6 Walmart 93,185 Coca-Cola 56,894 Alibaba 152,525 Coca-Cola 64,400
7 Facebook 81,476 Toyota 51,595 Tencent 150,978 Disney 61,300
8 ICBC 72,788 Mercedes-Benz 49,268 Facebook 147,190 Samsung 50,400
9 Verizon 68,890 McDonald's 42,816 McDonald's 129,321 Louis Vuitton 47,200
10 WeChat 67,902 Disney 40,773 MasterCard 108,129 McDonald's 46,100
11 China Construction Bank 59,649 BMW 39,756 AT&T 105,833 Toyota 41,500
12 Toyota 59,479 Intel 36,891 Verizon 94,662 Intel 39,500
13 Mercedes-Benz 58,225 Facebook 35,178 Coca-Cola 84,022 Nike 39,100
14 Tencent 56,432 IBM 34,885 IBM 83,667 AT&T 37,300
15 Huawei 55,396 Nike 34,388 Marlboro 58,247 Cisco 36,000
16 State Grid 55,203 Cisco 34,119 SAP 57,585 Oracle 35,700
17 Ping An 54,579 Louis Vuitton 31,720 Home Depot 57,585 Verizon 32,300
18 Taobao 53,335 SAP 28,011 Moutai 53,755 VISA 31,800
19 Agricultural Bank of China 53,134 Instagram 26,060 Louis Vuitton 51,777 Walmart 29,500
20 Home Depot 52,917 Honda 21,694 UPS 50,748 GE 29,500
21 AT&T 51,372 Chanel 21,203 Nike 49,962 Budweiser 28,900
22 Disney 51,244 J P Morgan 20,220 Disney 48,802 SAP 28,600
23 Deutsche Telekom 51,107 American Express 19,458 PayPal 48,453 Mercedes-Benz 28,500
24 Tmall 49,179 UPS 19,161 Starbucks 47,753 IBM 28,200
25 Bank of China 48,689 IKEA 18,870 Xfinity 46,973 Marlboro 26,800
26 VW 47,020 Pepsi 18,603 Netflix 45,889 Netflix 26,700
27 Moutai 45,333 Adobe 18,206 Walmart 45,783 BMW 25,900
28 Shell 42,156 Hermes 17,961 Spectrum 42,917 American Express 25,100
29 BMW 40,447 GE 17,961 Instagram 41,501 Honda 24,500
30 Alibaba 39,156 YouTube 17,328 Accenture 41,437 L'Oreal 22,800
Only 6 brands (highlighted) are common to all four lists; while a further 13 brands (shown in bold) are common to three of the lists. Brands on all the other 3 lists save for this one:
Coca-Cola; IBM; Louis Vuitton; McDonald's; Nike; SAP AT&T; Verizon; Walmart BMW; Mercedes-Benz; Samsung; Toyota
# brands unique to this list: 13 7 7 3
Value of 6 common brands: 981,933 968,995 1,614,198 832,200
Aggregate value of top 30: 2,360,129 1,670,419 3,450,509 1,704,900
Aggregate value of top 100: 4,138,038 2,326,419 4,988,811 2,542,000

9. Divergent Estimates of Brand Value
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The 31 brands common to
all four of the most recent
Top 100 lists are shown.
The highest value for each
brand is shaded in grey.
The final column shows the
ratio between the highest
and lowest estimate for the
same brand.
Highlighted in yellow are
the five brand where the
high/low estimates varied
by a factor of more than 4x
- VISA; Mastercard; Huawei;
Starbucks; and Facebook
BRAND BF BV 21 IB BV 2020 MB BV 20 Forbes BV 20 AVERAGE BV MAX:MIN RATIO
Accenture 26,028 16,552 41,437 19,100 25,779 2.50
Amazon 254,188 200,667 415,855 135,400 251,528 3.07
American Express 23,559 19,458 29,333 25,100 24,363 1.51
Apple 263,375 322,999 352,206 241,200 294,945 1.46
BMW 40,447 39,756 20,517 25,900 31,655 1.97
Cisco 20,122 34,119 26,254 36,000 29,124 1.79
Citi 32,200 11,936 15,666 11,800 17,901 2.73
Coca-Cola 33,166 56,894 84,022 64,400 59,621 2.53
Disney 51,244 40,773 48,802 61,300 50,530 1.50
Facebook 81,476 35,178 147,190 70,300 83,536 4.18
FedEx 23,539 7,367 15,461 7,900 13,567 3.20
Google 191,215 165,444 323,601 207,500 221,940 1.96
Huawei 55,396 6,301 29,412 8,500 24,902 8.79
IBM 27,428 34,885 83,667 28,200 43,545 3.05
IKEA 17,977 18,870 18,017 15,800 17,666 1.19
Intel 31,817 36,891 37,257 39,500 36,366 1.24
J P Morgan 23,565 20,220 17,649 13,700 18,784 1.72
MasterCard 19,117 11,055 108,129 17,300 38,900 9.78
McDonald's 33,838 42,816 129,321 46,100 63,019 3.82
Mercedes-Benz 58,225 49,268 21,349 28,500 39,336 2.73
Microsoft 140,435 166,001 326,544 162,900 198,970 2.33
Netflix 24,943 12,665 45,889 26,700 27,549 3.62
Nike 30,443 34,388 49,962 39,100 38,473 1.64
Pepsi 18,365 18,603 13,319 18,200 17,122 1.40
Samsung 102,623 62,289 32,580 50,400 61,973 3.15
SAP 17,991 28,011 57,585 28,600 33,047 3.20
Siemens 20,646 10,512 13,981 12,700 14,460 1.96
Starbucks 38,440 11,246 47,753 17,800 28,810 4.25
Toyota 59,479 51,595 28,388 41,500 45,241 2.10
UPS 30,056 19,161 50,748 13,300 28,316 3.82
VISA 26,508 12,397 186,809 31,800 64,379 15.07

10. Divergent Opinions re YoY Change in Value
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This chart compares the year-on-year
change in brand value for the 29
brands that featured in each of the
past two editions of each of the four
Top 100 lists.
Green highlights indicate brands that
increased in value vs. the previous
year – orange indicates brands that
declined in value.
The final column shows whether
there was a consensus among the
four providers are to whether a given
brand increased or decreased in
value versus the previous year.
There was consensus only 31% of the
time (for 9 of the 29 brands).
% ch 2021/2020 % ch 2020/2019 % ch 2020/2019 % ch 2020/2019 29 o/w 9Y 20N
BRAND BF 21 v 20 Forbes MB IB CONSENSUS?
Accenture 3% 15% 6% 2% YES
Amazon 15% 40% 32% 60% YES
American Express -19% -3% -16% -10% YES
Apple 87% 17% 14% 38% YES
BMW 0% -13% -12% -4% YES
IBM -18% -10% -3% -14% YES
Mercedes-Benz -10% -14% -9% -3% YES
Microsoft 20% 30% 30% 53% YES
Netflix 9% 72% 34% 41% YES
Cisco -14% 4% -9% -4% NO
Citi -3% 4% -17% -6% NO
Coca-Cola -13% 9% 4% -10% NO
Disney -9% 17% -14% -8% NO
Facebook 2% -21% -7% -12% NO
FedEx 2% -4% -23% 5% NO
Google 20% 24% 5% -1% NO
Huawei -15% 6% 9% -9% NO
IKEA -8% 3% -5% 3% NO
Intel 16% 2% 17% -8% NO
J P Morgan 3% 10% -11% 6% NO
MasterCard -4% 24% 18% 17% NO
McDonald's -10% 5% -1% -6% NO
Nike -13% 6% 5% 6% NO
Samsung 9% -5% 7% 2% NO
Siemens 3% -8% -9% 2% NO
Starbucks -6% 5% 4% -5% NO
Toyota 2% -7% -3% -8% NO
UPS 2% 6% -8% 6% NO
VISA -1% 18% 5% 15% NO

11. Summary Observations
• There are a total of 187 brands across the four top 100 lists
• Only 31 brands are common to all four top 100 lists while 73 brands are unique to a single list
• The aggregate value of the top 100 brands ranges from $4.99 trillion (Millward Brown’s list) to
$2.33 trillion (Interbrand’s list) – a difference of 114%
• Only 6 brands are common to all four top 30 lists - Amazon, Apple, Disney, Facebook, Google and
Microsoft
• The aggregate value of the top 30 brands on each list varies between $3.45 trillion (Millward
Brown) and $1.67 trillion (Interbrand) – a difference of 107%
• The difference between the minimum and maximum value estimated for the same brand typically
varies by a factor of 2x – but for the VISA brand, the high/low estimates differ by 15x
• For the 29 brands that appeared on all four lists in both 2019 and 2020, the four providers agree
on whether the brand had increased or decreased in value in only 9 cases (Accenture, Amazon,
American Express, Apple, BMW, IBM, Mercedes-Benz, Microsoft, and Netflix). For the other 20
brands, there was disagreement about brand value had risen or declined over the previous year
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