The World’s Most Valuable Mobile Telecoms Brands 2008

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Content

The World’s Most Valuable Mobile Telecoms Brands 2008

Contents

1. 2. 3. 4. 5. 6. 7. 8. 9.

Introduction Methodology Key Issues Brands Punching Above Their Weight Brands Punching Below Their Weight The Top 10 Biggest Regions Regional Analysis Country Analysis

10. The Top 100

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Introduction

The World’s Most Valuable Mobile Telecoms Brands 2008

1. Introduction
This is the first time the values of the world’s largest mobile telecoms brands have been published. The brands of those in the top 100 are collectively worth over $300bn. This is a heavily branded industry. With mobile services frequently generic – with little to choose from between competitors – brands are generally the main differentiator. They can inspire loyalty, help reduce customer churn, increase average revenues per user (ARPU), attract new customers and encourage existing ones to trial new services and related products. The World’s Most Valuable Mobile Telecoms Brands 2008 identifies which brands are succeeding in building value for their shareholders and which brands require additional resource and attention. 500 of the world’s biggest operators were studied to produce the top 100. The telecoms industry is highly competitive and acquisitions are common. 2009 will be a testing year for all. The economic instability and uncertainty should drive investors to seek defensive havens in businesses with safe, strong, valuable brands. This publication highlights the most valuable brands and those with the biggest opportunities, both in developed and emerging markets. Intangible Business would like to thank the people and organisations which have contributed to the production of this report and research. Special thanks goes to Informa Telecoms & Media, Mobile Telecommunications International and representatives from MTI Consulting.

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Methodology

The World’s Most Valuable Mobile Telecoms Brands 2008

2. Methodology
Brand values are a reflection of a brand’s ability to generate future income. It is a forward looking study that uses historic performance and future trends to predict future value. Three years of publicly available historical sales data was gathered for 500 of the world’s biggest telecoms brands. To determine the strength of the brands, each brand was also scored on nine hard measures, sourced from Informa Telecoms & Media, and nine measures of brand strength from a panel of industry experts. Using this data, each brand was then valued using the relief-from-royalty methodology to produce the top 100. Definitions of components of brand strength Hard measures Turnover: Subscriptions: Customer churn: Market share: Penetration: CAPEX: EBITDA: ARPU: Profitability: Panel measures Share of market: Brand growth: Price positioning: Market scope: Brand preference: Brand awareness: Brand relevancy: Brand heritage: Brand perception:

volume of branded mobile income number of active subscribers attached to each brand proportion of customers leaving the brand annually average market share in each main market of mobile telecoms users proportion of the market which has telecoms services volume of capital expenditure invested in future benefits earnings before interest, taxes, depreciation and amortization average revenue per user level of relative profitability of each brand

measure of market share projected growth based on 3-5 years historical data and future trends a measure of a brand’s ability to command a premium number of markets in which the brand has a significant presence a measure of relative pre-disposition or spontaneous selection of a brand a combination of prompted and spontaneous awareness capacity to relate to the brand and a propensity to purchase a brand’s longevity and a measure of how it is embedded in local culture loyalty and how close a strong brand image is to a desire for ownership

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Methodology

The World’s Most Valuable Mobile Telecoms Brands 2008

Calculating brand value
Brand values are a reflection of a brand’s ability to generate future income. So this is a forward looking study that uses historic performance and future trends to predict future activity. The actual brand valuation calculation is relatively straight forward. It attempts to derive the amount the brand owner would be willing to pay for its brand if it did not already own it. This approach is called the relief from royalty methodology as it calculates how much the brand owner is relieved from paying by virtue of owning the brand. The more complicated parts are the components that contribute to the calculation. These three stages illustrate the process, simply:

Future sales
Components: • Historical sales • Adjusted CAGR

royalty rate

discounted

Brand value

x

Components: • Brand strength • Royalty rate range

,

Components: • Risk analysis • Tax deduction

=

Components: • Sum of future royalty income • Testing & benchmarking

1. Forecast sales Three years of historical sales data was gathered for 500 of the world’s biggest mobile operator brands. The top 100 brands have been given indefinite lives as they are all market leaders, with heritage and financially robust owners. The compound annual growth rate (CAGR) is adjusted to reflect the brand’s long term ability for growth. This reflects more accurately a brand’s growth prospects based on its current and historical performance. 2. Royalty rate To determine the strength of the brands, each brand was scored on nine measures of brand strength, provided from qualitative panel data. This included share of market, growth, price positioning, market scope, preference, awareness, relevance, heritage and perception. Each brand was also measured on three years of hard data including turnover, subscriptions, churn, market share, growth, penetration, average revenue per user (ARPU), and profitability. The average of these two total scores (panel brand score and hard brand score) was then positioned between a royalty rate range. This determines a unique royalty rate for each brand. The royalty rate appears to be a simple percentage but in fact this hides the depth of understanding required to determine a rate that reflects accurately the profit/cash flow generated by the brand alone – separate from other elements of product delivery. 3. Discount rate Future sales are then multiplied by the royalty rate and reduced at the relevant tax rate. They are then multiplied by a discount rate to calculate the net present value of those future cash flows. The discount rate reflects the time value and risk attached to those cash flows and for the purpose of this exercise has been left at a flat 9% as these are relatively low-risk, established brands. Testing Results are tested and verified by sense-checks, such as to comparable commercial transactions, and referenced to proprietary information on the value of leading brands, which all share similar characteristics of value cash flow generation. These valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance. www.intangiblebusiness.com

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Key Issues

The World’s Most Valuable Mobile Telecoms Brands 2008

3. Key Issues

Economy Telecoms firms are traditionally resilient to economic woes. However, few industries look likely to be immune from the negative impact of the current financial crisis which is truly global. The telecoms industry will be no exception. Brands will suffer but with this comes opportunity for strong brands to steal market share from the weaker. Hatches need battening down, focus needs sharpening and all brands will need to understand what drives their value.

Brand Portfolios Following acquisitions the dilemma always exists of whether to keep the brand or transition another brand in its place. Different operators take different approaches. In Hungary for instance, Telnor owns and operates the Pannon brand using the Telenor blue logo whereas in other countries the Telenor name is used with the same logo. Telefónica uses its own brand as well as others including Movistar and O2. América Móvil also has the Claro and Telcel brands. Would it be better for these companies to merge their portfolio of brands into one dominant brand? Local brands can have substantial traction which, if dislodged, would be extremely detrimental. Generally, however, transitioning these brands into one dominant brand in a sensitive fashion would increase the value of the whole.

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Key Issues

The World’s Most Valuable Mobile Telecoms Brands 2008

Emerging Markets Africa, China, India and Latin America present the biggest opportunities for mobile operators with the sheer size of the populations and economic growth prospects. These markets have experienced significant growth in recent years attracting considerable interest from international, acquisitive groups. As growth stagnates in more developed markets of Europe and the US the attraction in emerging markets will only increase.

Consolidation Further consolidation is inevitable with synergies from merging operations, the desire for cross-border brands and financial instability making more deals look attractive. Customers are generally the main motivation for acquisitions in the telecoms industry. However, as customer relationships are generally with the brand, particular attention needs to be given to brand due diligence prior to the acquisition.

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Bands Punching Above Their Weight

The World’s Most Valuable Mobile Telecoms Brands 2008

4. Brands Punching Above Their Weight*
(The difference between a brand’s rank by income and rank by brand value.)

1. Mobily, $1,514m, +23 places Mobily, the trade name of Saudi Arabian based Etihad-Etisalat, is one of the fastest growing mobile telecoms operators in the world. Its subscription base has grown from just over 2m in 2005 to over 10m and its income has grown similarly. With a low customer churn its customers are loyal and with future growth opportunities in the region and beyond, Mobily is one to watch.

2. Qtel, $802m, +18 places Qtel is ambitious, illustrated by its recent investment in Indosat. This ambition, coupled with one of the highest ARPU (average revenue per user) levels in the world – helped by its exclusivity in Quatar - and impressive growth in revenue and subscriber numbers, has helped Qtel’s brand rank 18 places higher then it does by income.

3. PMCL (Mobillink), $787m, +17 places With the backing of the deep-pocketed Orascom, PMCL is the largest mobile telecoms operator in Pakistan with a market share of 40%. This dominance, low churn rate and Pakistans’ large and growing population has helped PMCL punch well above its weight – also helped by the strength of its brand, rated the joint best by the expert panel. If PMCL continues to capitalize on this solid platform, it has a significant opportunity.

4. Airtel, $2,809m, +14 places Bharti Airtel’s keen focus on its Airtel brand has paid off. The brand is growing at around 70% a year and has well in excess of 50m subscribers. With India having a relatively low rate of mobile penetration there is still plenty of scope left for the brand. As India is a highly competitive market with a number of domestic and foreign rivals, there is no room for Airtel to become complacent.

5. Tata Indicom, $922m, +13 places Another brand benefiting from the growing Indian telecoms market is Tata Indicom, part of the Tata Group which has revenues of over $60bn in 2008. Tata Indicom is the fourth largest mobile telecoms brand in India with a significant and growing customer base which has virtually no churn. 6. Reliance, $1,878m, +11 places 7. Viettel, $536m, +11 places 8. Kyivstar, $1,046m, +10 places 9. Zain, $2,343m, +9 places 10. Movilnet, $931m, +9 places www.intangiblebusiness.com

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Brands Punching Below Their Weight

The World’s Most Valuable Mobile Telecoms Brands 2008

5. Brands Punching Below Their Weight
(The difference between a brand’s rank by income and rank by brand value.)

1. Tellas, $398m, -18 places The Greek telecoms operator Tellas is ranked 18 places lower by brand value than it is by turnover. Its combined brand score is the lowest in the top 100 at 25% and was given the lowest score by the panel of experts. Its mono-market status and unfavourably considered brand contribute towards this relatively poor performance.

2. MetroPCS, $579m, -18 places Despite having over 4m subscribers, MetroPCS is one of the smaller mobile operators in the US and has one of the lowest annual rates of turnover growth. Its commitment to flat rate billing differentiates the brand but unless it can communicate this benefit effectively this could serve to limit the brand’s relevance and expansion.

3. Vivo, $1,648m, -13 places Ranking 13 places lower by brand value than it does by turnover, Vivo appears to be struggling. This lack of direction is reflected in Vivo’s brand scores which highlight particularly the brand’s lack of heritage. With its dominant position, ownership by Portugal telecoms and Telefónica, and with renewed attention on its brand, however, Vivo is well placed to capitalise on Brazil’s economy and size.

4. Proximus, $786m, -13 places Proximus is the largest of Belgium’s three mobile operators with nearly 5m subscribers. Its number of customers and turnover, however, are both lower than its main rival Mobistar which is gradually catching up. Proximus has a high customer churn, an increasingly low ARPU and is at risk of losing yet more value to faster growing rivals Mobistar and Base.

5. Chunghwa telecoms, $630m -12 places Chunghwa telecoms is the largest mobile operator in the Republic of China (Taiwan) with nearly 9m customers. Having enjoyed government-owned status for so long, the brand appears to be failing to adapt to privatisation and free market competition, with a declining ARPU and falling 12 places lower by brand value than it is by turnover.

6. Bouygues Télécom, $2,014m, -10 places 7. Cellcom, $483m, -10 places 8. Wind, $1,464m, -8 places 9. US Cellular, $1,222m, -8 places 10. Teliasonera, $1,172, -8 places www.intangiblebusiness.com

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The Top 10

The World’s Most Valuable Mobile Telecoms Brands 2008

6. The Top 10

$30.8bn China Mobile
With 400m subscribers and 20% annual revenue growth driving income to near $50bn in 2007, China Mobile is the world’s biggest mobile telecoms operator. It also has the world’s most valuable telecoms brand, worth $30.8bn. The China Mobile brand was also scored the highest by the panel of industry experts and has the strongest overall brand score. Since losing its monopoly China Mobile has continued to be the dominant operator, a status it is set to continue enjoying.

$22.1bn Vodafone
Britain’s Vodafone group is the world’s second biggest mobile operator by both revenue and subscribers. Its brand is the most geographically spread and is the second most valuable telecoms brand in the world, worth $22.1bn. Its marketing investments, distinctive speech mark logo and vivid red colouring aid the brand’s standout and the company’s consistently acquisitive and nimble management will ensure brand value continues to grow with the company.

$20.4bn Verizon Wireless
As the biggest mobile operator in the US with revenues of $43bn, Verizon enjoys a customer base of over 70m. The brand’s significant advertising spend and 2,600 stores and kiosks through the country ensure Verizon’s constant and consistent visibility. Verizon’s relatively high ARPU and positive associations with the brand will contribute towards maintaining and developing the brand’s equity.

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The Top 10

The World’s Most Valuable Mobile Telecoms Brands 2008

$18.9bn AT&T
AT&T has the largest subscriber base in the US with over 70 customers. In the US, AT&T’s brand also scores the best by hard measures, from the panel and consequently its total average score, benefiting from its association with Apple’s iPhone. AT&T also scores the highest for awareness, relevance and heritage, despite being a relative newcomer in the world of mobile telecoms, only formed in January 2007 having rebranded from Cingular.

$16.9bn T-Mobile
Deutsche Telekom’s T-Mobile has built its European presence largely through acquisitions, acquiring and consequently rebranding incumbents in Croatia, Czech Republic, Hungary, Montenegro, Netherlands, Poland, Slovakia and the UK since 2002. This relative lack of heritage was recognized by the expert panel, contributing to T-Mobile’s low brand value ranking relative to its income. With nearly 30m of its 100m subscribers in the US, however, T-Mobile is establishing a good position there.

$15.5bn Orange
Since its acquisition by France telecoms in 2000, nearly all of France Telecom’s operations have been rebranded Orange. Orange is one of the most established mobile telecoms brands, looking forward to its 15th birthday in April 2009. This heritage has helped lower its rate of customer churn and is noted as Orange’s biggest strength. This contributes to the brand punching two places above its weighted relative to its size by income – testament to the value of its brand.

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The Top 10

The World’s Most Valuable Mobile Telecoms Brands 2008

$14.9bn NTT DoCoMo
NTT DoCoMo is Japan’s biggest mobile operator by revenue and subscribers, with over 50m of them. The brand is ranked as the third strongest in the world by the expert panel, with its heritage, level of awareness and relevance particularly rated. However, it is ranked two places lower by brand value than it is by size in the top 100. NTT DoCoMo’s limited exposure outside its domestic market reduces the brand’s value, although with this comes opportunity.

$14.5bn KDDI
Hot on NTT DoCoMo’s heels is KDDI, Japan’s second biggest mobile operator and eighth most valuable telecoms brand in the world. The brand’s mission to be ‘For Everyone and for Every Way They Communicate’ seems to be working. With a market share of over 20%, compared to NTT DoCoMo’s near 50%, KDDI is punching above its weight relative to its larger competitor.

$10.8bn Movistar
Movistar is Telefónica’s biggest and most valuable brand, behind O2. The Movistar brand resonates well in Spanish markets. It is the dominant operator in its domestic Spain, following its historical monopoly, and enjoys a significant presence in Latin American markets including Mexico, Chile, Venezuela, Brazil and Peru. Movistar’s related fixed line and internet services provide additional support to the brand in the mobile market.

$9.7bn Sprint
With the integration of Nextel complete and the Nextel brand absorbed within Sprint, the Sprint brand now has a strong platform for growth. It is already the third largest mobile operator in the US with over 50m customers and with several other smaller operators in the US, the brand has room for both organic and acquisitive growth. However, Sprint’s average brand score is relatively low compared to Verizon and AT&T which indicates further work is required.

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The Biggest Regions

The World’s Most Valuable Mobile Telecoms Brands 2008

7. The Biggest Regions
Total Number brand of brands value 113,691 32 99,341 58,673 14,275 11,539 8,899 8,468 2,829 29 10 9 7 4 7 2

Rank

Region Europe Asia North America South America Africa Russia Middle East Australia

1 2 3 4 5 6 7 8

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Regional Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

8. Regional Analysis, Europe
Top 100 brand value rank

Rank

Brand VODAFONE T-MOBILE ORANGE MOVISTAR TEM O2 TIM VIRGIN MOBILE SFR TELENOR TURKCELL BOUYGUES TÉLÉCOM KPN WIND E-PLUS TELIASONERA KYIVSTAR POLKOMTEL SWISSCOM ERA COSMOTE MOBILKOM PROXIMUS TDC MOBITEL TMN MOBISTAR ELISA TELE2 NETCOM AVEA TELLAS OPTIMUS Vodafone

Owner

Country of ownership
UK

Total brand value US$m

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 26 32

22,131 16,802 15,489 10,799 6,627 5,264 4,746 3,904 3,817 2,271 2,074 2,014 1,837 1,464 1,256 1,172 1,046 1,046 1,043 1,020 994 792 786 775 767 591 590 544 543 435 406 398 248

2 5 6 9 11 13 15 18 19 32 33 34 40 45 51 54 58 59 60 61 62 67 69 70 72 77 78 81 82 90 93 94 99

Deutsche Telekom France Telecom Telefonica Telefonica Telefonica Telecom Italia Virgin Group SFR Telenor Turkcell Iletisim Hizmetleri A.S. Bouygues Koninklijke PTT Nederland Wind Telecomunicazioni KPN TeliaSonera AB Telenor Polkomtel S.A. Swisscom Polska Telefonia Cyfrowa (PTC) OTE Mobilkom Austria Belgacom NV/SA Tele-Denmark Communications Mobitel Telecomunicações Móveis Nacionais Mobistar Elisa Oyj Tele2 AB NetCom AVEA Tellas Optimus Telecomunicações

Germany France Spain Spain Spain Italy UK France Norway Turkey France Netherlands Italy Germany Sweden Ukraine Poland Switzerland Poland Greece Austria Belgium Denmark Slovenia Portugal Belgium Finland Sweden Norway Turkey Indonesia Portugal

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Regional Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

Asia
Top 100 brand value rank

Rank

Brand CHINA MOBILE NTT DOCOMO KDDI SK TELECOM CHINA UNICOM SOFTBANK MOBILE KTF AIRTEL 3 LG TELECOM RELIANCE BSNL AIS DTAC TATA INDICOM PMCL (MOBILINK) SMART MAXIS IDEA CHUNGHWA TELECOM VIETTEL INDOSAT GLOBE DIGI EXCELCOMINDO GRAMEENPHONE SINGTEL MOBILE STARHUB China Mobile NTT DoCoMo KDDI Corporation SK Group

Owner

Country of ownership
China

Total brand value US$m

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 27 28 29

30,793 14,871 14,454 5,479 4,556 4,424 3,006 2,809 2,792 1,917 1,878 1,843 1,426 1,108 922 787 770 725 696 630 536 529 503 499 407 387 351 245

1 7 8 12 16 17 21 22 23 36 38 39 47 57 64 68 71 73 74 76 83 84 86 87 92 95 96 100

Japan Japan Korea China Japan Korea India Japan Korea India India Thailand Thailand India Pakistan Philippines Malaysia India China Vietnam Indonesia Philippines Malaysia Indonesia Bangladesh Singapore Singapore

China United Telecommunications Corp. SoftBank KTF Bharti Airtel Hutchison Whampoa LG Group Reliance Communications Bharat Sanchar Nigam Limited AIS DTAC Tata Group Orascom Smart Communications Maxis Communications Aditya Birla Group Chunghwa Telecom Viettel Qtel Globe Telecom DiGi Telecommunications Telekom Malaysia Telenor Singapore Telecommunications StarHub

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Regional Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

North America
Rank Brand VERIZON AT&T SPRINT ALLTEL ROGERS BELL TELUS US CELLULAR METROPCS LEAP WIRELESS Owner Verizon Communications AT&T Sprint Nextel Alltel Corporation Rogers Wireless Communications BCE TELUS Communications Company United States Cellular Corporation MetroPCS Communications Leap Wireless Country of ownership
US
Total brand value US$m Top 100 brand value rank

1 2 3 4 5 6 7 8 9 10

20,382 18,886 9,661 2,549 1,959 1,498 1,381 1,222 579 555

3 4 10 26 35 44 48 53 79 80

US US US Canada Canada Canada US US US

South America
Top 100 brand value rank

Rank

Brand RADIOMÓVIL DIPSA CLARO VIVO TELCEL COMCEL TELEMAR PCS (OI) MOVILNET ENTEL PCS IUSACELL Radiomóvil Dipsa América Móvil Vivo América Móvil

Owner

Country of ownership
Mexico

Total brand value US$m

1 2 3 4 5 6 7 8 9

5,144 1,891 1,648 1,459 1,243 1,158 931 506 295

14 37 42 46 52 56 63 85 97

Mexico Brazil Mexico Mexico Brazil Venezuela Chile Mexico

Comunicaciones Celulares Telemar PCS (Oi) CANTV Entel PCS Iusacell Grupo Iusacell

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Regional Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

Africa
Rank Brand MTN TELKOMSEL VODACOM ORASCOM IAM MOBINIL SAFARICOM MTN Telkomsel Vodacom Orascom Itissalat Al-Maghrib Mobinil Safaricom Owner Country of ownership
South Africa
Total brand value US$m Top 100 brand value rank

1 2 3 4 5 6 7

3,561 2,507 2,316 1,352 882 654 266

20 27 31 49 65 75 98

Kenya South Africa Egypt Morocco Egypt Kenya

Russia
Top 100 brand value rank

Rank

Brand MTS BEELINE MEGAFON UMC

Owner Mobile TeleSystems VimpelCom MegaFon MTS

Country of ownership
Russia

Total brand value US$m

1 2 3 4

2,713 2,569 2,357 1,260

24 25 29 50

Russia Russia Russia

Middle East
Top 100 brand value rank

Rank

Brand SAUDI TELECOM ZAIN MOBILY QTEL WATANIYA CELLCOM PELEPHONE

Owner Saudi Telecom Company Zain Group Etihad Etisalat Qatar Telecom Wataniya Telecom Cellcom Pelephone

Country of ownership
Saudi Arabia

Total brand value US$m

1 2 3 4 5 6 7

2,409 2,343 1,514 802 491 483 426

28 30 43 66 88 89 91

Bahrain Saudi Arabia Qatar Kuwait Israel Israel

Australia
Top 100 brand value rank

Rank

Brand TELSTRA OPTUS

Owner Telstra Corporation Singapore Telecommunications

Country of ownership
Australia

Total brand value US$m

1 2

1,661 1,168

41 55

Australia

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Country Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

9. Country Analysis: The Most Valuable Countries of Ownership

Rank

Country US Japan China UK Spain France Germany Korea Mexico Russia India Italy South Africa Canada Saudi Arabia Australia Brazil Kenya Norway Thailand Turkey Bahrain Poland Egypt Netherlands Sweden Greece Belgium Philippines Malaysia Ukraine Switzerland Indonesia Venezuela Israel Morocco Portugal Qatar Austria Pakistan Denmark Slovenia Singapore Finland Vietnam Chile Kuwait Bangladesh

total brand Number of value (US$) brands 53,836 36,541 35,979 26,035 22,690 21,319 18,058 10,401 10,033 8,899 8,147 6,210 5,877 4,838 3,923 2,829 2,805 2,773 2,706 2,533 2,480 2,343 2,066 2,006 1,837 1,715 1,392 1,376 1,273 1,225 1,046 1,043 936 931 909 882 840 802 792 787 775 767 596 544 536 506 491 387 7 4 3 2 3 3 2 3 5 4 5 2 2 3 2 2 2 2 2 2 2 1 2 2 1 2 2 2 2 2 1 1 2 1 2 1 2 1 1 1 1 1 2 1 1 1 1 1

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48
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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Country Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

China
Top 100 brand value rank

Rank

Brand CHINA MOBILE CHINA UNICOM CHUNGHWA TELECOM China Mobile

Owner

Total brand value US$m

1 2 3

30,793 4,556 630

1 16 76

China United Telecommunications Corp. Chunghwa Telecom

Canada
Top 100 brand value rank

Rank

Brand ROGERS BELL TELUS

Owner Rogers Wireless Communications BCE TELUS Communications Company

Total brand value US$m

1 2 3

1,959 1,498 1,381

35 44 48

France
Top 100 brand value rank

Rank

Brand ORANGE SFR BOUYGUES TÉLÉCOM France Telecom SFR Bouygues

Owner

Total brand value US$m

1 2 3

15,489 3,817 2,014

6 19 34

India
Top 100 brand value rank

Rank

Brand AIRTEL RELIANCE BSNL TATA INDICOM IDEA Bharti Airtel

Owner

Total brand value US$m

1 2 3 4 5

2,809 1,878 1,843 922 696

22 38 39 64 74

Reliance Communications Bharat Sanchar Nigam Limited Tata Group Aditya Birla Group

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Country Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

Indonesia
Total brand value US$m Top 100 brand value rank

Rank

Brand INDOSAT EXCELCOMINDO Qtel Telekom Malaysia

Owner

1 2

529 407

84 92

Japan
Total brand value US$m Top 100 brand value rank

Rank

Brand NTT DOCOMO KDDI SOFTBANK MOBILE 3 NTT DoCoMo KDDI Corporation SoftBank

Owner

1 2 3 4

14,871 14,454 4,424 2,792

7 8 17 23

Hutchison Whampoa

Korea
Total brand value US$m Top 100 brand value rank

Rank

Brand SK TELECOM KTF LG TELECOM SK Group KTF LG Group

Owner

1 2 3

5,479 3,006 1,917

12 21 36

Mexico
Total brand value US$m Top 100 brand value rank

Rank

Brand RADIOMÓVIL DIPSA CLARO TELCEL COMCEL IUSACELL Radiomóvil Dipsa América Móvil América Móvil

Owner

1 2 3 4 5

5,144 1,891 1,459 1,243 295

14 37 46 52 97

Comunicaciones Celulares Iusacell Grupo Iusacell

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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Country Analysis

The World’s Most Valuable Mobile Telecoms Brands 2008

Spain
Total brand value US$m Top 100 brand value rank

Rank

Brand MOVISTAR TEM O2 Telefonica Telefonica Telefonica

Owner

1 2 3

10,799 6,627 5,264

9 11 13

US
Total brand value US$m Top 100 brand value rank

Rank

Brand VERIZON AT&T SPRINT ALLTEL US CELLULAR METROPCS LEAP WIRELESS

Owner Verizon Communications AT&T Sprint Nextel Alltel Corporation United States Cellular Corporation MetroPCS Communications Leap Wireless

1 2 3 4 5 asdf 6 7

20,382 18,886 9,661 2,549 1,222 579 555

3 4 10 26 53 79 80

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Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

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The Top 100

The World’s Most Valuable Mobile Telecoms Brands 2008

10. The Top 100, 1-50
Rank 2008 Brand
CHINA MOBILE VODAFONE VERIZON AT&T T-MOBILE ORANGE NTT DOCOMO KDDI MOVIESTAR MOVISTAR SPRINT TEM SK TELECOM O2 RADIOMÓVIL DIPSA TIM CHINA UNICOM SOFTBANK MOBILE VIRGIN MOBILE SFR MTN KTF AIRTEL 3 MTS BEELINE ALLTEL TELKOMSEL SAUDI TELECOM MEGAFON ZAIN VODACOM TELENOR TURKCELL BOUYGUES TÉLÉCOM ROGERS LG TELECOM CLARO RELIANCE BSNL KPN TELSTRA VIVO MOBILY BELL WIND TELCEL AIS TELUS ORASCOM China Mobile Vodafone Verizon Communications AT&T Deutsche Telekom France Telecom NTT DoCoMo KDDI Corporation Telefonica Sprint Nextel Telefonica SK Group Telefonica Radiomóvil Dipsa Telecom Italia Owner Country of ownership China UK US US Germany France Japan Japan Spain US Spain Korea Spain Mexico Italy Asia Europe North America North America Europe Europe Asia Asia Europe North America Europe Asia Europe South America Europe Asia Asia Europe Europe Africa Asia Asia Asia Russia Russia North America Africa Middle East Russia Middle East Africa Europe Europe Europe North America Asia South America Asia Asia
Europe

Region

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50

Income Total brand Turnover vs brand value US$m rank value 1 0 30,793 22,131 20,382 18,886 16,802 15,489 14,871 14,454 10,799
9,661 6,627 5,479 5,264 5,144 4,746 4,556 4,424 3,904 3,817 3,561 3,006 2,809 2,792 2,713 2,569 2,549 2,507 2,409 2,357 2,343 2,316 2,271 2,074 2,014 1,959 1,917 1,891 1,878 1,843 1,837 1,661 1,648 1,514 1,498 1,464 1,459 1,426 1,381 1,352

Hard brand score
51% 31% 31% 36% 29% 28% 15% 19% 20% 23% 20% 22% 17% 27% 10% 21% 19% 30% 22% 22% 21%

Panel brand score
69% 60% 58% 59% 44% 49% 65% 51% 58% 43% 54% 65% 49% 55% 59% 51% 44% 41% 44% 58% 54%

Average brand score
60% 45% 45% 48% 36% 38% 40% 35% 39% 33% 37% 43% 33% 41% 35% 36% 32% 36% 33% 40% 37% 46% 37% 40% 35% 29% 40% 40% 36% 43% 35% 42% 35% 33% 35% 34% 42% 43% 38% 39% 35% 29% 57% 36% 29% 38% 36% 36% 38%

2 4 6 3 8 5 7
10

0 1 2 -2 2 -2 -1 1 -1 0 4 -1 4 -1 -1 -4 1 -2 1 1 14 3 3 3 -6 5 -5 2 9 -6 8 -3 -10 -2 -1 4 11 -5
3

9
11 16 12 18 14 15 13 19 17 21 22 36 26 27 28 20 32 23 31 39 25 40 30 24 33 35 41 49 34 43 38 29 66 47 37 54 50 42 55

China United Telecommunications Corp. China SoftBank Virgin Group SFR MTN KTF Bharti Airtel Hutchison Whampoa Mobile TeleSystems VimpelCom Alltel Corporation Telkomsel Saudi Telecom Company MegaFon Zain Group Vodacom Telenor Turkcell Iletisim Hizmetleri A.S. Bouygues Rogers Wireless Communications LG Group América Móvil Reliance Communications Bharat Sanchar Nigam Limited
Koninklijke PTT Nederland

Japan UK France South Africa Korea India Japan Russia Russia US Kenya Saudi Arabia Russia Bahrain South Africa Norway Turkey France Canada Korea Mexico India India
Netherlands

39%
25% 23% 18% 15% 30% 20% 24% 25% 23% 27% 19%

54%
49% 58% 53% 43% 49% 60% 48% 61% 48% 58% 50%

20%
23% 21% 29%

46%
46% 48% 56%

39%
30% 22% 17%

47%
46% 55% 54%

Telstra Corporation Vivo Etihad Etisalat BCE Wind Telecomunicazioni América Móvil AIS TELUS Communications Company Orascom

Australia Brazil Saudi Arabia Canada Italy Mexico Thailand Canada Egypt

Australia South America Middle East North America Europe South America Asia North America Africa

-3 -13 23 3 -8 8 3 -6 6

14% 54%
22% 16% 28% 28% 26% 20%

45% 59%
50% 41% 49% 44% 46% 56%

UMC

MTS

Russia

Russia

1,260

48

-2

16%

45%

30%

22

Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

www.intangiblebusiness.com

The Top 100

The World’s Most Valuable Mobile Telecoms Brands 2008

51-100
Rank 2008 Brand
E-PLUS COMCEL US CELLULAR TELIASONERA OPTUS TELEMAR PCS (OI) DTAC KYIVSTAR POLKOMTEL SWISSCOM ERA COSMOTE MOVILNET TATA INDICOM IAM QTEL MOBILKOM PMCL (MOBILINK) PROXIMUS TDC SMART MOBITEL MAXIS IDEA MOBINIL CHUNGHWA TELECOM TMN MOBISTAR METROPCS LEAP WIRELESS ELISA TELE2 VIETTEL INDOSAT ENTEL PCS GLOBE DIGI WATANIYA CELLCOM NETCOM PELEPHONE EXCELCOMINDO AVEA TELLAS GRAMEENPHONE SINGTEL MOBILE IUSACELL SAFARICOM OPTIMUS STARHUB KPN Comunicaciones Celulares United States Cellular Corporation TeliaSonera AB Singapore Telecommunications Telemar PCS (Oi) DTAC Telenor Polkomtel S.A. Swisscom Polska Telefonia Cyfrowa (PTC) OTE CANTV Tata Group Itissalat Al-Maghrib Qatar Telecom Mobilkom Austria Orascom Belgacom NV/SA Tele-Denmark Communications Smart Communications Mobitel Maxis Communications Aditya Birla Group Mobinil Chunghwa Telecom Telecomunicações Móveis Nacionais Mobistar MetroPCS Communications Leap Wireless Elisa Oyj Tele2 AB Viettel Qatar Telecom Entel PCS Globe Telecom DiGi Telecommunications Wataniya Telecom Cellcom NetCom Pelephone Telekom Malaysia AVEA Tellas Telenor Singapore Telecommunications Iusacell Grupo Iusacell Safaricom Optimus Telecomunicações StarHub
Owner Country of ownership Region Income Total brand Turnover vs brand value US$m rank value Hard brand score Panel brand score Average brand score

51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100

Germany Mexico US Sweden Australia Brazil Thailand Ukraine Poland Switzerland Poland Greece Venezuela India Morocco Qatar Austria Pakistan Belgium Denmark Philippines Slovenia Malaysia India Egypt China Portugal Belgium US US Finland Sweden Vietnam Indonesia Chile Philippines Malaysia Kuwait Israel Norway Israel Indonesia Turkey Greece Bangladesh Singapore Mexico Kenya Portugal Singapore

Europe South America North America Europe Australia South America Asia Europe Europe Europe Europe Europe South America Asia Africa Middle East Europe Asia Europe Europe Asia Europe Asia Asia Africa Asia Europe Europe North America North America Europe Europe Asia Asia South America Asia Asia Middle East Middle East Europe Middle East Asia Europe Europe Asia Asia South America Africa Europe Asia

1,256 1,243 1,222 1,172 1,168 1,158 1,108 1,046 1,046 1,043 1,020 994 931 922 882 802 792 787 786 775 770 767 725 696 654 630 591 590 579 555 544 543 536 529 506 503 499 491 483 435 426 407 406 398 387 351 295 266 248 245

44 60 45 46 51 57 53 68 59 52 58 61 72 77 69 84 62 85 56 63 73 81 67 74 78 64 70 71 65 75 80 83 94 82 89 87 86 91 79 88 90 93 92 76 97 98 95 99 96 100

-7 8 -8 -8 -4 1 -4 10 0 -8 -3 -1 9 13 4 18 -5 17 -13 -7 2 9 -6 0 3 -12 -7 -7 -14 -5 -1 1 11 -2 4 1 -1 3 -10 -2 -1 1 -1 -18 2 2 -2 1 -3 0

18% 33% 20% 8% 15% 24% 28% 20% 21% 16% 16% 23% 26% 54% 24% 39% 15% 30% 14% 14% 24% 32% 14% 38% 22% 13% 13% 17% 19% 21% 18% 16% 45% 25% 21% 25% 18% 20% 17% 19% 17% 27% 27% 14% 27% 20% 10% 10% 14% 17%

48% 43% 41% 60% 54% 44% 50% 60% 53% 58% 54% 52% 55% 48% 53% 58% 56% 69% 52% 56% 63% 56% 51% 46% 58% 54% 55% 50% 43% 40% 50% 49% 58% 53% 53% 59% 54% 59% 48% 49% 50% 51% 51% 35% 61% 61% 53% 58% 53% 54%

33% 38% 31% 34% 35% 34% 39% 40% 37% 37% 35% 38% 40% 51% 38% 49% 35% 49% 33% 35% 43% 44% 32% 42% 40% 34% 34% 33% 31% 30% 34% 33% 51% 39% 37% 42% 36% 40% 32% 34% 33% 39% 39% 25% 44% 40% 32% 34% 33% 35%

23

Brand valuations are based on an analysis of publicly available information and do not necessary reflect true past or future performance.

www.intangiblebusiness.com

Intangible Business
Intangible Business is the world’s leading independent brand valuation consultancy, specialising in valuing intangible assets, such as brands, for financial, management and litigation purposes. For further information and enquiries, please contact William Grobel or Stuart Whitwelll.

Intangible Business Ltd. 9 Maltings Place 169 Tower Bridge Road London SE1 3JB

Tel: + 44 (0) 870 240 7386 Fax: +44 (0) 20 7089 9239

Registered in England & Wales Company Number 4193941

www.intangiblebusiness.com

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