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2017 Appendix PDF
2017 Appendix PDF
Since 1999, BCG has published annual rank- January 1 through June 30, 2017. In addition,
ings of top value creators based on total for all but three of the industry rankings, we
shareholder return over the previous five- break down TSR performance into the six
year period. The 2017 rankings reflect our investor-oriented financial metrics used in
analysis of TSR at approximately 2,350 com- the BCG TSR disaggregation model: sales
panies worldwide from 2012 through 2016. growth, margin change, multiple change, divi-
dend yield, change in the number of shares
To arrive at this sample, we began with TSR outstanding, and change in net debt. For
data provided by S&P Capital IQdata that three industriesasset management and bro-
covers nearly 45,000 companies. We eliminat- kerage, banking, and insurancewe use a
ed all companies that either were not listed slightly different approach to TSR disaggrega-
on a world stock exchange for the full five tion because of the special analytical prob-
years of our study or did not trade at least lems involved in measuring value creation in
25% of their shares in public capital markets. those sectors.
We further refined the sample by organizing
the remaining companies into 32 industry
groups and by establishing an appropriate
market-valuation hurdle to eliminate the
smallest companies in each industry. (We Note
identify the size of the market-valuation hur- 1. TSR is a dynamic ratio that includes price gains and
dividend payments for a specific stock during a given
dle for each industry in the tables under In- period. To measure performance from 2012 through
dustry.) For our global large-cap top-ten 2016, we use 2011 end-of-year data as a starting point in
ranking, we focused on the 200 largest com- order to capture the change from 2011 to 2012, which
determines 2012 TSR.
panies by market valuation.
TSR Disaggregation
(percentage-point contributions)3
Media and
1 Netflix United States 53.1 65.7 22 22 70 0 2 3 20.7
publishing
Media and
3 Tencent Holdings China 229.5 47.0 40 3 12 1 1 1 43.1
publishing
Charter Communication
5 United States 77.4 35.5 32 0 11 0 19 11 17.0
Communications service providers
Communication
9 KDDI Japan 62.3 31.7 6 4 13 3 1 5 2.0
service providers
Asset management
10 Charles Schwab7 United States 52.3 30.0 12 3 15 1 1 n/a 9.3
and brokerage
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG
analysis.
Note: n = the worlds 200 largest global companies by market value as of December 31, 2016. n/a = not applicable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up
to the TSR figure shown.
4
Change in EBITDA multiple. See also footnote 7.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
7
Because both Bank of America and Charles Schwab are treated as financial institutions, the TSR disaggregation for these companies reflects
the approach used for the banking industry, in which equity growth replaces sales growth, ROE change replaces margin change, and the P/E
multiple replaces the EBITDA multiple. Change in net debt is not shown.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 66 global companies with a market valuation greater than $1 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 81 global companies with a market valuation greater than $2.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in P/E multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 52 global companies with a market valuation greater than $2.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
AUTOMOTIVE OEM
Automotive OEM Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net 2017
Sales Margin Multiple Dividend Share
value annual = growth + change + change4 + yield + change5 + debt TSR
Company Location1 ($billions)2 TSR (%) change (%)6
1 Eicher Motors India 8.7 72.4 21 16 39 1 0 4 23.8
2 Subaru (formerly Fuji Heavy Ind.) Japan 31.3 62.9 18 23 6 4 0 13 19.3
3 Tesla United States 34.4 49.6 103 n/m n/m 0 8 3 69.2
4 Maruti Suzuki India India 23.7 42.9 9 12 23 1 1 2 35.6
5 Geely Automobile Holdings Hong Kong 8.5 38.4 21 3 7 1 3 9 122.3
6 Chongqing Changan Automobile China 9.7 37.7 24 n/m n/m 3 0 4 3.1
7 Fiat Chrysler Automobiles United Kingdom 14.0 29.8 13 1 13 10 4 22 6.5
8 Renault France 26.2 29.6 4 9 6 4 2 9 2.5
9 Toyota Motor Japan 173.8 25.1 9 15 8 3 1 5 12.8
10 Mazda Motor Japan 9.8 23.8 10 46 49 1 10 26 16.9
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 38 global companies with a market valuation greater than $2.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 131 global companies with a market valuation greater than $10.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in P/E multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
BUILDING MATERIALS
Building Materials Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net
Sales Margin Multiple Dividend Share 2017
value annual = growth + change + change4 + yield + change5 + debt
TSR (%)6
Company Location1 ($billions)2 TSR (%) change
1 Bestway Cement Pakistan 1.5 112.7 21 11 34 12 0 35 18.9
2 Lucky Cement Pakistan 2.7 67.5 24 2 31 4 0 6 3.5
3 Dalmia Bharat India 1.8 64.4 26 1 23 1 2 16 81.9
4 Headwaters (acq. by Boral Ind.) United States 1.8 60.3 11 2 24 0 4 27 Delisted
5 Shree Cement India 7.6 47.3 16 1 28 1 0 4 15.8
6 Trex United States 2.0 41.2 12 30 5 0 0 5 5.1
7 Ramco Cements India 1.9 41.0 7 5 15 1 0 13 26.8
8 Sanwa Holdings Japan 2.2 40.4 8 17 2 3 1 12 7.5
9 Lennox International United States 6.6 37.1 2 15 11 2 4 3 20.2
10 Apogee Enterprises United States 1.5 36.1 11 35 11 2 0 0 6.7
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 70 global companies with a market valuation greater than $1.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 56 global companies with a market valuation greater than $7.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 55 global companies with a market valuation greater than $7.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 91 global companies with a market valuation greater than $1.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
CONSUMER DURABLES
Consumer Durables Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net 2017
Sales Margin Multiple Dividend Share
value annual = growth + change + change4 + yield + change5 + debt TSR
Company Location1 ($billions)2 TSR (%) change (%)6
1 Hanssem South Korea 3.0 59.9 22 5 31 2 1 2 7.5
2 TVS Motor India 2.5 50.5 12 3 26 3 0 6 52.8
3 Hangzhou Robam Appliances China 3.9 46.5 30 16 2 1 0 3 54.2
4 Man Wah Holdings Hong Kong 2.6 41.7 13 23 1 7 0 2 33.5
5 Suofeiya Home Collection China 3.6 41.0 35 8 2 2 2 4 52.1
6 Yamaha Japan 5.7 40.5 3 23 8 2 1 4 9.6
7 Shimano Japan 14.6 38.8 8 6 26 1 0 2 3.1
8 DeLonghi Italy 3.6 34.3 0 5 22 7 0 0 25.2
9 Whirlpool United States 13.7 33.6 2 6 17 3 0 5 6.6
10 Thor Industries United States 5.3 33.5 13 11 8 4 1 4 5.2
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 59 global companies with a market valuation greater than $2.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 83 global companies with a market valuation greater than $7.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 38 global companies with a market valuation greater than $4.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 45 global companies with a market valuation greater than $2.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 75 global companies with a market valuation greater than $1.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 70 global companies with a market valuation greater than $1.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 45 global companies with a market valuation greater than $1.5 billion as of December 31, 2016. n/a = not applicable.
1
Location corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple (except for Centene and Cigna; see footnote 7).
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
7
Because both UnitedHealth and Cigna have large health-insurance businesses, the TSR disaggregation for these companies reflects the approach
used for the insurance industry, in which equity growth replaces sales growth and the price-to-book multiple replaces the EBITDA multiple. Change
in margin and net debt are not shown.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 84 global companies with a market valuation greater than $5.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in price-to-book multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
LARGE-CAP PHARMA
Large-Cap Pharma Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net 2017
Sales Margin Multiple Dividend Share
value annual = growth + change + change4 + yield + change5 + debt TSR
Company Location 1
($billions)2 TSR (%) change (%)6
1 Actelion Switzerland 22.5 49.1 6 11 33 2 3 6 21.5
2 Incyte United States 18.9 46.2 64 n/m n/m 0 8 1 25.6
3 Regeneron Pharmaceuticals United States 39.4 46.0 61 n/m n/m 0 3 0 33.8
4 Gilead Sciences United States 94.3 29.4 29 7 6 1 3 4 0.4
5 Allergan Ireland 78.8 28.3 26 15 10 0 19 3 16.4
6 Celgene United States 89.7 27.9 18 2 11 0 3 2 12.2
7 Astellas Pharma Japan 29.5 23.7 6 5 11 3 2 2 14.4
8 Merck Germany 45.6 22.6 8 3 11 2 0 1 7.5
9 Otsuka Holdings Japan 23.6 21.5 1 7 31 3 1 7 5.9
10 Biogen United States 61.7 20.8 18 7 5 0 2 1 3.9
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 30 global companies with a market valuation greater than $18 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 80 global companies with a market valuation greater than $4.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 73 global companies with a market valuation greater than $4.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 74 global companies with a market valuation greater than $1.5 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
METALS
Metals Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net
Sales Margin Multiple Dividend Share 2017
value annual = growth + change + change4 + yield + change5 + debt
TSR (%)6
Company Location1 ($billions)2 TSR (%) change
1 Ternium Siderar Argentina 2.7 47.0 18 3 23 7 0 4 16.1
2 Jiangsu Shagang China 5.1 40.8 13 6 39 0 0 9 Halted
3 Jiangxi Ganfeng Lithium China 2.9 39.2 43 18 17 1 4 2 74.5
4 BlueScope Steel Australia 3.9 31.3 2 69 46 1 1 7 42.8
5 Erdemir Group Turkey 5.1 29.6 5 0 5 9 0 9 47.2
6 Aperam Luxembourg 3.6 28.3 8 14 8 2 0 11 2.5
7 JSW Steel India 5.8 27.6 16 3 8 1 2 2 26.5
8 Worthington Industries United States 3.0 26.4 3 8 7 3 2 4 6.8
9 Steel Dynamics United States 8.7 25.3 1 8 9 3 2 8 1.1
10 Grupo Simec Mexico 2.3 24.5 1 7 19 0 1 1 34.4
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 70 global companies with a market valuation greater than $2.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 51 global companies with a market valuation greater than $4.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
MINING
Mining Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net 2017
Sales Margin Multiple Dividend Share
value annual = growth + change + change4 + yield + change5 + debt TSR
Company Location 1
($billions)2 TSR (%) change (%)6
1 Boliden Sweden 7.2 22.0 0 8 9 3 0 2 1.4
2 Imerys France 6.1 18.6 3 0 11 3 1 3 8.3
3 China Molybdenum China 7.9 17.8 3 9 21 4 3 16 56.0
4 Shanxi Meijin Energy China 5.0 11.8 36 48 37 0 34 1 3.9
5 Franco-Nevada Canada 10.7 11.0 8 0 9 2 5 3 21.3
6 Saudi Arabian Mining (Maaden) Saudi Arabia 12.1 10.8 44 7 16 2 5 8 24.9
7 Norilsk Nickel Russia 26.4 9.8 10 1 12 8 2 1 17.8
8 Wintime Energy China 7.2 8.8 46 15 3 1 25 2 11.0
9 Vedanta India 9.4 7.8 48 21 27 2 22 26 23.2
10 Shandong Gold Mining China 9.8 5.6 5 5 10 0 5 0 20.5
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 50 global companies with a market valuation greater than $3.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 64 global companies with a market valuation greater than $4.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
OIL
Oil Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net 2017
Sales Margin Multiple Dividend Share
value annual = growth + change + change4 + yield + change5 + debt TSR
Company Location1 ($billions)2 TSR (%) change (%)6
1 Bharat Petroleum India 13.5 43.6 4 26 0 4 0 9 5.5
2 Neste Finland 9.9 41.3 8 32 2 5 0 14 2.1
3 Cheniere Energy United States 9.7 36.7 35 22 35 0 12 0 17.6
4 Transneft Russia 23.0 33.1 5 2 11 1 0 15 19.4
5 Tesoro United States 10.2 32.5 4 13 21 2 4 3 8.4
6 Valero Energy United States 30.9 32.4 11 14 12 6 4 7 0.8
7 Marathon Petroleum United States 26.6 27.9 5 6 26 3 6 8 5.4
8 Tatneft Russia 14.7 26.4 1 10 7 5 0 6 12.0
9 ORLEN Poland 8.7 24.3 6 11 7 4 0 8 31.2
10 Indian Oil India 23.3 23.7 3 10 3 3 0 5 23.8
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 81 global companies with a market valuation greater than $8.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 92 global companies with a market valuation greater than $5.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
REAL ESTATE
Real Estate Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average 2017
Equity ROE Multiple Dividend Share
value annual = growth + change + change4 + yield + change5
TSR
Company Location1 ($billions)2 TSR (%) (%)6
1 Fastighets AB Balder Sweden 3.7 48.7 33 n/m n/m 0 2 10.8
2 China Fortune Land Development China 10.2 47.9 56 19 12 2 2 43.2
3 Barratt Developments United Kingdom 5.7 41.7 7 69 37 4 1 23.4
4 Sunac China Holdings China 3.2 40.1 36 39 42 5 5 151.7
5 Persimmon United Kingdom 6.8 36.9 8 34 12 6 0 33.8
6 Taylor Wimpey United Kingdom 6.2 36.5 10 46 23 4 1 21.7
7 Shanghai Chengtou China 9.5 35.8 13 0 23 1 2 48.3
8 Yango Group China 3.2 33.9 46 15 11 1 9 4.5
9 Bellway United Kingdom 3.8 32.2 13 35 19 4 0 21.7
10 Daiwa House Industry Japan 18.1 31.9 14 20 2 4 3 22.0
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 92 global companies with a market valuation greater than $3.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in P/E multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 92 global companies with a market valuation greater than $4.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
SERVICES
Services Top Ten, 20122016
TSR Disaggregation
(percentage-point contributions)3
Profit growth Valuation Cash flow contribution
Market Average Net 2017
Sales Margin Multiple Dividend Share
value annual = growth + change + change4 + yield + change5 + debt TSR
Company Location1 ($billions)2 TSR (%) change (%)6
1 MonotaRO Japan 2.5 64.5 26 9 29 1 1 0 51.5
2 Temp Holdings Japan 3.7 52.6 20 16 39 2 5 20 16.7
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 82 global companies with a market valuation greater than $2.5 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 94 global companies with a market valuation greater than $9.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG
analysis.
Note: n = 99 global companies with a market valuation greater than $2.0 billion as of December 31, 2016. n/m = not measurable.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.
Sources: S&P Global Market Intelligence; Thomson Reuters Eikon; Bloomberg; company disclosures; BCG Value Creators report 2017; BCG analysis.
Note: n = 80 global companies with a market valuation greater than $3.0 billion as of December 31, 2016.
1
Location of corporate headquarters.
2
As of December 31, 2016.
3
The contribution of each factor to the average annual TSR is shown in percentage points. Because of rounding, the numbers may not add up to
the TSR figure shown.
4
Change in EBITDA multiple.
5
Share change refers to the change in the number of shares outstanding, not to the change in share price.
6
As of June 30, 2017.