Global Top 100 Companies by market capitalisation

Transcription

1 Companies by market capitalisation 31 March 2015 update An IPO Centre publication

2 Contents Section 1 Highlights and trends 3 Section 2 Year-on-year comparison: 2015 vs Section 3 Value distributed to shareholders in calendar year Section 4 Post-financial crisis comparison: 2015 vs

3 Section 1 Highlights and trends Slide 3

4 Market Cap ($) No. of companies Market Cap ($) Introduction In this brief report we have ranked the global top 100 companies by market capitalisation. The results are a definite eye opener and we have been able to identify some interesting trends and developments on an individual company level, a country level and by sector. Key highlights - Apple is #1. Having increased its market cap almost 8 times since 2009, its has jumped from rank 33 to pole position. - Technology (+177%), Consumer Services (+163%) and Healthcare (+159%) are the leading sectors to have grown market cap in the Top 100, driven by innovation, extending global reach and recovery from the financial crisis. - The US is king - there are 53 companies from the US in the top 100, up from 47 last year and 42 in Europe and China have remained stable overall. France, Japan and Brazil have not kept pace and have slipped down the rankings. - A total of $689bn has been distributed to shareholders in 2014 by the current Top 100. $18,000bn $15,000bn $12,000bn $9,000bn $6,000bn $3,000bn $0bn $800bn $600bn $400bn $200bn $bn Total market cap of top 100 companies as at 31 March $8,402 <$50bn $50bn - $75bn Market Caps of top and bottom companies $337 $40bn $725 $85bn Number 1 Number 100 $16, Spread of companies by market cap (2015 vs. 2009) Exxon Mobil $75bn - $100bn $100bn - $150bn $150bn - $200bn Number of Top 100 companies in 2015 Number of Top 100 companies in 2009 $200bn - $250bn $250bn - $300bn >$300bn Apple Source: Bloomberg and analysis Slide 4

5 The ranking methodology Methodology The list ranks companies by their market capitalisation in US$ as at 31 March 2015 and compares this with the Top 100 list as at 31 March 2014 and 2009 Data source is Bloomberg, with analysis Industry classification based on ICB ETFs and closed end funds are excluded from the analysis In order to meet market perception we allocated dual listed companies as follows: BHP Billiton (AUS), Rio Tinto (UK), Royal Dutch Shell (UK) and Unilever (NL) The ranking does not compensate for changes in currency exchange rates The distribution of value is based on dividend payments and share repurchases in 2014 Slide 5

6 Market Cap ($) Market Cap ($) Total top 100 companies by market capitalisation as at 31 March $16,000bn $14,000bn $12,000bn $10,000bn $8,000bn $6,000bn $4,000bn $2,000bn $0bn $15,020bn $16,245bn $13,597bn $12,974bn $12,917bn $12,047bn $8,402bn $800bn $700bn $600bn $500bn $400bn $300bn $200bn $100bn $bn Market Caps of top and bottom in the top 100 companies $725 $559 Apple $417 Apple $416 $469 $337 $329 Exxon Mobil Apple Apple Exxon Mobil PetroChina. $40 $61 $69 $64 $70 $81 $ Number 1 Number 100 Source: Bloomberg and analysis Slide 6

7 Top 100 companies per country of domicile trends (1/3) 53 United States China/HK United Kingdom Germany France Australia Number of companies in the Top 100 Source: Bloomberg and analysis Slide 7

8 Top 100 companies per country of domicile - trends (2/3) 3 Switzerland 3 3 Japan Spain Netherland Taiwan Korea Number of companies in the Top 100 Source: Bloomberg and analysis Slide 8

9 Top 100 companies per country of domicile - trends (3/3) 1 Brazil Canada Belgium 1 1 Ireland Denmark Number of companies in the Top 100 Source: Bloomberg and analysis Slide 9

10 Section 2 Year-on-year comparison 2015 vs Slide 10

11 The movements Key highlights 85 companies from 2014 survived to be in the list at 31 March company entered the by IPO: Alibaba (#22) The U.S. (Apple, Actavis) and China (PetroChina, China Life Insurance Company, Bank of China) are the top risers since 31 March The market cap of the most valuable company at 31 March 2015, Apple, has increased by 54% to $725bn. The US has the highest combined market capitalisation of national companies ($9.3trn), a 12% increase since 31 March In 2015 there are 53 US companies in the against 47 in China has taken the second position over the UK, which lies now third in terms of market cap. Russia, Saudi Arabia, Italy, Norway and Colombia have dropped out of the Top 100. Source: Bloomberg and analysis Slide 11

12 Number of companies Between 2014 and 2015 there were 15 changes to the (15) as at 31 March 2014 Acquired, merged or seperated Dropped from the IPOs and spin-offs* New entries by growth and M&A as at 31 March 2015 * 1 IPO: Alibaba in 2014 Source: Bloomberg and analysis Slide 12

13 Total market cap ($bn) Between 2014 and 2015 the total market cap of the global top 100 increased by $1,225bn $18,000 $16,000 $14,000 $12,000 $15,020bn $0 ($1,376bn) $205 $1,430 $966 $16,245 $10,000 $8,000 $6,000 $4,000 $2,000 $0 as at 31 March acquired, merged or seperated 15 dropped from the Global Top IPOs and spinoff* 14 new entries by growth and M&A 85 Survivors Growth as at 31 March 2014 *IPOs: Alibaba in 2014 Source: Bloomberg and analysis Slide 13

14 companies per country absolute market capitalisation change Country Market cap var. of current Top 100 ($bn) Rank Top Top Market cap ($bn) No. Market cap in 2014 ($bn) Rank Market cap ($bn) United States , , , China , , ,082 7 United Kingdom , ,147 8 Switzerland Germany France Australia Japan Hong Kong Spain Belgium South Korea Denmark Netherlands Taiwan Ireland Brazil Canada Russia Saudi Arabia Italy Norway Colombia No. Source: Bloomberg and analysis Slide 14

15 companies per country relative market capitalisation change Country % market cap change % index change * Top 100 vs. National index performance Market cap of current top 100 ($bn) Market cap of current top 100 ($bn) United States 12% 10% Outperformed 9,322 8,356 China 65% 89% Underperformed 1,973 1,197 United Kingdom -15% 3% Underperformed 941 1,103 Switzerland 2% 8% Underperformed Germany -5% 25% Underperformed France -10% 15% Underperformed Australia -13% 10% Underperformed Japan 19% 30% Underperformed Hong Kong 40% 12% Outperformed Spain 6% 11% Underperformed Belgium 16% 19% Underperformed South Korea -8% 0% Underperformed Denmark 34% 36% Underperformed Netherlands 4% 21% Underperformed Taiwan 31% 8% Outperformed Ireland 80% 21% Outperformed Brazil -20% 2% Underperformed Canada -7% 6% Underperformed * Price change of the local main index per country Source: Bloomberg and analysis Slide 15

16 The risers The 20 companies with the largest absolute increase in market cap Company name Nationality Industry Change in Market Cap ($bn) Market Cap 2015 ($bn) Market Cap 2014 ($bn) 1 Apple Inc United States Technology % PetroChina Co Ltd China Oil & Gas % China Life Insurance Co Ltd China Financials % Bank of China Ltd China Financials 82 71% Actavis PLC United States Health Care % ICBC Ltd China Financials 80 41% China Mobile Ltd Hong Kong Telecommunications 77 40% Berkshire Hathaway Inc United States Financials 71 25% Agricultural bank of China China Financials 65 52% Ping An Insurance Group China Financials % Kinder Morgan United States Oil & Gas % Facebook Inc United States Technology 56 32% Medtronic PLC Ireland Health Care 50 80% Novartis AG Switzerland Health Care 44 20% Toyota Motor Japan Consumer Goods 42 21% China Construction Bank Corp China Financials 38 23% The Walt Disney Co United States Consumer Services 37 26% NovoNordisk A/S Denmark Health Care 36 34% Wells Fargo & Co United States Financials 36 15% Celgene Corp United States Health Care 36 63% Source: Bloomberg and analysis Slide 16

17 The risers The 20 companies with the largest relative increase in market cap Company name Nationality Industry Change in Market cap (%) Market Cap 2015 ($bn) Market Cap 2014 ($bn) 1 Actavis PLC United States Health Care +227% Kinder Morgan United States Oil & Gas +171% China Life Insurance Co Ltd China Financials +138% Ping An Insurance Group China Financials +106% Medtronic PLC Ireland Health Care +80% Bank of China Ltd China Financials +71% Celgene Corp United States Health Care +63% Apple Inc United States Technology +54% Agricultural bank of China China Financials +52% PetroChina Co Ltd China Oil & Gas +47% Walgreens Boots United States Consumer Services +46% ICBC Ltd China Financials +41% China Mobile Ltd Hong Kong Telecommunications +40% UnitedHealth Group United States Health Care +39% Biogen Idec Inc United States Health Care +37% CVS Health Corp United States Consumer Services +35% NovoNordisk A/S Denmark Health Care +34% Nike Inc United States Consumer Goods +33% Facebook Inc United States Technology +32% Altria Group United States Consumer Goods +32% Source: Bloomberg and analysis Slide 17

18 The fallers The 20 companies with the largest absolute decrease in market cap Company name Nationality Industry Change in Market Cap ($bn) Market Cap 2015 ($bn) Market Cap 2014 ($bn) Change in Rank 1 Exxon Mobil Corp United States Oil & Gas BHP Billiton Australia Basic Materials Royal Dutch Shell United Kingdom Oil & Gas BP PLC United Kingdom Oil & Gas Total SA France Oil & Gas HSBC Holdings PLC United Kingdom Financials IBM Corp United States Technology Google Inc United States Technology Roche Holding AG Switzerland Health Care GlaxoSmithkline PLC United Kingdom Health Care Vodafone Group PLC United Kingdom Telecommunications Chevron Corp United States Oil & Gas Siemens AG Germany Industrials Ambev Brazil Consumer Goods Samsung South Korea Consumer Goods Schlumberger LTD United States Oil & Gas BASF Germany Basic Materials Qualcomm Inc United States Technology Bank of America United States Financials Philip Morris International United States Consumer Goods Source: Bloomberg and analysis Slide 18

19 Industry comparison Industry Total top 100 Market cap ($bn) 2015 Number of companies 2015 Market cap var. of current top vs Industry index performance since 2014 Index outperformance 1 Financials 3, % 1% 2 Technology 2, % 15% 3 Health Care 2, % 19% 4 Consumer Goods 2, % 15% 5 Oil & Gas 1, % -18% 6 Consumer Services 1, %* 1% 7 Industrials % 1% 8 Telecommunications % -2% 9 Basic Materials % -9% 10 Utilities 0 0 n/a 0 - * Excluding Alibaba (IPO 2014) Note : Industry index performance is based on the MSCI International ACWI Industry Price Index USD Source: Bloomberg and analysis Slide 19

20 Section 3 value distributed to shareholders in calendar year 2014 Slide 20

21 Value distributed to shareholders in calendar year 2014 Key highlights Apple distributed $56bn in 2014 and has announced to hand back another $70bn to investors in dividends and share repurchases. A total of $689bn has been distributed to shareholders by the Top 100 companies. American companies, representing 53 of the Top 100 companies, accounted for $452bn or 66% of the value distribution. Companies in the technology sector returned the highest total amount ($141bn) to shareholders, but also companies in the Financial and Oil & Gas sector returned a total of more than $100bn by sector. Slide 21

22 Value distribution by country in calendar year 2014 Country Number of companies Market cap ($bn) Dividends Share buyback 2014 ($bn) (1) 2014 ($bn) (1) Total value distribution 2014 ($bn) (1) % of total distribution Dividend as % of market cap (2) Total value as % of market cap (2) United States 53 9, % 2.0% 4.9% China 10 1, % 3.2% 3.2% United Kingdom % 4.9% 5.6% Switzerland % 2.9% 2.9% Germany % 2.6% 2.9% Australia % 5.1% 5.1% France % 3.7% 3.7% Hong Kong % 3.1% 3.1% Belgium % 3.8% 3.8% Japan % 1.9% 1.9% Brazil % 5.7% 5.7% Netherlands % 3.4% 3.9% Canada % 4.5% 4.7% Ireland % 1.0% 3.3% Spain % 1.5% 1.5% Taiwan % 2.1% 2.1% South Korea % 1.1% 1.1% Denmark % 1.5% 1.5% Total , % 2.6% 4.2% (1) Actual payment in calendar year 2014 (2) Market cap as at 31 March 2015 Source: Bloomberg and analysis Slide 22

23 Value distribution by sector in calendar year 2014 Market cap Share Total value Dividend as Total value as Number of Dividends % of total Industry companies 2014 ($bn) ($bn) (1) buyback 2014 distribution % of market % of market ($bn) (1) 2014 ($bn) (1) distribution cap (2) cap (2) Technology 12 2, % 1.5% 5.0% Financials 19 3, % 2.8% 3.5% Oil & Gas 9 1, % 3.7% 6.2% Consumer Goods 18 2, % 2.9% 3.9% Health Care 18 2, % 2.3% 3.6% Consumer Services 10 1, % 1.3% 3.5% Industrials % 2.7% 4.6% Telecommunications % 4.7% 5.1% Basic Materials % 3.6% 3.6% Total , % 2.6% 4.2% (1) Actual payment in calendar year 2014 (2) Market cap as at 31 March 2015 Source: Bloomberg and analysis Slide 23

24 Section 4 Post-financial crisis comparison 2015 vs ) Key movements 2) The industries sorted by sector 3) Country/region comparison 4) Complete ranking Slide 24

25 Section 4 Post-financial crisis comparison 2015 vs ) Key movements 2) The industries sorted by sector 3) Country/region comparison 4) Complete ranking Slide 25

26 The movements Key highlights 66 companies from 2009 survived to be in the list at 31 March companies entered the by IPOs and 1 by spin-off. IPOs: Alibaba (#22), Facebook (#17), Agricultural Bank of China (#29) and Kinder Morgan (#90). Spin-off: AbbVie (#86). Tech (Apple, Google and Microsoft) and Financials (Wells Fargo and Berkshire Hathaway) companies are the top risers since Here again the US dominates. Companies from the Utilities industry (4 companies in 2009) have all fallen out of the global top 100 as at 31 March The threshold to enter the has doubled. In 2015 it takes more than $85bn in market cap to be in the list, in 2009 a little more than $40bn was sufficient. The market cap of the most valuable company at 31 March 2015, Apple, with a market cap of $725bn, has exceeded its $559bn peak achieved as at 31 March It lies far above #2 ranked company, Google, with a market cap of $375bn. As expected, the US has the highest combined market capitalisation of national companies ($9.3trn). In 2015 there are 53 US companies in the against 42 in China/Hong Kong and the UK have remained stable (resp. 11 and 8 companies), while the other BRIC nations fell from 6 to 1 and the Eurozone from 18 to 15. Source: Bloomberg and analysis Slide 26

27 Number of companies Spread of market capitalisations in the Global Top 100 as at 31 March Number of Top 100 companies in 2015 Number of Top 100 companies in <$50bn $50bn - $75bn $75bn - $100bn $100bn - $150bn $150bn - $200bn $200bn - $250bn $250bn - $300bn >$300bn 73 companies of the global Top 100 had a market capitalisation less than $100bn as at 31 March companies of the global Top 100 had a market capitalisation less than $100bn as at 31 March 2015 The average market capitalisation as at 31 March 2009 was $84bn, while the average market capitalisation as at 31 March 2015 was $162bn Source: Bloomberg and analysis Slide 27

28 Number of companies Between 2009 and 2015 there were 34 changes to the as at 31 March 2009 Acquired, merged or seperated Dropped from the IPOs and spin-offs* New entries by growth and M&A as at 31 March 2015 *IPOs: Agricultural Bank of China in 2010, Kinder Morgan in 2011, Facebook in 2012, Alibaba in 2014 Spin-off : AbbVie in 2013 Source: Bloomberg and analysis Slide 28

29 Total market cap ($bn) Between 2009 and 2015 the total market cap of the global top 100 increased by $7,843bn $18,000 $16,000 $5,732bn $16,245bn $14,000 $12,000 $3,346bn $10,000 $8,402bn $8,000 $6,000 ($394bn) ($1,651bn) $809bn $4,000 $2,000 $0 as at 31 March acquired, merged or seperated 28 dropped from the Global Top IPOs and spinoffs* 29 new entries by growth and M&A 66 Survivors Growth as at 31 March 2014 *IPOs: Agricultural Bank of China in 2010, Kinder Morgan in 2011, Facebook in 2012, Alibaba in 2014 Spin-off : AbbVie in 2013 Source: Bloomberg and analysis Slide 29

30 companies per country absolute market capitalisation change Country Market cap var. of current Top 100 ($bn) Rank Top Top Market cap ($bn) No. Market cap in 2009 ($bn) Rank Market cap ($bn) United States 5, , , China , United Kingdom Switzerland Germany France Australia Japan Hong Kong Spain Belgium South Korea Denmark Netherlands Taiwan Ireland Brazil Canada Russia Italy Norway India Mexico Finland No. Source: Bloomberg and analysis Slide 30

31 companies per country relative market capitalisation change Country % market cap change % index change * Top 100 vs. National index performance Market cap of current top 100 ($bn) Market cap of current top 100 ($bn) United States 153% 159% Underperformed 9,322 3,690 China 123% 62% Outperformed 1, United Kingdom 48% 73% Underperformed Switzerland 115% 85% Outperformed Germany 124% 193% Underperformed France 68% 79% Underperformed Australia 72% 64% Outperformed Japan 98% 137% Underperformed Hong Kong 53% 83% Underperformed Spain 156% 47% Outperformed Belgium 346% 113% Outperformed South Korea 189% 69% Outperformed Denmark 463% 318% Outperformed Netherlands 116% 126% Underperformed Taiwan 211% 84% Outperformed Ireland 237% 174% Outperformed Brazil 554% 54% Outperformed Canada 112% 71% Outperformed * Price change of the local main index per country Source: Bloomberg and analysis Slide 31

32 The risers The 20 companies with the largest absolute increase in market cap Company name Nationality Industry Change in Market Cap ($bn) Market Cap 2015 ($bn) Market Cap 2009 ($bn) 1 Apple Inc United States Technology % Google Inc United States Technology % Berkshire Hathaway Inc United States Financials % Wells Fargo & Co United States Financials % Microsoft Corp United States Technology % Novartis AG Switzerland Health Care % Tencent Holdings Ltd China Technology % Anheuser-Busch Belgium Consumer Goods % The Walt Disney Co United States Consumer Services % General Electric United States Industrials % Citigroup United States Financials % Amazon.com United States Consumer Services % Johnson United States Health Care % Toyota Motor Japan Consumer Goods % Samsung South Korea Consumer Goods % JPMorgan Chase & Co United States Financials % Pfizer Inc United States Health Care % Roche Holding AG Switzerland Health Care % Visa Inc United States Financials % Bank of America United States Financials % Source: Bloomberg and analysis Slide 32

33 The risers The 20 companies with the largest relative increase in market cap Company name Nationality Industry Market cap var (%) Market Cap 2015 ($bn) Market Cap 2009 ($bn) 1 Actavis PLC United States Health Care 3503% Tencent Holdings Ltd China Technology 1236% Citigroup United States Financials 1029% Apple Inc United States Technology 674% Biogen Idec Inc United States Health Care 536% Amazon.com United States Consumer Services 449% The Walt Disney Co United States Consumer Services 429% NovoNordisk A/S Denmark Health Care 379% Wells Fargo & Co United States Financials 364% Union Pacific Corp United States Industrials 361% MasterCard Inc United States Financials 360% Celgene Corp United States Health Care 352% Anheuser-Busch Belgium Consumer Goods 346% UnitedHealth Group United States Health Care 343% Inditex S.A. Spain Consumer Services 313% The Boeing Company United States Industrials 307% Visa Inc United States Financials 283% Nike Inc United States Consumer Goods 282% Sabmiller PLC United Kingdom Consumer Goods 280% Daimler AG Germany Consumer Goods 278% Source: Bloomberg and analysis Slide 33

34 The fallers The companies with a decrease in market capitalisation Company name Nationality Industry Change in Market Cap ($bn) Market Cap 2015 ($bn) Market Cap 2009 ($bn) Change in rank BP PLC United Kingdom Oil & Gas Vodafone Group United Kingdom Telecommunications Note: Vodafone disposed of its US group, whose principal asset was its 45% interest in Verizon Wireless, on 21 February 2014 for consideration of US$130 billion and returned a majority of the proceeds of approximately US$84 billion to shareholders. Source: Bloomberg and analysis Slide 34

35 Section 4 Post-financial crisis comparison 2015 vs ) Key movements 2) The industries sorted by sector 3) Country/region comparison 4) Complete ranking Slide 35

36 The industries Key highlights Three industries show significant upward trends: Technology (+177%), Consumer Services (+163%) and Healthcare(+159%), which are the leading sectors to have grown market cap in the Top 100, driven by innovation and recovery from the financial crisis. Among all these industries are largely dominated by US companies. The value of Technology companies (12) in the has increased the most by 177% to $2.6tr with 3 new entries in the in 2015, of which one in the top 20 (Facebook #17). However, the Healthcare and Consumer Goods sectors lie very close behind, both with a market cap of $2.5tr. Technology has 2 very impressive risers with Apple and Google. 17 years ago Apple was valued at a few billion USD and Google was just founded. The technology sector predominantly consists of US domiciled companies. The number of Consumer Services in the Global top 100 grew from 3 to 10 one by IPO (Alibaba) and 6 by growth. Again the US dominates, accounting for 8 out of 10. Increasing consumption and the rise of the middle class throughout large parts of the world are key trends that enable companies in this sector to grow. Financial Services is the sector with the most companies in our study. The Financial sector has grown with 135% from 2009 to 2015, a sign of post crisis recovery. Slide 36

37 Industry comparison Industry Total top 100 Market cap ($bn) 2015 Number of companies 2015 Market cap var. of current top vs. 2009* Industry index performance since 2009 Index outperformance 1 Financials 3, % 107% 2 Technology 2, % 165% 3 Health Care 2, % 172% 4 Consumer Goods 2, % 165% 5 Oil & Gas 1, % 27% 6 Consumer Services 1, % 162% 7 Industrials % 136% 8 Telecommunications % 52% 9 Basic Materials % 51% 10 Utilities 0 0 n/a 24% - * Market cap growth of current Top 100 is calculated at constant perimeter (excluding companies which were acquired/merged or listed between and ) Note : Industry index performance is based on the MSCI International ACWI Industry Price Index USD In the following slides, companies highlighted in green are the Top new joiners while companies highlighted in red have dropped out, compared to Source: Bloomberg and analysis Slide 37

38 Financials Top 100 Financials companies 2015 Nationality Rank +/- Rank Market Cap Rank Market Cap 2015 ($bn) ($bn) 2009 Berkshire Hathaway Inc United States Wells Fargo & Co United States ICBC Ltd China JPMorgan Chase & Co United States China Construction Bank Corp China Bank of China Ltd China Agricultural bank of China China HSBC Holdings PLC United Kingdom Bank of America United States Visa Inc United States China Life Insurance Co Ltd China Citigroup United States Commonwealth bank Australia Ping An Insurance Group Co of China Ltd China Banco Santander Spain MasterCard Inc United States Westpac Banking Corp Australia Mitsubishi UFJ Financial group Japan Royal Bank of Canada Canada Current Top 100 MSCI Financials index Total* Total 135% 107% 3,046 1,295 * Excluding market cap of Agricultural Bank of China (IPO 2010) Source: Bloomberg and analysis Slide 38

39 Financials (2) Top 100 Financials Market Cap ($bn) Market Cap ($bn) Nationality Rank +/- Rank 2009 Rank 2015 companies ICBC Ltd China Berkshire Hathaway Inc United States China Construction Bank Corp China Bank of China Ltd China JPMorgan Chase & Co United States China Life Insurance Co Ltd China HSBC Holdings PLC United Kingdom Wells Fargo & Co United States Banco Santander SA Spain Mitsubishi UFJ Financial Group Japan Goldman Sachs Group Inc United States Visa Inc United States Bank of America Corp United States Ping An Insurance Group China Itau Unibanco Holding SA Brazil Royal Bank of Canada Canada Bank of Communications Co Ltd China Old Top 100 MSCI Financials index Total Total 111% 107% 1,326 2,795 Source: Bloomberg and analysis Slide 39

40 Technology Top 100 Technology Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- companies Apple Inc United States Google Inc United States Microsoft Corp United States Facebook Inc United States Oracle Corp United States Tencent Holdings Ltd China IBM Corp United States Intel Corp United States Cisco Systems United States TSMC Taiwan Qualcomm Inc United States SAP Germany Current Top 100 MSCI Technology index Total* Total 177% 165% 2, * Excluding market cap of Facebook Top 100 Technology Market Cap ($bn) Market Cap ($bn) Nationality Rank +/- Rank 2009 Rank 2015 companies Microsoft Corp United States IBM Corp United States Google Inc United States Cisco Systems Inc United States Apple Inc United States Oracle Corp United States Intel Corp United States Hewlett-Packard Co United States Qualcomm Inc United States Nokia Oyj Finland SAP AG Germany Old Top 100 MSCI Technology index Total Total 136% 165% 997 2,357 Source: Bloomberg and analysis Slide 40

41 Health Care Top 100 Healthcare companies Rank Market Cap Rank Market Cap ($bn) Nationality Rank +/ ($bn) Novartis AG Switzerland Roche Holding AG Switzerland NovoNordisk A/S Denmark Sanofi France GlaxoSmithkline PLC United Kingdom AstraZeneca PLC United Kingdom Medtronic PLC Ireland Johnson United States Pfizer Inc United States Merck & Co United States Gilead Sciences United States Amgen Inc United States Actavis PLC United States UnitedHealth Group United States Bristol Myers Squibb United States Biogen Idec Inc United States AbbVie Inc United States Celgene Corp United States Current Top 100 MSCI Healthcare index Total* Total 159% 172% 2, * Excluding market cap of AbbVie (spin-off in 2013) Source: Bloomberg and analysis Slide 41

42 Health Care (2) Top 100 Healthcare Market Cap $bn Market Cap $bn Nationality Rank +/- Rank 2009 Rank 2015 companies Johnson & Johnson United States Roche Holding AG Switzerland Genentech Inc United States * - Acquired Novartis AG Switzerland Pfizer Inc United States GlaxoSmithkline PLC United Kingdom Sanofi SA France Abbott Laboratories United States * - 70 Wyeth United States Acquired Merck & Co Inc United States AstraZeneca PLC United Kingdom Amgen Inc United States Bristol-Myers Squibb Co United States Gilead Sciences Inc United States Old Top 100 MSCI Healthcare index Total* Total 109% 172% 927 1,935 * Excluding market cap of Genentech and Wyeth (both acquired in 2009) Source: Bloomberg and analysis Slide 42

43 Consumer Goods Top 100 Consumer Goods companies Rank Market Cap Rank Market Cap Nationality Rank +/ ($bn) ($bn) 2009 Nestle SA Switzerland Toyota Motor Japan Procter & Gamble Co United States Anheuser-Busch Belgium Samsung South Korea The Coca-Cola Co United States PepsiCo United States Unilever NV Netherlands Volkswagen Germany Philip Morris International United States L'Oréal France Daimler AG Germany Altria Group United States British American Tobacco PLC United Kingdom Ambev Brazil LVMH SA France Nike Inc United States Sabmiller PLC United Kingdom Current Top 100 MSCI Consumer index Total Total 123% 165% 2,529 1,136 Source: Bloomberg and analysis Slide 43

44 Consumer Goods (2) Top 100 Consumer Goods Market Cap ($bn) Market Cap ($bn) Nationality Rank +/- Rank 2009 Rank 2015 companies Procter & Gamble Co United States Nestle SA Switzerland Toyota Motor Corp Japan The Coca-Cola Co United States Volkswagen AG Germany PepsiCo Inc United States Philip Morris International Inc United States Samsung Electronics Co Ltd South Korea Unilever NV Netherlands British American Tobacco PLC United Kingdom Monsanto Co United States Anheuser-Busch InBev SA Belgium Honda Motor Co Ltd Japan L'Oréal SA France Nintendo Co Ltd Japan Old Top 100 MSCI Consumer Good index Total Total 91% 165% 1,103 2,109 Source: Bloomberg and analysis Slide 44

45 Oil & Gas Top 100 Oil & Gas companies 2015 Nationality Rank +/- Rank Market Cap Rank Market Cap 2015 ($bn) ($bn) 2009 Exxon Mobil Corp United States PetroChina Co Ltd China Chevron Corp United States Royal Dutch Shell United Kingdom China Petroleum & Chemicals China Total SA France BP PLC United Kingdom Schlumberger LTD United States Kinder Morgan United States Current Top 100 MSCI Oil & Gas index Total* Total 19% 27% 1,538 1,291 * Excluding market cap of Kinder Morgan Inc (IPO in 2011) Source: Bloomberg and analysis Slide 45

46 Oil & Gas (2) Top 100 Oil & Gas Market Cap ($bn) Market Cap ($bn) Nationality Rank +/- Rank 2009 Rank 2015 companies Exxon Mobil Corp United States PetroChina Co Ltd China Royal Dutch Shell PLC United Kingdom Chevron Corp United States BP PLC United Kingdom Petrobras SA Brazil Total SA France Sinopec Corp China Gazprom OAO Russia Eni SpA Italy ConocoPhillips United States Statoil ASA Norway BG GROUP PLC United Kingdom Schlumberger LTD United States Reliance Industries Ltd India NK Rosneft' OAO Russia Occidental Petroleum Corp United States CNOOC Ltd Hong Kong Old Top 100 MSCI Oil & Gas index Total Total 8% 27% 1,929 2,080 Source: Bloomberg and analysis Slide 46

47 Consumer Services Top 100 Consumer Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- Services companies Wal-Mart Stores Inc United States Alibaba Group Holding China The Walt Disney Co United States Amazon.com United States Home Depot United States Comcast Corp United States CVS Health Corp United States Inditex S.A. Spain McDonald's Corp United States Walgreens Boots United States Current Top 100 MSCI Consumer Services index Total* Total 163% 162% 1, * Excluding market cap of Alibaba (IPO in 2014) Top 100 Consumer Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- Services companies Wal-Mart Stores Inc United States McDonald's Corp United States CVS Caremark Corp United States Old Top 100 MSCI Consumer Services index Total Total 56% 162% Source: Bloomberg and analysis Slide 47

48 Industrials Top 100 Industrials Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- companies General Electric United States United Technologies Corp United States The Boeing Company United States M Co United States Union Pacific Corp United States Siemens AG Germany United Parcel Service United States Current Top 100 MSCI Industrials index Total Total 156% 136% Top 100 Industrials Rank Market Cap ($bn) Rank Market Cap Nationality Rank +/- companies ($bn) 2015 General Electric Co United States Siemens AG Germany United Parcel Service Inc United States United Technologies Corp United States Old Top 100 MSCI Industrials index Total Total 116% 136% Source: Bloomberg and analysis Slide 48

49 Telecommunications Top 100 Telecommunications Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- companies China Mobile Ltd Hong Kong Verizon Communications Inc United States AT&T Inc United States Vodafone Group PLC United Kingdom Current Top 100 MSCI Telecom. index Total Total 44% 52% Top 100 Telecommunications Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- companies China Mobile Ltd Hong Kong AT&T Inc United States Telefonica SA Spain Vodafone Group PLC United Kingdom Verizon Communications Inc United States Orange SA France NTT Docomo Inc Japan Nippon Telegraph And Telephone Corp Japan Deutsche Telekom AG Germany America Movil SAB de CV Mexico Old Top 100 MSCI Telecom. index Total Total 30% 52% 871 1,128 Source: Bloomberg and analysis Slide 49

50 Basic Materials Top 100 Basic Materials Rank Market Cap ($bn) Rank Market Cap ($bn) Nationality Rank +/- companies Bayer AG Germany BHP Billiton Ltd Australia BASF Germany Current Top 100 MSCI Materials index Total Total 84% 51% Top 100 Basic Materials Market Cap ($bn) Market Cap ($bn) Nationality Rank +/- Rank 2009 Rank 2015 companies BHP Billiton Ltd Australia Vale SA Brazil China Shenhua Energy Co Ltd China Rio Tinto PLC United Kingdom Old Top 100 MSCI Materials index Total Total -2% 51% Source: Bloomberg and analysis Slide 50

51 Section 4 Post-financial crisis comparison 2015 vs ) Key movements 2) The industries sorted by sector 3) Country/region comparison 4) Complete ranking Slide 51

52 UK in the Top companies (9 in 2009) 2015 UK companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Royal Dutch Shell HSBC Holdings PLC BP PLC GlaxoSmithkline PLC British American Tobacco PLC AstraZeneca PLC Vodafone Group PLC Companies coming in: Sabmiller PLC n/a Companies dropping out: Rio Tinto PLC BG Group PLC Source: Bloomberg and analysis Slide 52

53 Eurozone in the Top companies (18 in 2009) 2015 Eurozone companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Anheuser-Busch Sanofi Unilever NV Volkswagen Total SA Banco Santander L'Oréal Siemens AG SAP Companies coming in: Bayer AG n/a Medtronic PLC n/a Daimler AG n/a Inditex S.A. n/a BASF n/a LVMH SA n/a Companies dropping out: Telefonica SA ENI SPA GDF Suez Electricite de France SA Orange SA Deutsche Telekom E.ON SE Suez SA Nokia Oyj Source: Bloomberg and analysis Slide 53

54 China/HK in the Top companies (11 in 2009) 2015 China/HK companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) PetroChina Co Ltd ICBC Ltd China Mobile Ltd China Construction Bank Corp Bank of China Ltd China Life Insurance Co Ltd China Petroleum & Chemicals Ping An Insurance Group Co of China Ltd Companies coming in: Alibaba Group Holding n/a IPO - Agricultural bank of China n/a IPO - Tencent Holdings Ltd n/a Companies dropping out: China Shenhua Energy Co CNOOC LTD Bank of Communications Source: Bloomberg and analysis Slide 54

55 US in the Top companies (42 in 2009) 2015 US companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Apple Inc Google Inc Exxon Mobil Corp Berkshire Hathaway Inc Microsoft Corp Wells Fargo & Co Johnson Wal-Mart Stores Inc General Electric JPMorgan Chase & Co Procter & Gamble Co Pfizer Inc Verizon Communications Inc Chevron Corp Oracle Corp The Coca-Cola Co AT&T Inc Merck & Co Bank of America Visa Inc IBM Corp Intel Corp Gilead Sciences PepsiCo Cisco Systems Amgen Inc CVS Health Corp Philip Morris International Qualcomm Inc Bristol Myers Squibb Schlumberger LTD United Technologies Corp McDonald's Corp United Parcel Service Slide 55

56 US in the Top companies (42 in 2009) 2015 US companies in the Top 100 Ranking change Rank Market cap ($bn) Rank Market cap ($bn) Companies coming in: Facebook Inc n/a IPO - The Walt Disney Co n/a Amazon.com n/a Citigroup n/a Home Depot n/a Comcast Corp n/a Actavis PLC n/a UnitedHealth Group n/a The Boeing Company n/a M Co n/a MasterCard Inc n/a Biogen Idec Inc n/a Altria Group n/a Union Pacific Corp n/a AbbVie Inc n/a Spin-off - Walgreens Boots n/a Celgene Corp n/a Kinder Morgan n/a IPO - Nike Inc n/a Companies dropping out: Genentech Inc Hewlett-Packard Abbotts Labs ConocoPhillips Wyeth LLC Goldman Sachs Monsanto Co Occidental Pete Source: Bloomberg and analysis Slide 56

57 Section 4 Post-financial crisis comparison 2015 vs ) Key movements 2) The industries sorted by sector 3) Country/region comparison 4) Complete ranking Slide 57

58 Top 100 global companies 1-20 Company name Nationality Industry Rank +/- 31 March March 2009 Rank Market Cap ($bn) Rank Market Cap ($bn) Apple Inc United States Technology Google Inc United States Technology Exxon Mobil Corp United States Oil & Gas (2) Berkshire Hathaway Inc United States Financials Microsoft Corp United States Technology PetroChina Co Ltd China Oil & Gas (4) Wells Fargo & Co United States Financials Johnson United States Health Care ICBC Ltd China Financials (5) Novartis AG Switzerland Health Care China Mobile Ltd Hong Kong Telecommunications (6) Wal-Mart Stores Inc United States Consumer Services (9) General Electric United States Industrials Nestle SA Switzerland Consumer Goods Toyota Motor Japan Consumer Goods Roche Holding AG Switzerland Health Care Facebook Inc United States Technology IPO - JPMorgan Chase & Co United States Financials Procter & Gamble Co United States Consumer Goods (9) Pfizer Inc United States Health Care Source: Bloomberg and analysis Slide 58

59 Top 100 global companies Company name Nationality Industry Rank +/- 31 March March 2009 Rank Market Cap ($bn) Rank Market Cap ($bn) China Construction Bank Corp China Financials (8) Alibaba Group Holding China Consumer Services IPO - Verizon Communications Inc United States Telecommunications Chevron Corp United States Oil & Gas (13) Bank of China Ltd China Financials (4) Anheuser-Busch Belgium Consumer Goods Royal Dutch Shell Netherlands Oil & Gas (18) Samsung South Korea Consumer Goods Agricultural bank of China China Financials IPO - Oracle Corp United States Technology The Walt Disney Co United States Consumer Services Tencent Holdings Ltd China Technology The Coca-Cola Co United States Consumer Goods (7) Amazon.com United States Consumer Services AT&T Inc United States Telecommunications (28) HSBC Holdings PLC United Kingdom Financials Merck & Co United States Health Care Bank of America United States Financials Visa Inc United States Financials IBM Corp United States Technology (26) Source: Bloomberg and analysis Slide 59

60 Top 100 global companies Company name Nationality Industry Rank +/- 31 March March 2009 Rank Market Cap ($bn) Rank Market Cap ($bn) China Life Insurance Co Ltd China Financials (9) Citigroup United States Financials Home Depot United States Consumer Services Intel Corp United States Technology (4) Gilead Sciences United States Health Care Comcast Corp United States Consumer Services PepsiCo United States Consumer Goods (5) NovoNordisk A/S Denmark Health Care Cisco Systems United States Technology (19) Sanofi France Health Care (3) Unilever NV Netherlands Consumer Goods Volkswagen Germany Consumer Goods (21) Bayer AG Germany Basic Materials BHP Billiton Australia Basic Materials (35) Amgen Inc United States Health Care TSMC Taiwan Technology China Petroleum & Chemicals China Oil & Gas (32) Total SA France Oil & Gas (38) BP PLC United Kingdom Oil & Gas (43) Actavis PLC United States Health Care Source: Bloomberg and analysis Slide 60

61 Top 100 global companies Company name Nationality Industry Rank +/- 31 March March 2009 Rank Market Cap ($bn) Rank Market Cap ($bn) CVS Health Corp United States Consumer Services Philip Morris International United States Consumer Goods (12) Commonwealth bank Australia Financials Qualcomm Inc United States Technology (12) Ping An Insurance Group Co of China Ltd China Financials UnitedHealth Group United States Health Care GlaxoSmithkline PLC United Kingdom Health Care (26) Medtronic PLC Ireland Health Care Bristol Myers Squibb United States Health Care Schlumberger LTD United States Oil & Gas United Technologies Corp United States Industrials Banco Santander Spain Financials (7) The Boeing Company United States Industrials M Co United States Industrials L'Oréal France Consumer Goods Daimler AG Germany Consumer Goods Inditex S.A. Spain Consumer Services MasterCard Inc United States Financials Biogen Idec Inc United States Health Care Altria Group United States Consumer Goods Source: Bloomberg and analysis Slide 61

62 Top 100 global companies Company name Nationality Industry Rank +/- 31 March March 2009 Rank Market Cap ($bn) Rank Market Cap ($bn) British American Tobacco PLC United Kingdom Consumer Goods (2) Union Pacific Corp United States Industrials Siemens AG Germany Industrials (13) McDonald's Corp United States Consumer Services (30) Westpac Banking Corp Australia Financials AbbVie Inc United States Health Care Spin-off - Walgreens Boots United States Consumer Services Celgene Corp United States Health Care BASF Germany Basic Materials Kinder Morgan United States Oil & Gas IPO - Ambev Brazil Consumer Goods LVMH SA France Consumer Goods SAP Germany Technology (4) Mitsubishi UFJ Financial group Japan Financials (28) United Parcel Service United States Industrials (20) Royal Bank of Canada Canada Financials AstraZeneca PLC United Kingdom Health Care (25) Vodafone Group PLC United Kingdom Telecommunications (63) Nike Inc United States Consumer Goods Sabmiller PLC United Kingdom Consumer Goods * 50% of market capitalisation of Abbott Laboratories as at 31 March 2009 Source: Bloomberg and analysis Slide 62

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