Malaysia

100
2016
The Brand Finance Top 100 Malaysia Brands 2016
November 2016
 Malaysia’s Top 10
About Brand Finance Most Valuable Brands 2016
Brand Finance is the world’s leading world. We are one of the few companies certified
independent branded business valuation to provide brand valuation that is fully compliant Brand Value (BV)
and strategy consultancy. Brand Finance was with ISO 10668, the global standard on monetary 1.
set up in 1996 with the aim of ‘bridging the gap brand valuations. Enterprise Value (EV)
between marketing and finance’. For 20 years we
have helped companies to connect their brands Transparency
to the bottom line, building robust business cases There are no black boxes. Our approach is to 13% BV: 10,024 2.
for brand decisions, strategies and investments. work openly, collaboratively and flexibly with EV: 77,213
In doing so, we have helped finance people to 25%
clients and we will always reveal the details of our
evaluate marketing programmes and marketing modelling and analysis. This means our clients BV: 2,996
people to present their case in the Board Room. always understand what lies behind ‘the number’. EV: 11,859

Independence Expertise
Brand Finance is impartial and independent. 3. 4.
We possess a unique combination of skills
We access and help to manage brands, but we and experience. We employ functional experts 12%
do not create or own them. We are therefore able with marketing, research and financial 16%
to give objective, unbiased advice because we backgrounds, as well as ex-client-side senior BV: 2,050
have no vested interest in particular outcomes of EV: 17,209 BV: 1,895
management who are used to ‘making things EV: 11,606
a project and our recommendations are entirely happen’. This gives us the mindset to think
independent. We are agency agnostic and work beyond the analysis and to consider the likely
collaboratively with many other agencies and
consultancies.
impact on day-to-day operations. We like to think 5. 6.
this differentiates us because our team has real
operational experience.
Technical credibility
Brand Finance has high technical standards. For more information, please visit our website:
19% BV: 1,716
10%
EV: 9,161
Our work is frequently peer-reviewed by the big brandfinance.com BV: 1,639
four audit and our work has been accepted by tax EV: 15,665
authorities and regulatory bodies around the

Brand Finance puts thousands of the world’s biggest brands to the test every year, evaluating which 7. 8.
are the most powerful and most valuable. The Malaysia 100 is just one of the many annual reports
produced by Brand Finance. Visit www.brandirectory.com to access all the sectors and countries
report. 6% 16%
BV: 1,187
BV: 1,101
EV: 20,450
EV: 6,830

9. 10.
6%
8%
BV: 1,087 BV: 1,080
EV: 16,851 EV: 13,785

Currency: USD millions

2. Brand Finance Malaysia 100 November 2016 Brand Finance Malaysia 100 November 2016 3.
Methodology Methodology
What do we mean by ‘brand’?
Brand Strength Index Brand Brand revenues Brand value
Definitions (BSI) ‘Royalty rate’
E.g. + Enterprise Value – the value of the
Unilever
entire enterprise, made up of
‘Branded
‘Branded multiple branded businesses
Enterprise’
Enterprise’ Strong brand
Brand
investment
‘Branded
‘Branded + Branded Business Value – the
Business’ E.g.
Business’ Persil value of a single branded business
operating under the subject brand Brand
‘Brand’ equity
Contribution’
+ Brand Contribution– The total
E.g. economic benefit derived by a Brand
Persil Weak brand
‘Brand’ business from its brand performance Forecast revenues

+ Brand Value – the value of the
trade marks (and relating
Persil marketing IP and ‘goodwill’
attached to it) within the branded
business
Brand strength expressed BSI score applied to an Split revenue into separate Post-tax brand revenues
as a BSI score out of 100. appropriate sector royalty streams for each service are discounted to a net
rate range. area. Royalty rates applied present value (NPV) which
to forecast revenues to equals the brand value.
derive brand values

Definition of ‘Brand’
In the very broadest sense, a brand is the focus
for all the expectations and opinions held by
customers, staff and other stakeholders about an
organisation and its products and services.
However when looking at brands as business
assets that can be bought, sold and licensed, a
more technical definition is required. Brand
Finance helped to craft the internationally
recognised standard on Brand Valuation, ISO
10668. That defines a brand as “a marketing-
related intangible asset including, but not limited
to, names, terms, signs, symbols, logos and
designs, or a combination of these, intended to
identify goods, services or entities, or a
combination of these, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits/value”
Brand Strength
Brand Strength is the part of our analysis most
directly and easily influenced by those
responsible for marketing and brand
management. In order to determine the strength
of a brand we have developed the Brand
Strength Index (BSI). We analyse marketing
investment, brand equity (the goodwill
accumulated with customers, staff and other
stakeholders) and finally the impact of those on
business performance. Following this analysis,
each brand is assigned a BSI score out of 100,
which is fed into the brand value calculation.
Based on the score, each brand in the league
table is assigned a rating between AAA+ and D
in a format similar to a credit rating. AAA+
brands are exceptionally strong and well
managed while a failing brand would be
assigned a D grade.
Brand Finance calculates the values of the
brands in its league tables using the
‘Royalty Relief approach’. This approach
involves estimating the likely future sales that are
attributable to a brand and calculating a royalty
rate that would be charged for the use of the
brand, i.e. what the owner would have to pay for
the use of the brand—assuming it were not
already owned.
The steps in this process are as follows:
1 Calculate brand strength on a scale of 0 to 100
based on a number of attributes such as
emotional connection, financial performance
and sustainability, among others. This score is
known as the Brand Strength Index.
2 Determine the royalty rate range for the
respective brand sectors. This is done by
reviewing comparable licensing agreements
sourced from Brand Finance’s extensive
database of license agreements and other
online databases.
3 Calculate royalty rate. The brand strength score
is applied to the royalty rate range to arrive at a
royalty rate. For example, if the royalty rate
range in a brand’s sector is 1-5% and a brand
has a brand strength score of 80 out of 100,
then an appropriate royalty rate for the use of
this brand in the given sector will be 4.2%.
4 Determine brand specific revenues estimating a
proportion of parent company revenues
attributable to a specific brand.
5 Determine forecast brand specific revenues
using a function of historic revenues, equity
analyst forecasts and economic growth rates.
6 Apply the royalty rate to the forecast revenues
to derive brand revenues.
7 Brand revenues are discounted post tax to a
net present value which equals the brand value.

4. Brand Finance Malaysia 100 November 2016 Brand Finance Malaysia 100 November 2016 5.
Malaysia Malaysia
Top 100 Brands 2016 Top 100 Brands 2016
Rank Rank Brand name Brand % Brand Brand Brand Rank Rank Brand name Brand % Brand Brand Brand
2016 2015 value ($m) change value ($m) rating rating 2016 2015 value ($m) change value ($m) rating rating
2016 2015 2016 2015 2016 2015 2016 2015
1 1 Petronas 10,024 13% 9,479 AA+ AA 51 38 DRB-Hicom
2 2 Genting 2,996 25% 2,917 AA AA- 52 34 UMW
3 3 Maybank 2,050 12% 2,243 AA+ AA+ 53 39 The Star
4 5 YTL 1,895 16% 1,914 AA- A+ 54 35 MBSB
5 4 CIMB 1,716 19% 1,964 AAA- AAA- 55 45 Alliance Financial
6 6 Sime Darby 1,639 10% 1,699 AA AA- 56 44 Pos Malaysia
7 8 Tenaga Nasional 1,187 6% 1,244 AA AA- 57 - UOA Group
8 10 TM 1,101 16% 1,094 AA AA 58 48 Padini
9 11 Public Bank 1,087 6% 1,063 AA AA 59 - IGB
10 7 Maxis 1,080 8% 1,315 AA+ AA 60 53 Ta Enterprise
11 9 DiGi 61 50 Bonia
12 17 IOI 62 51 Time dotCom
13 12 Astro Malaysia 63 52 Westports
14 14 Axiata 64 58 Yes
15 15 Berjaya 65 57 Wah Seong
16 18 RHB Bank 66 61 Cahya Mata Sarawak
17 13 Celcom 67 - Nirvana
18 16 Malaysia Airlines 68 59 Bursa Malaysia
19 - Felda Global Ventures 69 60 Matrix Concepts
20 26 MISC 70 - Guan Chong
21 22 Hong Leong Financial 71 55 Cagamas
22 - Sunway 72 - Tropicana
23 20 Airasia 73 56 Malaysian Reinsurance
24 23 KLK 74 62 Kulim Malaysia
25 24 Magnum 75 63 LPI Capital
26 25 IHH 76 - Eastern & Oriental
27 21 AmBank 77 68 The Store
28 27 Setia 78 65 Bank Muamalat
29 - Proton 79 70 P1
30 - SapuraKencana 80 64 Tan Chong Motor
31 31 Hap Seng 81 49 MMC
32 - Eco World 82 84 V.S. Industry
33 37 Bank Islam 83 - Malayan Flour Mills
34 33 Gamuda 84 71 Kenanga
35 36 Dutch Lady Milk 85 54 Puncak Niaga
36 29 Malaysia Airports 86 73 Tune Protect
37 43 U Mobile 87 78 PPB Group
38 30 Boustead 88 75 Southern Steel
39 - Malakoff 89 69 DKSH
40 32 Batu Kawan 90 76 Hiap Teck Venture
41 28 Parkson 91 - REDtone
42 66 IJM 92 97 Icon Offshore
43 40 QL Resources 93 - Ikhmas Jaya
44 - Mah Sing 94 74 Lion Corporation
45 41 KPJ Healthcare 95 85 MSM Malaysia
46 - UEM Sunrise 96 77 CCM
47 47 Kossan Rubber Industries 97 72 Masteel
48 - UEM Edgenta 98 86 United Plantations
49 46 Top Glove 99 80 Takaful Ikhlas
50 42 Affin Bank 100 79 Media Prima

* -: Companies not appeared on Brand Finance Top 100 2015 Ranking Valuation date: 1 January 2016 * -: Companies not appeared on Brand Finance Top 100 2015 Ranking Valuation date: 1 January 2016

6. Brand Finance Malaysia 100 November 2016 Brand Finance Malaysia 100 November 2016 7.
Understand Your Brand’s Value
Drivers of Change Brand Strength Index 2016
Brand Value Dashboard Three key areas impact Brand Value (EURm)
An ideal balanced scorecard of fundamental brand related measures Brand Valuation Assumptions
Underlying economic assumptions used in valuation
Effective BSI
Weighting Attributes
18 131

$707m $882m $10,216m 34

AA+
6.25% Product: R&D expenditure,
Widely recognised factors deployed by

$
Brand Capital expenditure
[XXX] Marketers to create brand loyalty and Strong brand
Brand Value (EUR) Brand Value (EUR)
Enterprise Value (EUR) Investment 6.25% Place: Brand value (EURm) Brand
25% Website Ranking
market share. We therefore benchmark
Investment

€650m €729m
=
Inputs
€9,399m 78/100 729 729

%
650 6.25% People: Number of Employees,

X
616 616
brands against relevant input measures by
$650
Brand
Employee Growth
25% Equity

Brand Strength Index

6.25% Promotion: Marketing expenditure sector against each of these factors.
Historic brand value performance (EURm) Peer Group Comparison (USDm) Brand
$6,265 Performance Forecast revenues
729 2015 Brand Strength Business Performance External Changes 2016 5.00% Familiarity
800 Weak brand
$3,031 $2,328 $1,913
7.50% Consideration How do stakeholders feel about the brand
650
700 607
$707
Brand Strength Business Outlook Economic Outlook Customer 35% 7.50% Preference vs. competitors?
7.50% Satisfaction
600
[XXX] [XXX]’s brand strength has increased compared to last year. Brands drive higher revenues. An investor would therefore All future returns are subject to risk. If the risk of not 7.50% Recommendation/NPS • Brand equity accounts for 50% to reflect Revenue Long Term Growth Rate Tax Rate Discount Rate
500 pay more for a brand that makes more money. receiving the forecast returns is higher (increasing the Brand the importance of stakeholder
As the brand continues its sustainability drive, [XXX] has discount rate), the brand’s market is not growing as quickly Equity Staff 5% 5.00% Licensing payments for the use of a After the explicit forecasts, the brand Forecasted royalties are reduced by Earnings in the future are worth less
320 been improving across all CSR scores. It now has the [XXX]’s revenue base and the 5 year forecast growth have as expected (lower long term growth rate) or the tax rate in
Employee Score perceptions to behaviour
400
275 Brand Value by Product Segment brand are derived from revenue. will continue to grow. However, it is the tax rate to reflect the actual than consumption now. This rate is
highest CSR scores it has had in the last four years across fallen this year, resulting in a loss of $177m USD to total the brand’s regions of operation is higher, then the brand’s
50% Increases or decreases in forecasted unlikely that the company will sustain amount that would be received by therefore used to reduce future
300 213 Environment, Employees and Governance. brand value. value is reduced and vice versa. 2.50% Credit Rating • Brand Equity is important to all
Nutrition
37% Financial 5% revenue increase or decrease the extraordinary returns into the future the brand owner after tax. earnings to their value today.
200 2.50% Analyst Recommendation stakeholder groups with customers being final valuation.
The premium approach is also leading to significant margin However, it is important to note that this has arisen as a so forecast industry growth rates are
advantages – positively affecting “performance”. result of the company divesting a number of divisions. Environment Score
the most important
100 Performance Materials 1.67% applied.
58% External 5% 1.67% Community Score
0 Other Activities 1.67% Governance Score
2011 2012 2013 2014 2015 2016 4% 2016 2015 2016 2015 2016 2015
5 year Compound Annual Growth Rate
Brand 5 Year Forecast 6.25% Long Term Growth Rate Tax Rate Discount Rate
78 76 2.6% 3.4% Discount Rate 9.1% 8.6% Revenue
Quantitative market, market share and (CAGR)
7% Strength Growth Brand 6.25% % Margin
financial measures resulting from the 2015 2014 2015 2014 2015 2014 2015 2014
Base Year
8,205 9,570
Long Term Growth 3.2% 2.6% Performance Outputs 25% 6.25% % Forecast Margin
Revenue (EURm) strength of the brand.
6.25% % Forecast Revenue Growth
Tax 28.9% 30.2% 2.6% 3.4% -0.8% 3.2% 2.6% +0.6% 29% 30% -1.3% 9.1% 8.6% +0.5%
25%

Determining the Royalty Rate

Brand Performance Brand Investment In order to apply the Brand Strength Index, a hypothetical royalty rate range needs to be set Competitor Royalty Rates
An ideal balanced scorecard of fundamental brand related measures Proven inputs that drive the Brand Equity and financial results Competitor royalty rates will be different based on different strengths of the brand, having
Following the OECD guidelines, Brand Finance sets the hypothetical brand royalty rate ranges by reference to three tests:
Brand Strength Index different operating segments and company-specific long term affordability
Brand Strength Index
• Comparable Agreements: A search of comparable licensing agreements for brands in each industry is conducted every year. The margin analyses
Brand Investment are then compared against the royalty rates found in these agreements to analyse the importance of brand in the industry and set an appropriate 1.2%
Brand Performance
average industry royalty rate.
10.0
10.0 9.3 1.0%
• Industry Margins: An analysis of 25% to 40% of margins, generally accepted as rules of thumb for licensing rates for all intangible assets in a
8.9 8.9 8.0 company. These rates are adjusted to take into account the importance of brand in a given industry.
8.1 7.7
8.0 0.8% 0.8% 0.8% 0.8%
6.4
6.0 • Affordability: Thirdly, an analysis of the brand’s specific royalties is conducted. If the brand has been able to sustain extraordinary profits over an 0.7%
6.0 5.3
extended time it is likely that hypothetical brand owners would be willing to pay closer to the company’s margins than the industry average. In the 0.6% 0.6% 0.6%
0.6%
5.0 4.0 case of Brand Finance’s League Table models, affordability will be based on the forecast EBIT.
4.0 DSM
[XXX] Best in Class Competitor Average 0.5%
DSM
[XXX] Best in Class Competitor Average 2.0 • Average industry royalty rate ranges can be seen below
2.0
0.0
High
0.0
Effective
Effective Weighting 6.25% 6.25% 6.25% 6.25% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6.25% 6.25% 6.25% 6.25% DSM BASF Dow Du Pont Akzo Nobel Akzo Nobel
Weighting
Best in
Best in Class [XXX] Du Pont Multiple Akzo Nobel Mid
Class Akzo Nobel Dow Akzo Nobel Du Pont

Revenue Margin % Forecast Revenue Growth % Forecast Margin %

The brand’s ability to drive a
volume premium. Implied by
current and future revenue.
Product Place People Promotion [XXX]
Low
Relative quality of the brand’s investment in Relative quality of a brand’s distribution Relative quality of the human network Relative quality of the brand’s promotions.
its products. The measure can include R&D network. It can include the quality of supporting the brand. This may include the Marketing investment, the quality of visual Akzo Nobel – Paints and
spend and capital expenditure. logistical infrastructure available to the size of the support network, its likely future identity and the effectiveness of the [XXX] BASF Dow Du Pont Akzo Nobel - Corporate
The brand’s ability to drive a The brand’s ability to improve Coatings
brand, the quality of its online presence, or growth or the investment in workforce brand’s social media is covered by this
price premium. Implied by business prospects across 78 78 80 80 82 82
the number and quality of its retail outlets. training and human resources. measure.
current and future margins. various KPIs

A Brand Value Report provides a complete + Internal understanding of brand Royalty Rates Trademark Audit
breakdown of the assumptions, data + Brand value tracking
sources and calculations used to arrive at Analysis of competitor royalty rates, industry Analysis of the current level of protection for the
your brand’s value. Each report includes + Competitor benchmarking royalty rate ranges and margin analysis used to brands word marks and trademark iconography
expert recommendations for growing brand + Historical brand value determine brand specific royalty rate. highlighting areas where the marks are in need
value to drive business performance and offers a + Transfer pricing of protection.
cost-effective way to gaining a better + Highlight unprotected marks
understanding of your position against Brand Strength Index + Licensing/ franchising negotiation
competitors. + International licensing + Spot potential infringement
A breakdown of how the brand performed on
various metrics of brand strength, benchmarked + Competitor benchmarking + Trademark registration strategy
A full report includes the following sections
which can also be purchased individually. against competitor brands in a balanced
scorecard framework. Cost of Capital For more information regarding our League
Table Reports, please contact:
Brand Valuation Summary + Brand strength tracking
A breakdown of the cost of capital calculation,
+ Brand strength analysis including risk free rates, brand debt risk Alex Haigh
Overview of the brand valuation including Head of Brand Value Reports, Brand Finance
executive summary, explanation of changes in + Management KPI’s premiums and the cost of equity through CAPM.
brand value and historic and peer group + Competitor benchmarking + Independent view of cost of capital for internal a.haigh@brandfinance.com
comparisons. valuations and project appraisal exercises
+44 (0)207 389 9400

Valuation date: 1 January 2016

8. Brand Finance Malaysia 100 November 2016 Brand Finance Malaysia 100 November 2016 9.
How can we help.
MARKETING
We help marketers to connect
their brands to business
performance by evaluating the
financial impact of brand based
decisions and strategies.
+ Branded Business Valuation
+ Brand Contribution
+ Trademark Valuation
+ Intangible Asset Valuation
+ Brand Audit
+ Market Research Analytics
+ Brand Scorecard Tracking
+ Return on Marketing
Investment
+ Brand Transition
+ Brand Governance
+ Brand Architecture &
Portfolio Management
+ Brand Positioning &
Extension
+ Franchising & Licensing
VALUATION
Valuations may be conducted for technical
purposes and to set a baseline against
which potential strategic brand scenarios
FINANCE
We provide financiers and
auditors with an independent
assessment on all forms of
brand and intangible asset
valuations.
+ Branded Business Valuation
+ Brand Contribution
+ Trademark Valuation
+ Intangible Asset Valuation
+ Brand Audit
+ Market Research Analytics
+ Brand Scorecard Tracking
+ Return on Marketing
Investment
+ Brand Transition
+ Brand Governance
+ Brand Architecture &
Portfolio Management
+ Brand Positioning &
Extension
+ Mergers, Acquisitions and
Finance Raising Due
Diligence
+ Franchising & Licensing
+ Tax & Transfer Pricing
+ Expert Witness
N 2. A
IO
AT
U
TAX
We help brand owners and
fiscal authorities to understand
the implications of different
tax, transfer pricing and brand
ownership arrangements.
+ Branded Business Valuation
+ Brand Contribution
+ Trademark Valuation
+ Intangible Asset Valuation
+ Brand Audit
+ Market Research Analytics
+ Franchising & Licensing
+ Tax & Transfer Pricing
+ Expert Witness
ANALYTICS
Analytical services help to uncover drivers of
NA
demand and insights. Identifying the factors
LEGAL
We help clients to enforce and
exploit their intellectual
property rights by providing
independent expert advice in-
and outside of the courtroom.
+ Branded Business Valuation
+ Brand Contribution
+ Trademark Valuation
+ Intangible Asset Valuation
+ Brand Audit
+ Tax & Transfer Pricing
+ Expert Witness
Contact details.
Contact us. Our offices.
For brand value report
enquiries, please contact:
Alex Haigh
Head of Brand Value Reports
Brand Finance
a.haigh@brandfinance.com
For media enquiries,
please contact:
Robert Haigh
Marketing & Communications
Director Brand Finance
r.haigh@brandfinance.com
For all other enquiries,
please contact:
enquiries@brandfinance.com
+44 (0)207 389 9400 For further information on Brand Finance®’s services and valuation experience, please contact
your local representative:
Country Contact Email address
Australasia * Mark Crowe m.crowe@brandfinance.com
Brazil Geoffrey Hamilton-Jones g.hamilton-jones@brandfinance.com
linkedin.com/company/ Canada* David Graham d.graham@brandfinance.com
brand-finance China * Minnie Fu m.fu@brandfinance.com
Caribbean* Nigel Cooper n.cooper@brandfinance.com
East Africa* Jawad Jaffer j.jaffer@brandfinance.com
France* Victoire Ruault v.ruault@brandfinance.com
facebook.com/brandfinance Germany Dr. Holger Mühlbauer h.mühlbauer@brandfinance.com
Greece* Ioannis Lionis i.lionis@brandfinance.com
Holland* Marc Cloosterman m.cloosterman@brandfinance.com
India* Ajimon Francis a.francis@brandfinance.com
twitter.com/brandfinance Indonesia* Jimmy Halim j.halim@brandfinance.com
Italy* Massimo Pizzo m.pizzo@brandfinance.com
Malaysia Samir Dixit s.dixit@brandfinance.com
Disclaimer.
Mexico* Laurence Newell
Brand Finance has produced this study LatAm (exc. Brazil)* Laurence Newell l.newell@brandfinance.com
with an independent and unbiased
analysis. The values derived and Middle East* Andrew Campbell a.campbell@brandfinance.com
opinions produced in this study are Nigeria* Babatunde Odumeru t.odumera@brandfinance.com

which drive consumer behaviour allow an

LY
AL

can be evaluated. based only on publicly available

T

understanding of how brands create information and certain assumptions Portugal* Pedro Taveres p.taveres@brandfinance.com
1. V

ICS

bottom-line impact. that Brand Finance used where such Russia* Alexander Eremenko a.eremenko@brandfinance.com
data was deficient or unclear . Brand
Brand & Finance accepts no responsibility and Scandinavia Alex H a.todoran@brandfinance.com
Business Value will not be liable in the event that the
publicly available information relied
Singapore* Samir Dixit s.dixit@brandfinance.com
(Brand ROI) upon is subsequently found to be South Africa* Oliver Schmitz o.schmitz@brandfinance.com
N

TRANSACTIONS STRATEGY inaccurate. Spain* Jaime Alvarez j.alvarez@brandfinance.com

TIO

3. S

Improve reporting and brand performance Strategic marketing services enable brands The opinions and financial analysis Sri Lanka* Ruchi Gunewardene r.gunewardene@brandfinance.com
C

TR

management by integrating market to be leveraged to grow businesses.

SA

AT expressed in the report are not to be Switzerland Alex Haigh a.haigh@brandfinance.com

research, investment, market and financial AN EG Scenario modelling will identify the best construed as providing investment or
4.TR business advice. Brand Finance does Turkey* Muhterem Ilgüner m.ilguner@brandfinance.com
metrics into a single insightful scorecard opportunities, ensuring resources are
Y
not intend the report to be relied upon UK* Alex Haigh a.haigh@brandfinance.com
model to track performance and inform allocated to those activities which have the for any reason and excludes all liability
strategic decisions. most impact on brand and business value. to any body, government or USA Ken Runkel k.runkel@brandfinance.com
organisation. Vietnam* Lai Tien Manh m.lai@brandfinance.com

10. Brand Finance Malaysia 100 November 2016 Brand Finance Malaysia 100 November 2016 11.
Contact us.
The World’s Leading Independent Brand Valuation and Strategy Consultancy
T: +44 (0)20 7389 9400
E: enquiries@brandfinance.com
www.brandfinance.com

Bridging the gap between marketing and finance