Telecoms

300
2019
The annual report on the world's most valuable and strongest telecoms brands
February 2019
Contents.
About Brand Finance 4
Get in Touch 4
Request Your Brand Value Report 5
Foreword 6
Brand Value Analysis 8
Regional Analysis 12
Sector Reputation Analysis 14
Brand Strength Analysis 16
Brand Finance Telecoms Infrastructure 10 18
Brand Finance Telecoms 300 (USD m) 20
Definitions 26
Brand Valuation Methodology 28
Market Research Methodology 29
Stakeholder Equity Measures 29
Consulting Services 30
Brand Evaluation Services 31
Communications Services 32
Brand Finance Network 34

Brand Finance Telecoms 300  February 2019  3

 Request Your
About Brand Finance. Brand Value Report.
Brand Finance is the world’s leading independent
A Brand Value Report provides a complete Each report includes expert recommendations for growing
brand valuation and strategy consultancy.
breakdown of the assumptions, data sources, and brand value to drive business performance and offers a
calculations used to arrive at your brand’s value. cost-effective way to gaining a better understanding of
Brand Finance was set up in 1996 with the aim of ‘bridging
your position against competitors.
the gap between marketing and finance’. For more than
20 years, we have helped companies and organisations of
all types to connect their brands to the bottom line.

We pride ourselves on four key strengths: What is a Brand Value Report? What are the benefits of a Brand
Value Report?
++Independence ++Transparency Brand Valuation Summary
++Technical Credibility ++Expertise + Internal understanding of brand
+ Brand value tracking
We put thousands of the world’s biggest brands to the + Competitor benchmarking Insight
test every year, evaluating which are the strongest and + Historical brand value
most valuable.
Brand Strength Index
Brand Finance helped craft the internationally
+ Brand strength tracking
recognised standard on Brand Valuation – ISO 10668,
+ Brand strength analysis
and the recently approved standard on Brand Evaluation
– ISO 20671.
+ Management KPIs Strategy
+ Competitor benchmarking

Get in Touch.
Royalty Rates
+ Transfer pricing
+ Licensing/franchising negotiation
+ International licensing Benchmarking
For business enquiries, please contact: + Competitor benchmarking
Richard Haigh
Managing Director
Cost of Capital
rd.haigh@brandfinance.com
+ Independent view of cost of capital for internal
For media enquiries, please contact: valuations and project appraisal exercises
Global Forum 2019
Sehr Sarwar Education
Senior Communications Manager
Customer Research
s.sarwar@brandfinance.com
+ Utilities + Tech
For all other enquiries, please contact:
Understanding the Value of + Insurance + Auto
enquiries@brandfinance.com Geographic Branding + Banks + Hotels
+44 (0)207 389 9400
2 April 2019 + Telecoms + Beers
For more information, please visit our website: + Airlines + Oil & Gas Communication
www.brandfinance.com Join us at the Brand Finance Global Forum,
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Automobile Club in London, as we explore how
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4  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  5
Foreword. 5G Takes
Spotlight as
What is the purpose of a strong brand: to attract customers, to build loyalty, to
motivate staff? All true, but for a commercial brand at least, the first answer must
always be ‘to make money’.

US Titan AT&T
Huge investments are made in the design, launch, and ongoing promotion of
brands. Given their potential financial value, this makes sense. Unfortunately, most
organisations fail to go beyond that, missing huge opportunities to effectively make
use of what are often their most important assets. Monitoring of brand performance

Defends Title
should be the next step, but is often sporadic. Where it does take place, it
frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly
understood by non-marketers.

David Haigh
As a result, marketing teams struggle to communicate the value of their work and

of World’s
CEO, Brand Finance
boards then underestimate the significance of their brands to the business. Sceptical
finance teams, unconvinced by what they perceive as marketing mumbo jumbo,
may fail to agree necessary investments. What marketing spend there is, can end up
poorly directed as marketers are left to operate with insufficient financial guidance

Most Valuable
or accountability. The end result can be a slow but steady downward spiral of poor
communication, wasted resources, and a negative impact on the bottom line.

Brand Finance bridges the gap between marketing and finance. Our teams have
experience across a wide range of disciplines from market research and visual

Telecoms
identity to tax and accounting. We understand the importance of design, advertising,
and marketing, but we also believe that the ultimate and overriding purpose of
brands is to make money. That is why we connect brands to the bottom line.

Brand.
By valuing brands, we provide a mutually intelligible language for marketing and
finance teams. Marketers then have the ability to communicate the significance of
what they do, and boards can use the information to chart a course that maximises
profits. Without knowing the precise, financial value of an asset, how can you know
if you are maximising your returns? If you are intending to license a brand, how can
you know you are getting a fair price? If you are intending to sell, how do you know
what the right time is? How do you decide which brands to discontinue, whether to
rebrand and how to arrange your brand architecture? Brand Finance has conducted
++ AT&T maintains position at top as world’s most valuable
thousands of brand and branded business valuations to help answer these
questions. telecoms brand, with brand value of US$87.0bn

Brand Finance’s research revealed the compelling link between strong brands and ++ European telcos rise through ranks: Vodafone up from
stock market performance. It was found that investing in highly-branded companies 10th place last year to 7th this year, brand value of
would lead to a return almost double that of the average for the S&P 500 as a whole.
US$21.3bn
Acknowledging and managing a company’s intangible assets taps into the hidden
value that lies within it. The following report is a first step to understanding more ++ Deutsche Telekom leading charge for European telcos,
about brands, how to value them and how to use that information to benefit the brand value up 15% to US$46.2bn
business.

The team and I look forward to continuing the conversation with you.
++ Thailand’s AIS is world’s strongest telecoms brand, with
brand strength index (BSI) score of 90.0 out of 100

6  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019 7
 Brand Value Analysis.

Brand Value Analysis.

Top 20 Most Valuable Brands

1 01 11 0 11

2019: $87,005m +5.6% 2019: $17,623m +6.0%

2018: $82,422m 2018: $16,626m

2 02 12 0 12

2019: $71,154m +13.3% 2019: $15,413m +15.1%

2018: $62,826m 2018: $13,396m

3 03 13 2 16

2019: $55,670m +4.6% 2019: $10,653m -6.7%

2018: $53,226m 2018: $11,415m

AT&T maintains position at top

4 25 14 1 13

2019: $46,259m +15.2% 2019: $10,603m -14.7%

Major US telco AT&T has retained its title as the Without a shadow of doubt, 5G has 2018: $40,152m 2018: $12,436m
world’s most valuable telecoms brand, for the third year
in a row despite a modest 6% brand value increase
over past 12 months. The operator is ahead of the pack
taken the spotlight. The next generation
wireless air-interface technology is 5 14 15 2 18

2019: $41,670m +2.0% 2019: $10,399m +2.3%

of its US competitors, with a brand value of US$87.0bn expected to steal the show for carriers 2018: $40,872m 2018: $10,162m
and a huge focus on investment in LTE and U-verse
network. Having closed down its 2G infrastructure,
and equipment vendors by delivering a
the brand has reassigned focus on LTE with a huge
US$14bn investment. AT&T has also partnered with
heightened network capacity and 6 06 16 1 15
offering a boost to performance and 2019: $27,098m +3.7% 2019: $10,233m -10.9%
vendors to trial 5G technologies and services in an
download speeds. AT&T are certainly 2018: $26,121m 2018: $11,479m
effort to branch out their commercial services offering
leading the charge here and stand to
7 17
into the year ahead. US rival Verizon holds on to
second place with a brand value of US$71.1bn whilst 2 10 2 19
China Mobile retains its third rank since last year, with
benefit greatly from 5G growth with as
2019: $21,322m +13.8% 2019: $8,707m
brand value up 5% to US$55.6bn. many as 1.3bn subscribers expected to 2018: $18,744m 2018: $8,656m
+0.6%
be using 5G by 2023. Declines in
European telcos rise through ranks
90 European telcos make it into the Brand Finance
revenue from voice services are being
made up for by high usage of mobile
8 08 18 1 14

2019: $21,005m -5.4% 2019: $8,306m -27.7%

Telecoms 300, with impressive performances from 2018: $22,206m 2018: $11,494m
Deutsche Telekom leading the charge (brand
data, so it is a no brainer for telco
brands to be focused on upgrading
9 19
value up 15% to US$46.3bn), Vodafone (up 14% to
US$21.3bn) and Orange (down 5% to US$21.0bn) 17 2 22
their networks based on LTE
who all make it to the top 10. Deutsche Telekom
2019: $20,636m -13.9% 2019: $8,304m
increased its brand value once again this year and technologies. +7.8%
2018: $23,979m 2018: $7,702m
defends its title as Europe’s most valuable telco brand.
David Haigh
10 20
The German telco titan’s success is mostly down to
its continued innovation across its European and US CEO, Brand Finance 19 2 25
IoT service offering. The brand has built a reputable 2019: $19,295m +1.9% 2019: $8,160m
track record in IoT technology innovation as well +11.1%
2018: $18,928m 2018: $7,347m

8  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  9
Brand Value Analysis. Brand Value Analysis.

as through strengthening its strategic partnerships its acquisition of Liberty Global’s European assets, Brand Value Change 2018-2019 (%)
through its eco-system alliances with world leaders in which will accelerate the converged communications
IoT chipsets, modules and digital security. Deutsche strategy through in-market consolidation in Germany, Movitel 67%
Telekom has rolled out NarrowBand IoT (NB-IoT) its largest market. The long-term outlook is positive, Econet Wireless 52%
across nine countries in Europe as well as in the US. as Vodafone’s strong global brand will support the
Mas Movil 50%
It will also be interesting to see the response later this ongoing transformation of the business and further
Cosmote Group 39%
year when LTE-M is introduced in several of Deutsche underpin its long-term commercial performance.
Telekom’s European markets. Deutsche Telekom and Ringcentral 39%

T-Mobile US, which is shortly merging with Sprint is Orange remains top 10 telcos brand eir (Eircom) 39%
a good example — Deutsche Telekom is banking on Gamma Communications 36%
the American market, along with its home market of Defending 8th place this year, French brand Orange Viettel Telecom 36%
Germany for growth. is down 5% with a brand value of US$21.0bn. In spite Sunrise 36%
of the competitive context which the brand operates Euskaltel
Vodafone making headway within, Orange has increased its mobile contract base
35%
-38% Turk Telekom
by 82,000 customers and its fibre base by 157,000
UK’s Vodafone is up from 10 place last year to
th
customers in its home market France. Across Europe -39% Commnet
7th place in the Brand Finance Telecoms 300 2019 as a whole, the brand recorded progress courtesy of -39% SKY (New Zealand)
ranking, with a brand value of US$21.3bn. Its new its project with Orange Poland and the development -42% BTC
‘future optimism’ brand positioning, based on new of its “Orange One” strategy that led to a return to -46% Altice Dominicana
technologies and digital services, together with growth. Orange Spain’s broadband sales and TV -48% HGC
a simpler visual identity, have played a part. New subscriptions performance is impressive and largely
-49% Digicel
communications campaigns have contributed to the due to its investments in fibre. Orange has been
-51% BASE
success of Vodafone’s continuing move from credited as a consistent and reliable mobile internet
mobile-only to a more converged quad-play offering. provider service, topping the polls to be named -58% EchoStar

France’s best fixed broadband provider, a testament -87% Reliance Communications

A large part of this increase in brand value is to its improved performance in broadband speeds.
expectation of future growth in Europe, mostly through
Brand Value over Time The Orange group fended off the most aggressive
promotions in the telcos market in France, where
Brand Value by Country its rivals Altice Europe, down 18% to US$1.5bn,
100 and Bouygues Telecom (up 6% to US$2.8bn) are all
clamouring for more market share in the broadband
market. Nevertheless, Orange are up against
promotions offered by rival telecoms brands in Spain
Brand Value
75 and in France, where the pricing war has intensified in
Country (USD bn) % of total
recent months.
●

USD bn
United States 229.2 28.8%
Industry insiders are also anxiously awaiting updates
● China 86.6 10.9%
following the announcement that Google and Orange
50
● Japan 84.2 10.6% have set a date for 2020 to build a private undersea
● United Kingdom 63.9 8.0% cable connecting the Atlantic coasts of France and the
United States. The cable will be the first new submarine
● Germany 49.3 6.2%
cable between the US and France in 15 years. When it
25
● France 33.4 4.2% comes online in 2020, it will provide Orange alone with
● Others 249.6 31.4% 0 a capacity of “more than 30 terabits per second, per
2013 2014 2015 2016 2017 2018 2019 fibre pair”.
Total 796.1 100.0%

● AT&T 
2013 2014 ●2015 2016 ●2017
Verizon  China2018
Mobile2019
● T-Mobile  ● NTT Group

10  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  11
 Regional Analysis.

Regional Analysis.
Most Valuable Telecoms Brands per Region Etisalat top MENA telecoms brand Etisalat to the Top 20 Most
MENA
Africa Valued at US$8.3bn and with a AAA brand strength
Valuable Telecoms Brands in
Australasia rating, Emirati telecoms giant Etisalat remains the the world this year. Etisalat is
most valuable telecoms brand in the MENA region.
USD $3.3 billion USD $8.3 billion Etisalat has seen an 8% growth since last year, leading from the front as a
Rank 48
North America
Rank 19 resulting in it also entering the Top 20 Most Valuable strategic enabler of the UAE’s
Telecoms Brands in the world this year.
Europe USD $10.6 billion
Rank 14 ongoing digital transformation
Operating in 15 countries across Asia, the Middle
East, and Africa, Etisalat’s success can also be
success story. This year’s feat
LatAm
USD $87.0 billion
Rank 1 USD $46.3 billion attributed to its customer loyalty programmes via its is a nod to efforts in the 5G
Rank 4 Asia successful “Smiles” app, as well as strategic sports
and events sponsorships. Sports sponsorships
space, its brand building
USD $5.9 billion
Rank 30
provide an international platform through which initiatives and a clear revenue
Etisalat can connect with its loyal customers, sharing
USD $55.7 billion
Rank 3 and supporting their interests and passions. As momentum from wider
the premier digital partner of Dubai’s Expo 2020
showcase, Etisalat is preparing to deliver the event’s
international operations.
visitors and delegates with a cutting edge and David Haigh
immersive digital experience. CEO, Brand Finance

Econet popular across Zimbabwe

América Móvil making waves
Econet Wireless from Zimbabwe has enjoyed 52% across Latin America
growth since last year’s ranking, with its brand value
now at US$153m, up from 228th rank last year to 201st In a recent transaction of significance to the Latin
place. This success can be attributed to the brand’s American market, Mexican telecommunications services
constant efforts in creating new avenues for revenue conglomerate, América Móvil, announced the
through its broadband and media content ventures. acquisition of operations in Guatemala and El Salvador
The newly created ventures have made Econet previously belonging to Spanish operator, Telefónica.
Telecoms brands to watch last year, mostly due to its penetration and relentless adopt the nascent Telecoms, Media, and Technology
expansion across its Spanish regional customer base. (TMT model) business model. Econet has become a With this, América Móvil, parent company of the
Gamma, touted as a leading supplier of voice, data Euskaltel has set its sights on capturing 90,000 new popular choice, through its products and promotions region’s powerhouse brand Claro, this year ranked
and mobile products and services in the UK have customers over the next 4 years. Euskaltel has plans to such as Buddie bundles and vouchers. 30th with a brand value of US$5.9bn, further
seen their brand value shoot up 36% since last year to enter Leon, Cantabria, Navarra, La Rioja and Catalonia, consolidates its position as a leading provider, adding
US$71.0m. The brand specialises in supplying a broad reaching an additional 1 million homes. There are nearly 4 million users to its already extensive wireless
range of communications to business customers, the whispers that Orange has identified the Spanish subscriber base.
public sector and not-for-profit organisations. Smaller regional cable operator as a possible take-over target,
UK telecoms are not to be ignored, as Gamma has so this will be closely monitored in the months to come. Should América Móvil rebrand the former Telefónica
proved itself with reporting double digit growth and properties under the Claro umbrella, the brand would
strong returns to investors. Gamma is also a market Vietnam's Viettel up 36% almost immediately take the lion share of the Central
leader in selling communication solutions to small, American market. Though the impact of this measure
medium and enterprise-sized customers so is seeing Vietnamese telecoms brand Viettel is rising through the would likely reflect until the 2020 valuation exercises,
an explosion in the cloud segment. ranks making its presence felt in this year’s Brand Finance it would be a strategic move for the operator in the
Telecoms 300 2019 ranking, with a brand value up 36% region, as it is already a dominant force throughout.
Euskaltel's Spanish expansion excels to US$4.3bn. The state-run telecom provider, which is
operated by Vietnam's Ministry of Defence, has seen its
Representing Northern Spain, telco brand Euskaltel overseas market revenues grow by 20% and the number
has enjoyed a superb 35% growth in brand value since of its subscribers within Vietnam grow by 70%. Brand Finance welcomes
12  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  13
 Sector Reputation Analysis.

Sector Reputation Analysis.

How brand reputation matters Sectors Ranked by Reputation Telecoms Compared to Other Sectors Consumers hold the tech sector in high regard despite
scandals tarnishing reputation of some industry giants.
Comparing brand strength/reputation across sectors is
1 RESEARCH TELECOMS' TOP The sector ranks joint-third out of the 10 sectors
a valuable process. Brand categories are converging
in many different ways, with new technologies (and
tech brands) disrupting communications and data
Hotels 7.3
/10
METRIC RANK SECTOR covered in Brand Finance’s research, with a score of
7.0 out of 10 globally, higher than that for banking,
telecoms, and utility brands.
services in many ways. No telecoms service brand
can take comfort in being the ‘best of a bad bunch’
2 Reputation 9= Brands such as PayPal, Google and Amazon are
– a poor reputation across the entire sector leads the
organisation vulnerable to disruption. Autos 7.1
/10
HOTELS
seen as reputable overall, and offering good quality
services/functionality. The sector ranks highest for being
Innovative, as would be expected – but perhaps more
Telecoms brands – unloved and remarkable is the continued trust consumers have in most
lagging behind 3= Consideration
8= tech brands (only 5% globally distrust Google). There are

7.0
conversion exceptions of course, but the mistrust that consumers
Telecoms brands continue to struggle to earn the Tech /10
TECH have developed towards Facebook (5.5) and Uber (5.1)
respect of consumers, taking joint last place globally has not eroded the reputation of the sector as a whole.
for overall reputation, alongside banks (6.2/10).
While there are always winners and losers, reputation
3= Innovation 7= Banks are in a similar fix – rated joint-lowest of all for
scores this year are broadly flat in many markets, and
telecoms service providers are seemingly unable to win
over the hearts of consumers.
Beers 7.0
/10 TECH
overall reputation (6.2) and quality of service (3.3 out of 5).

Autos keep up in the race

Consumers are seemingly ‘attached’ to their mobile 5= 9= Auto is another sector facing disruption by new

6.8
Trust
devices, but rarely transfer that attachment to their technologies, but here the brands appear more resilient.
service provider, whereas device manufacturers such Oil & Gas /10 HOTELS Brand reputation is high, led by premium German
as Samsung or Apple enjoy very strong reputations. brands. Crucially, auto brands also generally rate high for
being innovative (at 27% second only to tech globally).
5= 9
6.8
Telecoms service providers generally score poorly Quality
for trust, again joint-last with banks. Considering From a branding standpoint, the auto leaders can hold
the banking crisis and reputational incidents that Airlines /10 HOTELS their own if they continue to innovate and embrace
banks have faced in the past decade, it is a major radical new technologies. Can telecoms brands

7
shortcoming that telecoms providers are viewed respond in the same way?
equally poorly.

Insurance 6.6
Value 7=
This pattern is evident in many key markets such as the /10 BEERS Telecoms service providers have a
US and UK, though in China the sector does rate a little poor reputation overall, and have low
8
higher (7th overall for reputation).
levels of trust and emotional loyalty.
A particular concern is the low scores given to telecoms
brands for innovation. Consumers see innovation being Utilities 6.5
/10
Loyalty 10 While there are inevitably grumbles
about price and value, it’s actually in
BEERS
delivered by device manufacturers, app developers and the area of service quality and

9= innovation where the brands are failing

media organisations – but in a world of innovation the

6.2 10
core service providers are not seen as leaders. Recommendation most. Consumers need to see tangible
(NPS) benefits and the brands need to find
Tech brands resilient to reputation Banks /10
AUTO
challenges better ways of communicating any
improvements which have been made.
9= OVERALL

6.2
The telecoms sector generally appears vulnerable
to disruption – tech brands enjoy significantly higher
scores for reputation, innovation, and closeness. Telecoms /10
STAKEHOLDER
EQUITY
9 Steven Thomson
Insights Director
TECH

14  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  15
 Brand Strength Analysis.

Brand Strength Analysis.

AIS named world’s strongest DiGi wires up as 3rd strongest Top 10 Strongest Brands
telecoms brand
In addition to calculating overall brand value, Brand
Malaysian brand DiGi rises through the ranks of
the world’s most valuable telecoms brands. Having 1 2 2

Finance also determines the relative strength of brands upgraded its brand strength rating to AAA this year, 2019: 90.0 AAA+ +2.2
through a balanced scorecard of metrics evaluating DiGi is the third strongest telecoms brand with a BSI 2018: 87.9 AAA
marketing investment, stakeholder equity, and business score of 87.8 out of 100. With a significant position
performance. Along with the level of revenues, brand
strength is a crucial driver of brand value.
in the brand's home market of Malaysia, DiGi prides
itself on providing its customers with quality digital
2 1 1

experiences over a consistent network. 2019: 89.4 AAA +0.2

According to these criteria, Thailand’s Advanced Info 2018: 89.3 AAA
Service (AIS) is now the world’s strongest telecoms New entry from India’s Reliance Jio
brand, a title previously held by China Mobile. With
a brand strength index (BSI) score of 90.0 out of 100, India’s Reliance Jio is a new entrant to the Brand
3 2 30

the brand continues to benefit from its strategy of Finance Telecoms 300 table, dialling in at 44th rank with 2019: 87.8 AAA +7.2
diversifying from its telecoms business to focus on fixed a brand value of US$3.6bn and an impressive AAA 2018: 80.6 AAA-
broadband. Its fixed-line broadband offering has shown brand rating. Reliance Jio do seem to be running the
greater stability and lucrative growth prospects as
compared to mobile over the past few years. AIS is also
show in India for now but it is worth keeping a close
watch on the Vodafone & Idea Cellular merger which
4 0 4

the only brand in the industry to post a AAA+ rating. will no doubt put up a fight. Reliance Jio is making 2019: 87.2 AAA +0.7
headway towards becoming India’s number 1 telco 2018: 86.5 AAA
provider and it seems likely that the brand will retain
BSI Change 2018-2019 (%) its low-price strategy as it continues to grow, gain and
retain a reputation across Indian customers.
5 3 NEW

2019: 87.0 AAA

27%
EastLink 2018: -
Videotron 19%
Brand Strength measures
Yoigo

Mas Movil
19%

18%
the efficacy of a brand’s 6 1 23

2019: 86.7 AAA

Sri Lanka Telecom 16% performance on intangible 2018: 82.1 AAA-
+4.5

Sunrise 15%
measures, relative to its
eir (Eircom) 14%
competitors. In order to
7 2 49
SLT Mobitel 12% 2019: 85.8 AAA +7.9
Fullrate 12% determine the strength of 2018: 77.8 AA+

Axtel
Tele2 12%
a brand, we look at 8 1 3
-11%
Earthlink -12% Marketing Investment, 2019: 85.5 AAA -2.3
Reliance Communications -12% Stakeholder Equity, and 2018: 87.8 AAA

the impact of those on 9

TDC -13%
2 26
OmanTel -13%
Consolidated -13% Business Performance. 2019: 85.4 AAA +4.1
2018: 81.3 AAA-
Windstream -14%

10
AAPT -15% David Haigh
CEO, Brand Finance 2 20
US Cellular -15%
2019: 85.3 AAA +2.9
Altice -18%
2018: 82.4 AAA-

16  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  17
Brand Finance
Telecoms Infrastructure 10.
Top 10 Most Valuable Brands Top 10 Strongest Brands

1 01 1 2 2

2019: $62,278m +63.7% 2019: 84.3 AAA- +2.9

2018: $38,046m 2018: 81.4 AAA-

2 02 2 1 1

2019: $21,776m +12.2% 2019: 78.4 AA+ -5.0

2018: $19,411m 2018: 83.4 AAA-

3 03 3 2 5

2019: $9,835m +17.1% 2019: 75.8 AA+ +4.1

2018: $8,397m 2018: 71.7 AA

Telecoms infrastructure brands grow

4 04 4 0 4

2019: $7,456m +9.2% 2019: 75.6 AA+ -0.2

Alongside the 300 most valuable telecoms operator Nokia again increases 2018: $6,826m 2018: 75.9 AA+
brands, Brand Finance has ranked the world‘s top
10 most valuable telecoms infrastructure brands in its brand value this 5 26 5 1 3
the Brand Finance Telecoms Infrastructure 10 2019
league table. year, a testament to 2019: $3,180m
2018: $3,521m
-9.7% 2019: 74.8
2018: 76.2
AA+
AA+
-1.4

Huawei way ahead the brand's continuing

Chinese brand Huawei once again comes out top in success in reinventing 6 15 6 2 7

2019: $2,536m 2019: 68.3 AA-

the Brand Finance Telecoms Infrastructure 10 league
table, valued at US$62.3bn, up a whopping 64% from
itself - now connecting 2018: $4,560m
-44.4%
2018: 70.9 AA
-2.7

last year’s US$38.0bn. Over the years, Huawei has

risen through the ranks, carving a name as the biggest
the world both as a 7 07 7 2 9
telecommunications infrastructure brand in the world,
whilst also establishing itself as a leading smartphone
key network 2019: $2,425m +13.3% 2019: 65.6 AA- +4.9
2018: $2,140m 2018: 60.6 A+
manufacturer. It will be interesting to see how the equipment provider
8 8
brand navigates its ongoing reputational crises and
manoeuvres its way through US security measures in
place against them.
and through licensing 29 1 6

Nokia inches its way up

its trusted brand in the 2019: $1,292m
2018: $1,044m
+23.7% 2019: 64.2
2018: 71.2
A+
AA
-7.0

consumer technology
Much loved Finnish brand Nokia retains its title
as the third most valuable telecoms infrastructure space.
9 18 9 1 8

2019: $1,181m -1.9% 2019: 61.3 A+ -2.3

brand worldwide, with a 17% brand value increase to 2018: $1,204m 2018: 63.5 A+
US$9.8bn this year. Nokia's remarkable brand story Bryn Anderson

10 10
means it still enjoys attention from its nostalgic fans and Director, Brand Finance
as a result continues to revamp its handsets and launch 0 10 0 10
exciting new smartphones. 2019: $1,026m 2019: 58.4 A
+9.8% -1.9
2018: $935m 2018: 60.4 A+

18  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  19
 Brand Finance Telecoms 300 (USD m).

Brand Finance Telecoms 300

(USD m).
Top 300 most valuable telecoms brands 1-50 Top 300 most valuable telecoms brands 51-100
2019 2018 2019 2018
2019 2018 2019 Brand Value 2018 Brand Brand 2019 2018 2019 Brand Value 2018 Brand Brand
Rank Rank Brand Country Brand Value Change Brand Value Rating Rating Rank Rank Brand Country Brand Value Change Brand Value Rating Rating
1 1 0 AT&T United States $87,005 +5.6% $82,422 AA+ AAA- 51 41 1 Telcel Mexico
2 2 0 Verizon United States $71,154 +13.3% $62,826 AAA AAA- 52 51 1 Bouygues Telecom France
3 3 0 China Mobile China $55,670 +4.6% $53,226 AAA AAA 53 56 2 Tracfone United States
4 5 2 T (Deutsche Telekom) Germany $46,259 +15.2% $40,152 AAA- AA+ 54 53 1 Du UAE
5 4 1 NTT Group Japan $41,670 +2.0% $40,872 AA+ AA+ 55 52 1 Wind 3 Italy
6 6 0 Xfinity United States $27,098 +3.7% $26,121 AA AA+ 56 62 2 Zain Kuwait
7 10 2 Vodafone United Kingdom $21,322 +13.8% $18,744 AA+ AA+ 57 58 2 PLDT Philippines
8 8 0 Orange France $21,005 -5.4% $22,206 AA+ AAA- 58 - 3 1&1 Drillisch Germany
9 7 1 China Telecom China $20,636 -13.9% $23,979 AAA- AA+ 59 63 2 Vodacom South Africa
10 9 1 SoftBank Japan $19,295 +1.9% $18,928 AA+ AA+ 60 55 1 Telefonica Spain
11 11 0 au Japan $17,623 +6.0% $16,626 AAA- AA+ 61 54 1 Frontier Communication United States
12 12 0 Spectrum United States $15,413 +15.1% $13,396 AA- AA- 62 60 1 Shaw Canada
13 16 2 Movistar Spain $10,653 -6.7% $11,415 AA+ AAA- 63 57 1 Proximus Belgium
14 13 1 Telstra Australia $10,603 -14.7% $12,436 AAA- AAA 64 76 2 Globe Telecom Philippines
15 18 2 Sky United Kingdom $10,399 +2.3% $10,162 AAA- AAA- 65 64 1 Taiwan Mobile China (Taiwan)
16 15 1 China Unicom China $10,233 -10.9% $11,479 AA+ AA 66 61 1 Vivo Brazil
17 19 2 TIM Italy $8,707 +0.6% $8,656 AAA- AAA- 67 70 2 UPC Switzerland
18 14 1 BT United Kingdom $8,306 -27.7% $11,494 AA AA+ 68 69 2 Optimum United States
19 22 2 Etisalat UAE $8,304 +7.8% $7,702 AAA AAA- 69 65 1 MTS Russia
20 25 2 3 United Kingdom $8,160 +11.1% $7,347 AA AA 70 75 2 Tigo United States
21 17 1 Bell Canada $7,910 -27.0% $10,830 AA+ AAA- 71 72 2 A1 Telekom Austria
22 20 1 O2 United Kingdom $7,384 -14.5% $8,637 AAA- AA+ 72 80 2 VNPT Vietnam
23 24 2 Sprint United States $7,315 -1.9% $7,455 A+ AA 73 82 2 HKT China (Hong Kong)
24 30 2 STC Saudi Arabia $7,095 +6.7% $6,651 AA+ AA+ 74 59 1 KDDI Japan
25 23 1 Telus Canada $6,864 -10.9% $7,701 AAA- AAA 75 84 2 DiGi Malaysia
26 28 2 SK South Korea $6,827 +1.9% $6,701 AAA- AAA- 76 67 1 Altice Netherlands
27 21 1 Rogers Canada $6,652 -15.7% $7,887 AAA- AAA- 77 79 2 Videotron Canada
28 26 1 Centurylink United States $6,450 -8.8% $7,075 A+ AA- 78 77 1 Maxis Malaysia
29 31 2 Swisscom Switzerland $5,982 -3.5% $6,201 AAA AAA 79 88 2 TRUE Thailand
30 32 2 Claro Mexico $5,931 -2.5% $6,085 AA+ AAA- 80 87 2 Ziggo Netherlands
31 33 2 SFR France $5,848 +0.9% $5,793 AA+ AA+ 81 90 2 Far Eastone Telecommunications China (Taiwan)
32 27 1 Telenor Norway $5,741 -16.3% $6,855 AA AA+ 82 73 1 Telmex Mexico
33 34 2 Chunghwa China (Taiwan) $5,633 +2.3% $5,507 AA+ AA+ 83 74 1 Megafon Russia
34 29 1 Airtel India $4,789 -28.1% $6,660 AAA- AAA 84 71 1 Idea Cellular India
35 38 2 Telia Sweden $4,724 +10.4% $4,281 AAA- AA+ 85 81 1 Tele2 Sweden
36 36 0 Telkom Indonesia Indonesia $4,615 -10.7% $5,168 AAA AAA 86 66 1 Turk Telekom Turkey
37 46 2 Viettel Telecom Vietnam $4,316 +35.8% $3,178 AA AA- 87 68 1 Turkcell Turkey
38 45 2 AIS Thailand $3,972 +23.7% $3,211 AAA+ AAA 88 78 1 Windstream United States
39 35 1 KT South Korea $3,963 -24.6% $5,252 AA AA+ 89 91 2 Telenet Belgium
40 39 1 Optus Australia $3,851 -2.4% $3,946 AAA- AAA- 90 83 1 TM Malaysia
41 43 2 Ooredoo Group Qatar $3,779 +12.2% $3,369 AA+ AA+ 91 103 2 Personal Argentina
42 37 1 EE United Kingdom $3,621 -22.7% $4,686 AAA- AAA- 92 101 2 Entel Chile
43 47 2 KPN Netherlands $3,586 +14.4% $3,134 AAA AAA- 93 96 2 Beeline Russia
44 - 3 Reliance Jio India $3,565 - - AAA - 94 86 1 Celcom Malaysia
45 42 1 Singtel Singapore $3,552 +3.7% $3,426 AAA AAA- 95 92 1 Starhub Singapore
46 49 2 Free Mobile France $3,429 +15.7% $2,964 AAA AAA- 96 109 2 Sunrise Switzerland
47 50 2 Virgin Media United Kingdom $3,391 +20.5% $2,814 AA+ AA 97 85 1 TDC Denmark
48 44 1 MTN South Africa $3,382 +4.0% $3,252 AAA- AAA- 98 99 2 Safaricom Kenya
49 40 1 UQ Communications Japan $3,364 -10.7% $3,767 A+ A+ 99 97 1 Mobily Saudi Arabia
50 48 1 LG U+ South Korea $3,363 +11.1% $3,029 AA AA 100 93 1 Elisa Finland

20  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  21
Brand Finance Telecoms 300 (USD m). Brand Finance Telecoms 300 (USD m).

Top 300 most valuable telecoms brands 101-150 Top 300 most valuable telecoms brands 151-200
2019 2018 2019 2018
2019 2018 2019 Brand Value 2018 Brand Brand 2019 2018 2019 Brand Value 2018 Brand Brand
Rank Rank Brand Country Brand Value Change Brand Value Rating Rating Rank Rank Brand Country Brand Value Change Brand Value Rating Rating
101 89 1 BCE Canada 151 116 1 Digicel Jamaica
102 104 2 US Cellular United States 152 157 2 JAS Thailand
103 98 1 FASTWEB Italy 153 164 2 Bics Belgium
104 95 1 Oi Brazil 154 177 2 Consolidated United States
105 105 0 Freenet Germany 155 - 3 Telehouse Japan
106 102 1 Cogeco Canada 156 188 2 Euskaltel Spain
107 114 2 Mobifone Vietnam 157 181 2 Jazz (Mobilink) Pakistan
108 100 1 Axiata Malaysia 158 158 0 Colt Luxembourg
109 113 2 Rostelecom Russia 159 176 2 Vonage United States
110 111 2 Plus Poland 160 162 2 VIBO Telecom China (Taiwan)
111 108 1 Play Poland 161 166 2 SKY PerfecTV! Japan
112 110 1 Suddenlink United States 162 144 1 PT Empresas Portugal
113 106 1 Spark New Zealand 163 165 2 Shenandoah Telecommunications United States
114 112 1 Maroc telecom Morocco 164 159 1 Cell C South Africa
115 122 2 West United States 165 167 2 Inmarsat United Kingdom
116 127 2 eir (Eircom) Ireland 166 184 2 Moov UAE
117 115 1 XL Indonesia 167 151 1 PCCW China (Hong Kong)
118 119 2 MCI Iran 168 179 2 General Communication United States
119 123 2 Vinaphone Vietnam 169 175 2 OTE Greece
120 117 1 Bezeq Israel 170 169 1 Eutelsat Communications France
121 126 2 Izzi Mexico 171 160 1 TDS United States
122 131 2 Glo Mobile Nigeria 172 163 1 TPG Telecom Australia
123 107 1 Indosat Ooredoo Indonesia 173 182 2 DIGI/ RCS & RDS Romania
124 128 2 BSNL India 174 190 2 Cellnex Telecom Spain
125 124 1 Nos Portugal 175 200 2 Citic Telecoms China (Hong Kong)
126 138 2 Telecom (Argentina) Argentina 176 153 1 CJ Hellovision South Korea
127 148 2 Yoigo Spain 177 170 1 inwi Morocco
128 121 1 TalkTalk United Kingdom 178 171 1 MPT Myanmar
129 135 2 OmanTel Oman 179 201 2 DishTV India
130 133 2 U Mobile Malaysia 180 136 1 BASE Belgium
131 143 2 Megacable Mexico 181 193 2 FLOW Panama
132 137 2 Sonatel Senegal 182 172 1 Pelephone Israel
133 130 1 SES Luxembourg 183 189 2 Robi Bangladesh
134 150 2 Liberty Global Netherlands 184 178 1 Asiacell Iraq
135 125 1 Meo Portugal 185 173 1 AAPT Australia
136 141 2 Telkom South Africa 186 174 1 CTM China (Macau)
137 146 2 M1 Singapore 187 199 2 Time dotCom Malaysia
138 129 1 DNA Finland 188 186 1 DBS Israel
139 134 1 iiNet Australia 189 196 2 Yousee Denmark
140 140 0 Cellcom Israel 190 213 2 Ringcentral United States
141 149 2 Cincinnati Bell United States 191 - 3 Onatel Burkina Faso
142 139 1 Smartone China (Hong Kong) 192 204 2 m:ts Serbia
143 145 2 Tata Communications India 193 187 1 kolbi Costa Rica
144 156 2 VTR Chile 194 210 2 POST Luxembourg Luxembourg
145 152 2 C&W Communication United Kingdom 195 194 1 2degrees New Zealand
146 154 2 HOT Israel 196 207 2 The Utility Warehouse United Kingdom
147 161 2 Cyfrowy Polsat Poland 197 206 2 Telecom Egypt Egypt
148 180 2 Cosmote Group Greece 198 192 1 Tiphone Indonesia
149 155 2 Intelsat Luxembourg 199 142 1 EchoStar United States
150 168 2 Netvigator China (Hong Kong) 200 228 2 Econet Wireless Zimbabwe

22  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  23
Brand Finance Telecoms 300 (USD m). Brand Finance Telecoms 300 (USD m).

Top 300 most valuable telecoms brands 201-250 Top 300 most valuable telecoms brands 251-300
2019 2018 2019 2018
2019 2018 2019 Brand Value 2018 Brand Brand 2019 2018 2019 Brand Value 2018 Brand Brand
Rank Rank Brand Country Brand Value Change Brand Value Rating Rating Rank Rank Brand Country Brand Value Change Brand Value Rating Rating
201 214 2 DigitalGlobe United States 251 231 1 BTC Panama
202 203 2 Earthlink United States 252 132 1 Reliance Communications India
203 205 2 Okinawa Cellular Japan 253 288 2 Telekom Networks Malawi
204 195 1 Dialog Sri Lanka 254 262 2 Telindus Luxembourg
205 221 2 Mobilis Algeria 255 257 2 Tango Luxembourg
206 209 2 Telekom Slovenia Slovenia 256 271 2 GO Malta
207 191 1 Kazakhtelecom Kazakhstan 257 272 2 Rignet United States
208 215 2 touch Lebanon 258 268 2 Jawwal Palestine
209 202 1 Movil Panama 259 275 2 Netia Poland
210 183 1 SKY (New Zealand) New Zealand 260 244 1 China All Access China
211 220 2 Ncell Nepal 261 274 2 Ufone Pakistan
212 197 1 Axtel Mexico 262 273 2 m:tel Serbia
213 - 3 Algar Telecom Brazil 263 - 3 Iliad Italia Italy
214 212 1 Blue Label Telecom South Africa 264 284 2 Fullrate Denmark
215 208 1 Djezzy Algeria 265 240 1 LMT Latvia
216 243 2 Movitel Mozambique 266 264 1 Almadar Aljadeed Libya
217 223 2 EastLink Canada 267 267 0 Cubacel Cuba
218 225 2 C Spire Wireless United States 268 - 3 SFR Belux Belgium
219 234 2 Iridium United States 269 254 1 Libyana Libya
220 233 2 Zong Pakistan 270 277 2 Nepal Telecom Nepal
221 217 1 Batelco Bahrain 271 242 1 Commnet United States
222 230 2 IDT United States 272 281 2 Teletalk Bangladesh
223 216 1 SaskTel Canada 273 292 2 CellOne United States
224 211 1 Nowtv China (Hong Kong) 274 280 2 Samart Telcoms Thailand
225 218 1 LinkNet Indonesia 275 285 2 Midas Poland
226 236 2 Ethio-Mobile Ethiopia 276 - 3 ho! Italy
227 232 2 Africell Gambia 277 239 1 Altice Dominicana Dominican Republic
228 198 1 HGC China (Hong Kong) 278 - 3 P1 Malaysia
229 226 1 Kyivstar Ukraine 279 286 2 mcel Mozambique
230 222 1 banglalink Bangladesh 280 282 2 Smart Cambodia
231 219 1 PTCL Pakistan 281 - 3 Cyta Cyprus
232 229 1 Yes Malaysia 282 259 1 Asia Pacific Tel China (Taiwan)
233 224 1 iBasis United States 283 276 1 BH Telecom Bosnia And Herzegovina
234 252 2 Roshan Afghanistan 284 278 1 Umniah Jordan
235 237 2 Sure Isle Of Man 285 295 2 Rightel Iran
236 246 2 Vivacom Bulgaria 286 265 1 Lynx Mobility Canada
237 241 2 TT (Tunisie Telecom) Tunisia 287 300 2 Movicel Angola
238 235 1 ETB Colombia 288 - 3 Lumos Networks C United States
239 269 2 Gamma Communications United Kingdom 289 291 2 Telmob Burkina Faso
240 238 1 Smartfren Indonesia 290 - 3 pepephone.com Spain
241 248 2 Sri Lanka Telecom Sri Lanka 291 - 3 Kena Mobile Italy
242 260 2 SLT Mobitel Sri Lanka 292 287 1 Dhiraagu Maldives
243 245 2 Hawaiian Telcom United States 293 293 0 Natcom (Viettel) Haiti
244 283 2 Mas Movil Spain 294 - 3 Globalstar United States
245 279 2 Telsur Chile 295 - 3 USA Mobility United States
246 253 2 Kcom United Kingdom 296 296 0 bmobile Trinidad & Tobago
247 249 2 MetFone Cambodia 297 - 3 Digitel United States
248 258 2 my Thailand 298 298 0 Tiscali Italy
249 263 2 Golan Telecom Israel 299 290 1 Bakcell Azerbaijan
250 251 2 Alaska Communication Systems United States 300 294 1 Liberty PR Puerto Rico

24  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  25
 Definitions.

Definitions.
Brand Value Brand Strength
+ Enterprise Value Brand Strength is the efficacy of a brand’s Each brand is assigned a Brand Strength Index
The value of the entire enterprise, made performance on intangible measures, relative to its (BSI) score out of 100, which feeds into the brand
up of multiple branded businesses. competitors. value calculation. Based on the score, each brand
[Telefónica]
is assigned a corresponding rating up to AAA+ in a
Where a company has a purely mono-
Enterpr In order to determine the strength of a brand, we look format similar to a credit rating.
ise branded architecture, the ‘enterprise value’
Val is the same as ‘branded business value’. at Marketing Investment, Stakeholder Equity, and the
ue
impact of those on Business Performance. Analysing the three brand strength measures helps
+ Branded Business Value inform managers of a brand’s potential for future success.
Brand
ed B The value of a single branded business
us operating under the subject brand.
ine
ss [Movistar]
V A brand should be viewed in the context of Marketing Widely recognised factors deployed by marketers to create brand loyalty and

Brand Strength Index

Bran the business in which it operates. Brand
dC Investment market share.
al

on Finance always conducts a branded

ue

tri business valuation as part of any brand

b
valuation. We evaluate the full brand value
ut

chain in order to understand the links

io

between marketing investment, brand- Stakeholder Perceptions of the brand among different stakeholder groups, with customers
n

tracking data, and stakeholder behaviour. Equity being the most important.

+ Brand Contribution
Brand The overall uplift in shareholder value
that the business derives from owning Business Quantitative market and financial measures representing the success of the
Value the brand rather than operating a Performance brand in achieving price and volume premium.
[Movistar]
generic brand.

The brand values contained in our league

tables are those of the potentially
transferable brand assets only, making Marketing Investment
‘brand contribution’ a wider concept. An • A brand that has high Marketing Investment but low Stakeholder Equity may be on a
assessment of overall ‘brand contribution’ to path to growth. This high investment is likely to lead to future performance in Stakeholder
a business provides additional insights to Equity which would in turn lead to better Business Performance in the future.
help optimise performance. • However, high Marketing Investment over an extended period with little improvement in
Investment Stakeholder Equity would imply that the brand is unable to shape customers’ preference.
+ Brand Value
The value of the trade mark and Stakeholder Equity
associated marketing IP within the • The same is true for Stakeholder Equity. If a company has high Stakeholder Equity, it is
branded business. Equity likely that Business Performance will improve in the future.
[Movistar]
• However, if the brand’s poor Business Performance persists, it would suggest that the
Brand Finance helped to craft the brand is inefficient compared to its competitors in transferring stakeholder sentiment
internationally recognised standard on
to a volume or price premium.
Brand Valuation – ISO 10668. It defines Performance
brand as a marketing-related intangible
asset including, but not limited to, names,
Business Performance
• Finally, if a brand has a strong Business Performance but scores poorly on Stakeholder
terms, signs, symbols, logos, and designs,
intended to identify goods, services or Equity, it would imply that, in the future, the brand’s ability to drive value will diminish.
entities, creating distinctive images and • However, if it is able to sustain these higher outputs, it shows that the brand is
associations in the minds of stakeholders, particularly efficient at creating value from sentiment compared to its competitors.
thereby generating economic benefits.

26  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  27
Brand Valuation Methodology. Market Research Methodology.
Brand Finance calculates the values of the Brand Finance conducted original market research in 10 sectors across 31 markets with a sample
brands in its league tables using the Royalty size of over 50,000 adults, representative of each country’s internet population aged 18+. Surveys
Relief approach – a brand valuation method were conducted online during Autumn 2018.
compliant with the industry standards set in
Brand Strength
ISO 10668.
Index (BSI)
This involves estimating the likely future revenues that Brand strength
expressed as a BSI Banking Tech
are attributable to a brand by calculating a royalty rate
that would be charged for its use, to arrive at a ‘brand score out of 100.
Telecoms Auto
value’ understood as a net economic benefit that a
licensor would achieve by licensing the brand in the Insurance Hotels
open market.
Utilities Beers
The steps in this process are as follows:
Brand Airlines Oil & Gas
1 
Calculate brand strength using a balanced scorecard
Royalty Rate
of metrics assessing Marketing Investment,
Stakeholder Equity, and Business Performance. Brand BSI score applied to an
strength is expressed as a Brand Strength Index (BSI) appropriate sector
score on a scale of 0 to 100. royalty range.

Stakeholder Equity Measures.

2 
Determine royalty range for each industry, reflecting
the importance of brand to purchasing decisions. In
luxury, the maximum percentage is high, in extractive
industry, where goods are often commoditised, it is
lower. This is done by reviewing comparable licensing
agreements sourced from Brand Finance’s extensive
Key Metrics Brand converison funnel
database. Brand Revenues The brand conversion funnel is a way of summarising
+ Reputation + Emotional Fit
3 
Calculate royalty rate. The BSI score is applied to the Royalty rate applied to + Innovation + Recommendation the likely strength of a brand to convert to purchase.
royalty range to arrive at a royalty rate. For example, if forecast revenues to + Trust + Quality etc.
the royalty range in a sector is 0-5% and a brand has derive brand value.
a BSI score of 80 out of 100, then an appropriate
royalty rate for the use of this brand in the given sector
Awareness
will be 4%.
Knowledge that your brand exists
4 
Determine brand-specific revenues by estimating a
proportion of parent company revenues attributable
Familiarity
to a brand. Brand Value
Depth of knowledge of the brand
5 
Determine forecast revenues using a function of Post-tax brand
historic revenues, equity analyst forecasts, and revenues discounted to
economic growth rates. a net present value (NPV) Consideration
which equals the brand Narrowing down market to candidate brand set
6 
Apply the royalty rate to the forecast revenues to
value.
derive brand revenues.
7 
Brand revenues are discounted post-tax to a net Preference
present value which equals the brand value. Category users’ brand preference

Disclaimer Loyalty
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions produced in this study are based only on publicly available information
and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available Intention to repeat purchase
information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the report are not to be construed as providing investment or business advice.
Brand Finance does not intend the report to be relied upon for any reason and excludes all liability to any body, government or organisation.

28  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  29
Consulting Services. Brand Evaluation Services.
How are brands perceived in my
1. Valuation: What are my intangible 2. Analytics: How can I improve category?
assets worth? marketing effectiveness?
Valuations may be conducted for technical Analytical services help to uncover drivers Brand Finance tracks brand fame and perceptions
purposes and to set a baseline against of demand and insights. Identifying the across over 30 markets in 10 consumer categories. Clear,
which potential strategic brand factors which drive consumer behaviour insightful signals of brand performance, with data mining
scenarios can be evaluated. allows an understanding of how brands options for those who want to dig deeper – all at an
N 2. A create bottom-line impact. accessible price.
+ Branded Business Valuation IO NA
+ Trademark Valuation AT Market Research Analytics +
What if I need more depth or
U

LY
AL

+ Intangible Asset Valuation Return on Marketing Investment +

coverage of a more specialised

TIC
1. V

+ Brand Contribution Brand Audits +

sector?

S
Brand Scorecard Tracking +
Brand &
Business Our bespoke brand scorecards help with market
S

Value planning and can be designed to track multiple brands

ION

4. Transactions: 3. S 3. Strategy: How can over time, against competitors, between market
Is it a good deal? I increase the value of
T

segments and against budgets. Our 30-country

AC

TR

Can I leverage my NS
AT my branded business? database of brand KPIs enables us to benchmark
intangible assets?
EG
4. TR
A Y Strategic marketing services enable performance appropriately.
Transaction services help buyers, brands to be leveraged to grow
sellers, and owners of branded businesses businesses. Scenario modelling will Do I have the right brand
get a better deal by leveraging the value of identify the best opportunities, ensuring architecture or strategy in place?
their intangibles. resources are allocated to those activities which
have the most impact on brand and business value. Research is conducted in addition to strategic
+ M&A Due Diligence
Brand Governance + analysis to provide a robust understanding
+ Franchising & Licensing
+ Tax & Transfer Pricing Brand Architecture & Portfolio Management + of the current positioning. The effectiveness
+ Expert Witness Brand Transition + of alternative architectures is tested
Brand Positioning & Extension + through drivers analysis, to determine which option(s)
will stimulate the most favourable customer behaviour
and financial results.

How can I improve return on

marketing investment?
MARKETING FINANCE TAX LEGAL Using sophisticated analytics, we have a proven track
record of developing comprehensive brand scorecard
We help marketers to We provide financiers and We help brand owners We help clients to enforce and brand investment frameworks to improve return on
connect their brands to auditors with an and fiscal authorities to and exploit their marketing investment.
business performance by independent assessment understand the intellectual property rights
evaluating the return on on all forms of brand and implications of different by providing independent What about the social dimension?
investment (ROI) of intangible asset tax, transfer pricing, and expert advice in- and Does my brand get talked about?
brand-based decisions valuations. brand ownership outside of the courtroom.
and strategies. arrangements.
Social interactions have a proven commercial impact
on brands. We measure actual brand conversation and
advocacy, both real-world word of mouth and online
buzz and sentiment, by combining traditional survey
measures with best-in-class social listening.

30  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  31
Communications Services.
How we can help communicate your brand’s performance
in brand value rankings

Brand Accolade – create a digital endorsement stamp for use in marketing

materials, communications, annual reports, social media and website. Value-Based Communications
Advertising use subject to terms and conditions.
With strategic planning and creative thinking, we develop communications plans to create dialogue with
stakeholders that drives brand value. Our approach is integrated, employing tailored solutions for our
clients across PR, marketing and social media.

SERVICES
• Research and Insights
• Integrated Communications Planning
• Project Management and Campaign Execution
• Content and Channel Strategy
TOP 300 MOST VALUABLE STRONGEST • Communications Workshops
TELECOMS TELECOMS TELECOMS
BRAND BRAND BRAND
For more information, contact enquiries@brand-dialogue.co.uk or visit www.brand-dialogue.co.uk
We also offer aVideo
variety of other services to help communicate
Endorsement – record video with Brand Finance CEO or Director
your brand’s performance
speaking about the performance of your brand, for use in both internal and
Brand Dialogue is a member of the Brand Finance plc group of companies

external communications.

Bespoke Events – organise an award ceremony or celebratory event,

coordinate event opportunities and spearhead communications to make the
most of them.

Digital Infographics – design infographics visualising your brand’s

performance for use across social media platforms.
BECOME A MEMBER TODAY
Trophies & Certificates – provide a trophy and/or hand-written certificate A CONTEMPORARY AND EXCLUSIVE

MEMBERS' CLUB
personally signed by Brand Finance CEO to recognise your brand’s
performance.

IN THE HEART OF THE CITY OF LONDON

Sponsored Content – publish contributed articles, advertorials, and
interviews with your brand leader in the relevant Brand Finance report offered CHARACTERFUL SPACE
for
MEMBERS' EVENTS DISCOUNTED
with
to the press.
MEETINGS FOCUS ON MARKETING ROOM HIRE
& & for
PRIVATE EVENTS BRANDING MEMBERS
Media Support – provide editorial support in reviewing or copywriting your
press release, pitching your content to top journalists, and monitoring media 3 Birchin Lane, London, EC3V 9B  +44 (0)207 389 9410  enquiries@brandexchange.com
coverage. Brand Exchange is a member of the Brand Finance plc group of companies

32  Brand Finance Telecoms 300  February 2019 Brand Finance Telecoms 300  February 2019  33
Brand Finance Network.
For further information on our services and valuation experience, please contact your local representative:

Market Contact Email Telephone

Asia Pacific Samir Dixit s.dixit@brandfinance.com +65 906 98 651
Australia Mark Crowe m.crowe@brandfinance.com +61 282 498 320
Canada Charles Scarlett-Smith c.scarlett-smith@brandfinance.com +1 514 991 5101
Caribbean Nigel Cooper n.cooper@brandfinance.com +1 876 825 6598
China Scott Chen s.chen@brandfinance.com +86 186 0118 8821
East Africa Jawad Jaffer j.jaffer@brandfinance.com +254 204 440 053
Germany Holger Muehlbauer h.muehlbauer@brandfinance.com +49 151 54 749 834
India Savio D’Souza s.dsouza@brandfinance.com +44 207 389 9400
Indonesia Jimmy Halim j.halim@brandfinance.com +62 215 3678 064
Ireland Simon Haigh s.haigh@brandfinance.com +353 087 669 5881
Italy Massimo Pizzo m.pizzo@brandfinance.com +39 02 303 125 105
Japan Jun Tanaka j.tanaka@brandfinance.com +81 90 7116 1881
Mexico & LatAm Laurence Newell l.newell@brandfinance.com +52 1 55 9197 1925
Middle East Andrew Campbell a.campbell@brandfinance.com +971 508 113 341
Nigeria Tunde Odumeru t.odumeru@brandfinance.com +234 012 911 988
Romania Mihai Bogdan m.bogdan@brandfinance.com +40 728 702 705
Spain Teresa de Lemus t.delemus@brandfinance.com +34 654 481 043
South Africa Jeremy Sampson j.sampson@brandfinance.com +27 82 885 7300
Sri Lanka Ruchi Gunewardene r.gunewardene@brandfinance.com +94 114 941670
Turkey Muhterem Ilgüner m.ilguner@brandfinance.com +90 216 352 67 29
UK Richard Haigh rd.haigh@brandfinance.com +44 207 389 9400
USA Laurence Newell l.newell@brandfinance.com +1 917 794 3249
Vietnam Lai Tien Manh m.lai@brandfinance.com +84 473 004 468

34  Brand Finance Telecoms 300  February 2019

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

36  Brand Finance Telecoms 300  February 2019