www.pwc.co.uk
Global Top 100
Companies by market
capitalisation
31 March 2015 update
An IPO Centre
publication
Contents
Section 1
3
Highlights and trends
Section 2
10
Year-on-year comparison: 2015 vs. 2014
Section 3
20
Value distributed to shareholders in calendar year 2014
Section 4
Post-financial crisis comparison: 2015 vs. 2009
PwC
24
Section 1
Highlights and trends
Global Top 100
PwC
Slide 3
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.
Total market cap of top 100 companies as at 31 March
$16,245
$18,000bn
Market Cap ($)
•
$15,000bn
$12,000bn
$8,402
$9,000bn
$6,000bn
$3,000bn
$0bn
2009
Key highlights
-
-
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
2009. 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.
Global Top 100
PwC
Source: Bloomberg and PwC analysis
No. of companies
-
Apple is #1. Having increased its market cap
almost 8 times since 2009, its has jumped from
rank 33 to pole position.
2011
2012
2013
2014
2015
Spread of companies by market cap (2015 vs. 2009)
Number of Top 100
companies in 2015
Number of Top 100
companies in 2009
30
20
10
0
<$50bn
$50bn $75bn
$75bn - $100bn - $150bn - $200bn - $250bn - >$300bn
$100bn $150bn $200bn $250bn $300bn
Market Caps of top and bottom companies
Market Cap ($)
-
40
2010
$725
$800bn
Apple
$600bn
$400bn
$200bn
$337
Exxon Mobil
$85bn
$40bn
$bn
2009
2010
2011
Number 1
2012
2013
2014
2015
Number 100
Slide 4
The ranking methodology
Methodology
•
The Global Top 100 list ranks companies by their market capitalisation in US$ 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 PwC 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
Global Top 100
PwC
Slide 5
Total top 100 companies by market capitalisation
as at 31 March
Market Cap ($)
$16,000bn
$14,000bn
$12,000bn
$10,000bn
$8,000bn
$6,000bn
$4,000bn
$2,000bn
$0bn
$12,047bn
$12,974bn
$12,917bn
$13,597bn
$15,020bn
$8,402bn
2009
2010
2011
2012
2013
2014
$725
Market Cap ($)
$700bn
Apple
$559
$600bn
$500bn
$300bn
$417
$337
Exxon Mobil
$329
Apple
Exxon Mobil
$416
Apple
$469
Apple
PetroChina.
$200bn
$100bn
2015
Market Caps of top and bottom in the top 100 companies
$800bn
$400bn
$16,245bn
$40
$61
2009
2010
$69
$64
$70
$81
$85
2011
Number 1
2012
Number 100
2013
2014
2015
$bn
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 6
Top 100 companies per country of domicile –
trends 2009-2015 (1/3)
53
United States
47
42
11
China/HK
8
11
8
United Kingdom
8
9
6
Germany
6
5
2015
4
France
2014
5
7
2009
3
Australia
4
1
-
Global Top 100
PwC
10
Source: Bloomberg and PwC analysis
20
30
40
Number of companies in the Top 100
50
60
Slide 7
Top 100 companies per country of domicile trends 2009-2015 (2/3)
3
Switzerland
3
3
2
Japan
2
6
2
Spain
2
2
1
Netherland
1
1
Taiwan
1
2015
1
2014
0
2009
1
Korea
1
1
-
Global Top 100
PwC
1
2
Source: Bloomberg and PwC analysis
3
4
5
6
7
Number of companies in the Top 100
8
9
10
Slide 8
Top 100 companies per country of domicile trends 2009-2015 (3/3)
1
Brazil
2
3
1
Canada
2
1
1
Belgium
1
1
Ireland
1
2015
1
2014
2009
0
1
Denmark
1
0
Global Top 100
PwC
1
2
Source: Bloomberg and PwC analysis
3
4
5
6
7
Number of companies in the Top 100
8
9
10
Slide 9
Section 2
Year-on-year comparison
2015 vs. 2014
Global Top 100
PwC
Slide 10
The movements
Key highlights
•
85 companies from 2014 survived to be in the list at 31 March 2015.
•
1 company entered the Global Top 100 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 2014.
•
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 Global Top 100
companies ($9.3trn), a 12% increase since 31 March 2014.
•
In 2015 there are 53 US companies in the Global Top 100 against 47 in 2014. 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.
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 11
Between 2014 and 2015 there were 15 changes to
the Global Top 100
0
100
(15)
90
1
14
Number of companies
80
70
60
50
40
30
20
10
0
Global Top 100 as at Acquired, merged or
31 March 2014
seperated
Dropped from the
Global Top 100
IPOs and spin-offs*
New entries by
growth and M&A
Global Top 100 as at
31 March 2015
* 1 IPO: Alibaba in 2014
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 12
Between 2014 and 2015 the total market cap of the
global top 100 increased by $1,225bn
$18,000
$16,000
$15,020bn
$966
$16,245
85 Survivors
Growth
Global Top 100 as
at 31 March 2014
$1,430
$0
$205
Total market cap ($bn)
$14,000
($1,376bn)
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Global Top 100 as
at 31 March 2014
0 acquired,
merged or
seperated
15 dropped from 1 IPOs and spin- 14 new entries by
the Global Top
off*
growth and M&A
100
*IPOs: Alibaba in 2014
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 13
Global Top 100 companies per country
– absolute market capitalisation change
Country
United States
China
United Kingdom
Switzerland
Germany
France
Australia
Japan
Hong Kong
Spain
Belgium
South Korea
Denmark
Netherlands
Taiwan
Ireland
Brazil
Canada
Russia
Saudi Arabia
Italy
Norway
Colombia
Global Top 100
PwC
2014-2015
Market cap var.
of current Top
100 ($bn)
966
776
-162
15
-35
-48
-49
52
77
11
28
-17
36
5
28
50
-23
-7
0
0
0
0
0
Top 100 2015
Top 100 2014
Rank
Market
cap ($bn)
No.
Market
cap in
2014 ($bn)
Rank
Market
cap ($bn)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
-
9,322
1,973
941
748
625
441
331
327
267
206
196
191
142
125
121
111
91
87
0
0
0
0
0
53
10
8
3
6
4
3
2
1
2
1
1
1
1
1
1
1
1
0
0
0
0
0
8,356
1,197
1,103
733
660
489
380
275
191
195
169
209
106
121
92
62
113
94
0
0
0
0
0
1
3
2
4
5
6
7
8
12
11
14
9
16
15
18
17
10
13
19
20
21
22
23
8,052
1,082
1,147
733
660
591
464
287
191
195
169
209
106
121
92
104
201
177
92
92
88
84
84
47
7
8
3
6
5
4
2
1
2
1
1
1
1
1
1
2
2
1
1
1
1
1
Source: Bloomberg and PwC analysis
Slide 14
Global Top 100 companies per country
– relative market capitalisation change
Country
United States
China
United Kingdom
Switzerland
Germany
France
Australia
Japan
Hong Kong
Spain
Belgium
South Korea
Denmark
Netherlands
Taiwan
Ireland
Brazil
Canada
% market cap
change
2014-2015
% index change
2014-2015*
12%
65%
-15%
2%
-5%
-10%
-13%
19%
40%
6%
16%
-8%
34%
4%
31%
80%
-20%
-7%
10%
89%
3%
8%
25%
15%
10%
30%
12%
11%
19%
0%
36%
21%
8%
21%
2%
6%
Top 100 vs.
National index
performance
Outperformed
Underperformed
Underperformed
Underperformed
Underperformed
Underperformed
Underperformed
Underperformed
Outperformed
Underperformed
Underperformed
Underperformed
Underperformed
Underperformed
Outperformed
Outperformed
Underperformed
Underperformed
2015
2014
Market cap of
current top 100
($bn)
Market cap of
current top 100
($bn)
9,322
1,973
941
748
625
441
331
327
267
206
196
191
142
125
121
111
91
87
8,356
1,197
1,103
733
660
489
380
275
191
195
169
209
106
121
92
62
113
94
* Price change of the local main index per country
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 15
The risers – The 20 Global Top 100 companies
with the largest absolute increase in market cap
Change in Market
Cap 2014-2015
($bn)
Market Cap
2015 ($bn)
Market Cap
2014 ($bn)
54%
725
469
105
47%
330
225
Financials
91
138%
157
66
China
Financials
82
71%
197
115
Actavis PLC
United States
Health Care
81
227%
117
36
ICBC Ltd
China
Financials
80
41%
275
196
7
China Mobile Ltd
Hong Kong
Telecommunications
77
40%
267
191
8
Berkshire Hathaway Inc
United States
Financials
71
25%
357
286
9
Agricultural bank of China
China
Financials
65
52%
189
124
10
Ping An Insurance Group
China
Financials
58
106%
113
55
11
Kinder Morgan
United States
Oil & Gas
57
171%
91
33
12
Facebook Inc
United States
Technology
56
32%
231
175
13
Medtronic PLC
Ireland
Health Care
50
80%
111
62
14
Novartis AG
Switzerland
Health Care
44
20%
267
224
15
Toyota Motor
Japan
Consumer Goods
42
21%
239
197
16
China Construction Bank Corp
China
Financials
38
23%
209
171
17
The Walt Disney Co
United States
Consumer Services
37
26%
178
142
18
NovoNordisk A/S
Denmark
Health Care
36
34%
142
106
19
Wells Fargo & Co
United States
Financials
36
15%
280
244
United States
Health Care
36
63%
92
57
Company name
Nationality
Industry
1
Apple Inc
United States
Technology
255
2
PetroChina Co Ltd
China
Oil & Gas
3
China Life Insurance Co Ltd
China
4
Bank of China Ltd
5
6
20 Celgene Corp
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 16
The risers – The 20 Global Top 100 companies
with the largest relative increase in market cap
Change in
Market cap.
2014-2015 (%)
Market Cap
2015 ($bn)
Market Cap
2014 ($bn)
Health Care
+227%
117
36
United States
Oil & Gas
+171%
91
33
China Life Insurance Co Ltd
China
Financials
+138%
157
66
4
Ping An Insurance Group
China
Financials
+106%
113
55
5
Medtronic PLC
Ireland
Health Care
+80%
111
62
6
Bank of China Ltd
China
Financials
+71%
197
115
7
Celgene Corp
United States
Health Care
+63%
92
57
8
Apple Inc
United States
Technology
+54%
725
469
9
Agricultural bank of China
China
Financials
+52%
189
124
10
PetroChina Co Ltd
China
Oil & Gas
+47%
330
225
11
Walgreens Boots
United States
Consumer Services
+46%
92
63
12
ICBC Ltd
China
Financials
+41%
275
196
13
China Mobile Ltd
Hong Kong
Telecommunications
+40%
267
191
14
UnitedHealth Group
United States
Health Care
+39%
113
81
15
Biogen Idec Inc
United States
Health Care
+37%
99
72
16
CVS Health Corp
United States
Consumer Services
+35%
117
86
17
NovoNordisk A/S
Denmark
Health Care
+34%
142
106
18
Nike Inc
United States
Consumer Goods
+33%
87
65
19
Facebook Inc
United States
Technology
+32%
231
175
United States
Consumer Goods
+32%
99
75
Company name
Nationality
Industry
1
Actavis PLC
United States
2
Kinder Morgan
3
20 Altria Group
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 17
The fallers – The 20 Global Top 100 companies
with the largest absolute decrease in market cap
Change in
Market Cap Market Cap Change in
Market Cap
2015 ($bn) 2014 ($bn)
Rank
2014-2015 ($bn)
Company name
Nationality
Industry
1
Exxon Mobil Corp
United States
Oil & Gas
-59
357
416
-1
2
BHP Billiton
Australia
Basic Materials
-56
122
178
-28
3
Royal Dutch Shell
United Kingdom
Oil & Gas
-46
192
238
-15
4
BP PLC
United Kingdom
Oil & Gas
-38
118
156
-23
5
Total SA
France
Oil & Gas
-36
118
154
-21
6
HSBC Holdings PLC
United Kingdom
Financials
-34
164
199
-16
7
IBM Corp
United States
Technology
-34
159
193
-16
8
Google Inc
United States
Technology
-33
375
409
1
9
Roche Holding AG
Switzerland
Health Care
-28
237
266
-10
10 GlaxoSmithkline PLC
United Kingdom
Health Care
-24
112
136
-24
11
United Kingdom
Telecommunications
-24
87
110
-38
12 Chevron Corp
Vodafone Group PLC
United States
Oil & Gas
-23
197
220
-9
13 Siemens AG
Germany
Industrials
-23
95
118
-29
14 Ambev
Brazil
Consumer Goods
-23
91
113
-33
15 Samsung
South Korea
Consumer Goods
-17
191
209
-10
16 Schlumberger LTD
United States
Oil & Gas
-15
107
121
-19
17 BASF
Germany
Basic Materials
-15
91
106
-25
18 Qualcomm Inc
United States
Technology
-13
114
127
-17
19 Bank of America
United States
Financials
-13
162
175
-10
Consumer Goods
-12
117
128
-17
20 Philip Morris International United States
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 18
Industry comparison
Total top 100
Market cap
($bn) 2015
Number of
companies
2015
Market cap var. of
current top 100
2015 vs. 2014
Industry index
performance
since 2014
1 Financials
3,236
19
13%
1%
2 Technology
2,802
12
5%
15%
3 Health Care
2,632
18
11%
19%
4 Consumer Goods
2,529
18
4%
15%
5 Oil & Gas
1,629
9
-6%
-18%
6 Consumer Services
1,516
10
16%*
1%
7 Industrials
844
7
1%
1%
8 Telecommunications
722
4
9%
-2%
9 Basic Materials
337
3
-16%
-9%









0
0
n/a
0
-
Industry
10 Utilities
Index
outperformance
* Excluding Alibaba (IPO 2014)
Note : Industry index performance is based on the MSCI International ACWI Industry Price Index USD
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 19
Section 3
Global Top 100 value distributed to
shareholders in calendar year 2014
Global Top 100
PwC
Slide 20
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 $100bn
by sector.
Global Top 100
PwC
Slide 21
Value distribution by country in calendar year
2014
Number of
companies
Market cap
31-03-2015
($bn)
United States
53
9,322
189
263
452
66%
2.0%
4.9%
China
10
1,973
62
-
62
9%
3.2%
3.2%
United Kingdom
8
941
47
6
53
8%
4.9%
5.6%
Switzerland
3
748
22
-
22
3%
2.9%
2.9%
Germany
6
625
16
1
18
3%
2.6%
2.9%
Australia
3
331
17
-
17
2%
5.1%
5.1%
France
4
441
16
-
16
2%
3.7%
3.7%
Hong Kong
1
267
8
-
8
1%
3.1%
3.1%
Belgium
1
196
7
-
7
1%
3.8%
3.8%
Japan
2
327
6
-
6
1%
1.9%
1.9%
Brazil
1
91
5
-
5
1%
5.7%
5.7%
Netherlands
1
125
4
1
5
1%
3.4%
3.9%
Canada
1
87
4
-
4
1%
4.5%
4.7%
Ireland
1
111
1
3
4
1%
1.0%
3.3%
Spain
2
206
3
-
3
0%
1.5%
1.5%
Taiwan
1
121
3
-
3
0%
2.1%
2.1%
South Korea
1
191
2
-
2
0%
1.1%
1.1%
Denmark
1
142
2
-
2
0%
1.5%
1.5%
100
16,245
415
274
689
100%
2.6%
4.2%
Country
Total
Dividends Share buyback
2014 ($bn) (1) 2014 ($bn) (1)
Total value
distribution
2014 ($bn) (1)
Dividend as Total value as
% of total
% of market % of market
distribution
cap (2)
cap (2)
(1) Actual payment in calendar year 2014
(2) Market cap as at 31 March 2015
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 22
Value distribution by sector in calendar year 2014
Number of
companies
Market cap
31-03-2015
($bn)
Technology
12
2,802
42
99
141
20%
1.5%
5.0%
Financials
19
3,236
92
21
114
16%
2.8%
3.5%
Oil & Gas
9
1,629
60
41
101
15%
3.7%
6.2%
Consumer Goods
18
2,529
73
26
99
14%
2.9%
3.9%
Health Care
18
2,632
60
34
94
14%
2.3%
3.6%
Consumer Services
10
1,516
20
34
53
8%
1.3%
3.5%
Industrials
7
844
23
17
39
6%
2.7%
4.6%
Telecommunications
4
722
34
3
37
5%
4.7%
5.1%
Industry
Dividend as Total value as
% of total
% of market % of market
distribution
cap (2)
cap (2)
3
337
12
-
12
2%
3.6%
3.6%
100
16,245
415
274
689
100%
2.6%
4.2%
Basic Materials
Total
Share
Total value
Dividends
buyback 2014 distribution
(1)
2014 ($bn)
($bn) (1)
2014 ($bn) (1)
(1) Actual payment in calendar year 2014
(2) Market cap as at 31 March 2015
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 23
Section 4
Post-financial crisis comparison
2015 vs. 2009
1) Key movements
2) The industries – Global Top 100 sorted by sector
3) Country/region comparison
4) Complete ranking
Global Top 100
PwC
Slide 24
Section 4
Post-financial crisis comparison
2015 vs. 2009
1) Key movements
2) The industries – Global Top 100 sorted by sector
3) Country/region comparison
4) Complete ranking
Global Top 100
PwC
Slide 25
The movements
Key highlights
•
66 companies from 2009 survived to be in the list at 31 March 2015.
•
4 companies entered the Global Top 100 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 2009. 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 2015.
•
The threshold to enter the Global Top 100 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 2012. 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 Global Top 100
companies ($9.3trn).
•
In 2015 there are 53 US companies in the Global Top 100 against 42 in 2009. 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.
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 26
Spread of market capitalisations in the Global Top
100 as at 31 March
Number of companies
40
Number of Top 100 companies in 2015
35
Number of Top 100 companies in 2009
30
25
20
15
10
5
0
<$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 2009
 24 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
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 27
Between 2009 and 2015 there were 34 changes to
the Global Top 100
100
6
90
29
28
Number of companies
80
70
5
60
50
40
30
20
10
0
Global Top 100 as at Acquired, merged or
31 March 2009
seperated
Dropped from the
Global Top 100
IPOs and spin-offs*
New entries by
growth and M&A
Global Top 100 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
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 28
Between 2009 and 2015 the total market cap of the
global top 100 increased by $7,843bn
$18,000
$5,732bn
$16,245bn
66 Survivors
Growth
Global Top 100 as
at 31 March 2014
$16,000
Total market cap ($bn)
$14,000
$12,000
$3,346bn
$10,000
$8,402bn
$8,000
$809bn
($394bn)
$6,000
($1,651bn)
$4,000
$2,000
$0
Global Top 100 as
at 31 March 2009
6 acquired,
merged or
seperated
28 dropped from 5 IPOs and spin- 29 new entries by
the Global Top
offs*
growth and M&A
100
*IPOs: Agricultural Bank of China in 2010, Kinder Morgan in 2011, Facebook in 2012, Alibaba in 2014 | Spin-off : AbbVie in 2013
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 29
Global Top 100 companies per country
– absolute market capitalisation change
Country
United States
China
United Kingdom
Switzerland
Germany
France
Australia
Japan
Hong Kong
Spain
Belgium
South Korea
Denmark
Netherlands
Taiwan
Ireland
Brazil
Canada
Russia
Italy
Norway
India
Mexico
Finland
Global Top 100
PwC
2009-2015
Market cap
var. of current
Top 100 ($bn)
5,627
997
306
401
342
178
138
163
93
126
152
130
112
67
82
78
64
46
0
0
0
0
0
0
Top 100 2015
Rank
Market
cap ($bn)
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
-
9,322
1,973
941
748
625
441
331
327
267
206
196
191
142
125
121
111
91
87
0
0
0
0
0
0
53
10
8
3
6
4
3
2
1
2
1
1
1
1
1
1
1
1
0
0
0
0
0
0
Source: Bloomberg and PwC analysis
Top 100 2009
Market
cap in
2009
($bn)
3,695
976
636
347
284
263
193
164
175
80
44
61
30
58
39
33
27
41
0
0
0
0
0
0
Rank
Market
cap ($bn)
No.
1
2
3
6
7
4
12
5
9
10
20
14
15
8
21
11
13
16
17
18
19
3805
1061
715
347
299
481
118
366
219
149
44
61
59
234
41
134
77
56
47
45
44
42
9
9
3
5
7
1
6
2
2
1
1
1
3
1
2
1
1
1
1
1
Slide 30
Global Top 100 companies per country
– relative market capitalisation change
Country
United States
China
United Kingdom
Switzerland
Germany
France
Australia
Japan
Hong Kong
Spain
Belgium
South Korea
Denmark
Netherlands
Taiwan
Ireland
Brazil
Canada
% market cap
change
2009-2015
% index change
2009-2015*
153%
123%
48%
115%
124%
68%
72%
98%
53%
156%
346%
189%
463%
116%
211%
237%
554%
112%
159%
62%
73%
85%
193%
79%
64%
137%
83%
47%
113%
69%
318%
126%
84%
174%
54%
71%
Top 100 vs.
National index
performance
Underperformed
Outperformed
Underperformed
Outperformed
Underperformed
Underperformed
Outperformed
Underperformed
Underperformed
Outperformed
Outperformed
Outperformed
Outperformed
Underperformed
Outperformed
Outperformed
Outperformed
Outperformed
2015
2009
Market cap of
current top 100
($bn)
Market cap of
current top 100
($bn)
9,322
1,973
941
748
625
441
331
327
267
206
196
191
142
125
121
111
91
87
3,690
885
636
349
279
263
193
165
175
80
44
66
25
58
39
33
14
41
* Price change of the local main index per country
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 31
The risers – The 20 Global Top 100 companies
with the largest absolute increase in market cap
Change in Market
Cap 2009-2015
($bn)
Market Cap
2015 ($bn)
Market Cap
2009 ($bn)
674%
725
94
265
242%
375
110
Financials
223
167%
357
134
Company name
Nationality
Industry
1
Apple Inc
United States
Technology
631
2
Google Inc
United States
Technology
3
Berkshire Hathaway Inc
United States
4
Wells Fargo & Co
United States
Financials
220
364%
280
60
5
Microsoft Corp
United States
Technology
170
104%
334
163
6
Novartis AG
Switzerland
Health Care
168
169%
267
100
7
Tencent Holdings Ltd
China
Technology
165
1236%
178
13
8
Anheuser-Busch
Belgium
Consumer Goods
152
346%
196
44
The Walt Disney Co
United States
Consumer Services
145
429%
9
178
34
10
General Electric
United States
Industrials
143
134%
250
107
11
Citigroup
United States
Financials
143
1029%
156
14
12
Amazon.com
United States
Consumer Services
141
449%
173
31
Johnson
United States
Health Care
134
92%
13
280
145
14
Toyota Motor
Japan
Consumer Goods
131
121%
239
108
15
Samsung
South Korea
Consumer Goods
130
213%
191
61
16
JPMorgan Chase & Co
United States
Financials
126
126%
226
100
17
Pfizer Inc
United States
Health Care
122
133%
214
92
18
Roche Holding AG
Switzerland
Health Care
119
100%
237
119
19
Visa Inc
United States
Financials
119
283%
161
42
20
Bank of America
United States
Financials
118
271%
162
44
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 32
The risers – The 20 Global Top 100 companies
with the largest relative increase in market cap
Company name
Nationality
Industry
Market cap var.
2009-2015 (%)
Market Cap
2015 ($bn)
Market Cap
2009 ($bn)
1
Actavis PLC
United States
Health Care
3503%
117
3
2
Tencent Holdings Ltd
China
Technology
1236%
178
13
3
Citigroup
United States
Financials
1029%
156
14
4
Apple Inc
United States
Technology
674%
725
94
5
Biogen Idec Inc
United States
Health Care
536%
99
16
6
Amazon.com
United States
Consumer Services
449%
173
31
7
The Walt Disney Co
United States
Consumer Services
429%
178
34
8
NovoNordisk A/S
Denmark
Health Care
379%
142
30
9
Wells Fargo & Co
United States
Financials
364%
280
60
10
Union Pacific Corp
United States
Industrials
361%
95
21
11
MasterCard Inc
United States
Financials
360%
100
22
12
Celgene Corp
United States
Health Care
352%
92
20
13
Anheuser-Busch
Belgium
Consumer Goods
346%
196
44
14
UnitedHealth Group
United States
Health Care
343%
113
25
15
Inditex S.A.
Spain
Consumer Services
313%
100
24
16
The Boeing Company
United States
Industrials
307%
105
26
17
Visa Inc
United States
Financials
283%
161
42
18
Nike Inc
United States
Consumer Goods
282%
87
23
19
Sabmiller PLC
United Kingdom
Consumer Goods
280%
85
22
20
Daimler AG
Germany
Consumer Goods
278%
103
27
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 33
The fallers – The Global Top 100 companies with a
decrease in market capitalisation
1
2
Company name
Nationality
Industry
BP PLC
Vodafone Group
United Kingdom
United Kingdom
Oil & Gas
Telecommunications
Change in
Market Cap
Market Cap
2015
2009-2015 ($bn)
($bn)
-8
118
87
-5
Market Cap
2009
($bn)
126
92
Change in
rank
2009-2015
-43
-63
 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.
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 34
Section 4
Post-financial crisis comparison
2015 vs. 2009
1) Key movements
2) The industries – Global Top 100 sorted by sector
3) Country/region comparison
4) Complete ranking
Global Top 100
PwC
Slide 35
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 Global Top 100 has increased the most – by
177% to $2.6tr – with 3 new entries in the Global Top 100 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 $2.5tr.
•
Technology has 2 very impressive risers with Apple and Google. 17 years ago Apple was valued
at a few billion USD and Google was just founded. The technology sector predominantly
consists of US domiciled companies.
•
The number of Consumer Services in the Global top 100 grew from 3 to 10 – one by IPO
(Alibaba) and 6 by growth. Again the US dominates, accounting for 8 out of 10.
•
Increasing consumption and the rise of the middle class throughout large parts of the world
are key trends that enable companies in this sector to grow.
•
Financial Services is the sector with the most companies in our study. The Financial sector
has grown with 135% from 2009 to 2015, a sign of post crisis recovery.
Global Top 100
PwC
Slide 36
Industry comparison
Total top
100 Market
cap ($bn)
2015
Number of
companies
2015
1 Financials
3,236
19
2 Technology
2,802
3 Health Care
Industry
Market cap var. of
Industry index
Index
current top 100
performance since
outperformance
2015 vs. 2009*
2009
135%
107%
12
177%
165%
2,632
18
159%
172%
4 Consumer Goods
2,529
18
123%
165%
5 Oil & Gas
1,629
9
19%
27%
6 Consumer Services
1,516
10
163%
162%
7 Industrials
844
7
156%
136%
8 Telecommunications
722
4
44%
52%
9 Basic Materials
337
3
84%
51%









0
0
n/a
24%
-
10 Utilities
* Market cap growth of current Top 100 is calculated at constant perimeter (excluding companies which were acquired/merged or listed between 31-03-09 and 31-03-15)
Note : Industry index performance is based on the MSCI International ACWI Industry Price Index USD

Global Top 100
PwC
In the following slides, companies highlighted in green are the Top
100 2015 new joiners while companies highlighted in red have
dropped out, compared to 2009.
Source: Bloomberg and PwC analysis
Slide 37
Global Top 100 – Financials
Top 100 Financials companies 2015
Nationality
Berkshire Hathaway Inc
Wells Fargo & Co
ICBC Ltd
JPMorgan Chase & Co
China Construction Bank Corp
Bank of China Ltd
Agricultural bank of China
HSBC Holdings PLC
Bank of America
Visa Inc
China Life Insurance Co Ltd
Citigroup
Commonwealth bank
Ping An Insurance Group Co of China Ltd
Banco Santander
MasterCard Inc
Westpac Banking Corp
Mitsubishi UFJ Financial group
Royal Bank of Canada
United States
United States
China
United States
China
China
China
United Kingdom
United States
United States
China
United States
Australia
China
Spain
United States
Australia
Japan
Canada
Current Top 100
135%
Rank +/-
Rank
2015
Market Cap
($bn) 2015
Rank
2009
Market Cap
($bn) 2009
-8
-48
5
-10
8
4
-7
-49
-39
9
-27
7
28
0
4
7
9
18
21
25
29
36
38
39
41
42
63
65
72
78
85
94
96
357
280
275
226
209
197
189
164
162
161
157
156
115
113
106
100
94
88
87
12
55
4
28
13
21
43
87
78
32
92
65
66
96
134
60
188
100
133
115
79
44
42
95
14
36
43
56
22
38
56
41
MSCI Financials index
107%
Total*
3,046
Total
1,295
* Excluding market cap of Agricultural Bank of China (IPO 2010)
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 38
Global Top 100 – Financials (2)
Top 100 Financials
companies 2009
Nationality
ICBC Ltd
Berkshire Hathaway Inc
China Construction Bank Corp
Bank of China Ltd
JPMorgan Chase & Co
China Life Insurance Co Ltd
HSBC Holdings PLC
Wells Fargo & Co
Banco Santander SA
Mitsubishi UFJ Financial Group
Goldman Sachs Group Inc
Visa Inc
Bank of America Corp
Ping An Insurance Group
Itau Unibanco Holding SA
Royal Bank of Canada
Bank of Communications Co Ltd
China
United States
China
China
United States
China
United Kingdom
United States
Spain
Japan
United States
United States
United States
China
Brazil
Canada
China
Old Top 100
111%
Global Top 100
PwC
Rank +/-
Rank 2009
Market Cap ($bn)
2009
Rank 2015
Market Cap ($bn)
2015
-5
8
-4
10
-9
7
48
-7
-28
39
49
27
0
-
4
12
13
21
28
32
43
55
65
66
68
78
87
92
93
96
99
188
134
133
115
100
95
79
60
56
56
54
47
44
43
42
41
40
9
4
25
18
41
36
7
72
94
39
38
65
96
-
275
357
209
197
226
157
164
280
106
88
85
161
162
113
58
87
70
MSCI Financials index
107%
Source: Bloomberg and PwC analysis
Total
1,326
Total
2,795
Slide 39
Global Top 100 – Technology
Top 100 Technology
companies 2015
Nationality
Rank +/-
Rank
2015
Market Cap ($bn)
2015
Rank
2009
Market Cap ($bn)
2009
Apple Inc
Google Inc
Microsoft Corp
Facebook Inc
Oracle Corp
Tencent Holdings Ltd
IBM Corp
Intel Corp
Cisco Systems
TSMC
Qualcomm Inc
SAP
United States
United States
United States
United States
United States
China
United States
United States
United States
Taiwan
United States
Germany
-32
-20
-1
-7
26
4
19
12
4
1
2
5
17
30
32
40
44
49
56
64
93
725
375
334
231
188
178
159
148
141
121
114
89
33
22
6
37
14
40
30
52
89
94
110
163
90
13
130
84
98
39
64
44
Current Top 100
177%
MSCI Technology index
165%
Total*
2,571
Total
928
* Excluding market cap of Facebook
Top 100 Technology
companies 2009
Nationality
Rank +/-
Rank 2009
Market Cap ($bn)
2009
Rank 2015
Market Cap ($bn)
2015
Microsoft Corp
IBM Corp
Google Inc
Cisco Systems Inc
Apple Inc
Oracle Corp
Intel Corp
Hewlett-Packard Co
Qualcomm Inc
Nokia Oyj
SAP AG
United States
United States
United States
United States
United States
United States
United States
United States
United States
Finland
Germany
1
-26
20
-19
32
7
-4
-12
-4
6
14
22
30
33
37
40
45
52
85
89
163
130
110
98
94
90
84
77
64
44
44
5
40
2
49
1
30
44
64
93
334
159
375
141
725
188
148
57
114
28
89
Old Top 100
136%
Global Top 100
PwC
MSCI Technology index
165%
Source: Bloomberg and PwC analysis
Total
997
Total
2,357
Slide 40
Global Top 100 – Health Care
Top 100 Healthcare companies
2015
Nationality
Novartis AG
Roche Holding AG
NovoNordisk A/S
Sanofi
GlaxoSmithkline PLC
AstraZeneca PLC
Medtronic PLC
Johnson
Pfizer Inc
Merck & Co
Gilead Sciences
Amgen Inc
Actavis PLC
UnitedHealth Group
Bristol Myers Squibb
Biogen Idec Inc
AbbVie Inc
Celgene Corp
Switzerland
Switzerland
Denmark
France
United Kingdom
United Kingdom
Ireland
United States
United States
United States
United States
United States
United States
United States
United States
United States
United States
United States
Current Top 100
159%
Rank +/-
Rank
2015
Market Cap
($bn) 2015
Rank
2009
Market Cap ($bn)
2009
-19
-2
3
26
25
0
-16
-26
-49
-19
-21
-
10
16
48
50
67
97
68
8
20
37
45
55
60
66
69
79
86
88
267
237
142
130
112
87
111
280
214
163
146
121
117
113
108
99
93
92
29
18
47
41
72
8
36
63
94
74
90
-
100
119
30
74
81
51
33
145
92
56
42
51
3
25
43
16
20
MSCI Healthcare index
172%
Total*
2,538
Total
981
* Excluding market cap of AbbVie (spin-off in 2013)
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 41
Global Top 100 – Health Care (2)
Top 100 Healthcare
companies 2009
Nationality
Johnson & Johnson
Roche Holding AG
Genentech Inc
Novartis AG
Pfizer Inc
GlaxoSmithkline PLC
Sanofi SA
Abbott Laboratories
Wyeth
Merck & Co Inc
AstraZeneca PLC
Amgen Inc
Bristol-Myers Squibb Co
Gilead Sciences Inc
United States
Switzerland
United States
Switzerland
United States
United Kingdom
France
United States
United States
United States
United Kingdom
United States
United States
United States
Old Top 100
109%
Rank +/-
Rank 2009
Market Cap $bn
2009
Rank 2015
Market Cap $bn
2015
0
2
19
16
-26
-3
26
-25
19
21
49
8
18
27
29
36
41
47
48
62
63
72
74
90
94
145
119
100*
100
92
81
74
37*
57
56
51
51
43
42
8
16
10
20
67
50
37
97
55
69
45
280
237
Acquired
267
214
112
131
70
Acquired
163
87
121
108
146
MSCI Healthcare index
172%
Total*
927
Total
1,935
* Excluding market cap of Genentech and Wyeth (both acquired in 2009)
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 42
Global Top 100 – Consumer Goods
Top 100 Consumer Goods companies
2015
Nationality
Nestle SA
Toyota Motor
Procter & Gamble Co
Anheuser-Busch
Samsung
The Coca-Cola Co
PepsiCo
Unilever NV
Volkswagen
Philip Morris International
L'Oréal
Daimler AG
Altria Group
British American Tobacco PLC
Ambev
LVMH SA
Nike Inc
Sabmiller PLC
Switzerland
Japan
United States
Belgium
South Korea
United States
United States
Netherlands
Germany
United States
France
Germany
United States
United Kingdom
Brazil
France
United States
United Kingdom
Current Top 100
123%
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Rank +/-
Rank
2015
Market Cap
($bn) 2015
Rank
2009
Market Cap
($bn) 2009
-1
-8
9
-60
-25
7
5
-9
21
12
-20
2
-
14
15
19
26
28
33
47
51
52
62
75
76
80
81
91
92
99
100
243
239
221
196
191
177
142
125
124
117
103
103
99
97
91
89
87
85
15
23
10
86
53
26
42
60
31
50
95
79
-
129
108
138
44
61
102
80
58
96
71
41
27
33
46
27
31
23
22
MSCI Consumer index
165%
Total
2,529
Total
1,136
Slide 43
Global Top 100 – Consumer Goods (2)
Top 100 Consumer Goods
Nationality
companies 2009
Procter & Gamble Co
Nestle SA
Toyota Motor Corp
The Coca-Cola Co
Volkswagen AG
PepsiCo Inc
Philip Morris International Inc
Samsung Electronics Co Ltd
Unilever NV
British American Tobacco PLC
Monsanto Co
Anheuser-Busch InBev SA
Honda Motor Co Ltd
L'Oréal SA
Nintendo Co Ltd
Old Top 100
91%
Global Top 100
PwC
United States
Switzerland
Japan
United States
Germany
United States
United States
South Korea
Netherlands
United Kingdom
United States
Belgium
Japan
France
Japan
Rank +/-
Rank 2009
Market Cap ($bn)
2009
Rank 2015
Market Cap ($bn)
2015
-9
1
8
-7
-21
-5
-12
25
9
-2
60
20
-
10
15
23
26
31
42
50
53
60
79
81
86
91
95
97
138
129
108
102
96
80
71
61
59
46
45
44
43
41
41
19
14
15
33
52
47
62
28
51
81
26
75
-
221
243
239
177
124
142
117
191
125
97
54
196
59
103
21
MSCI Consumer Good index
165%
Source: Bloomberg and PwC analysis
Total
1,103
Total
2,109
Slide 44
Global Top 100 – Oil & Gas
Top 100 Oil & Gas companies 2015
Nationality
Exxon Mobil Corp
PetroChina Co Ltd
Chevron Corp
Royal Dutch Shell
China Petroleum & Chemicals
Total SA
BP PLC
Schlumberger LTD
Kinder Morgan
United States
China
United States
United Kingdom
China
France
United Kingdom
United States
United States
Current Top 100
19%
Rank +/-
Rank
2015
Market Cap
($bn) 2015
Rank
2009
Market Cap
($bn) 2009
2
4
13
18
32
38
43
-6
-
3
6
24
27
57
58
59
70
90
357
330
197
192
119
118
118
107
91
1
2
11
9
25
20
16
76
-
337
287
135
139
102
117
126
49
-
MSCI Oil & Gas index
27%
Total*
1,538
Total
1,291
* Excluding market cap of Kinder Morgan Inc (IPO in 2011)
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 45
Global Top 100 – Oil & Gas (2)
Top 100 Oil & Gas
companies 2009
Nationality
Exxon Mobil Corp
PetroChina Co Ltd
Royal Dutch Shell PLC
Chevron Corp
BP PLC
Petrobras SA
Total SA
Sinopec Corp
Gazprom OAO
Eni SpA
ConocoPhillips
Statoil ASA
BG GROUP PLC
Schlumberger LTD
Reliance Industries Ltd
NK Rosneft' OAO
Occidental Petroleum Corp
CNOOC Ltd
United States
China
United Kingdom
United States
United Kingdom
Brazil
France
China
Russia
Italy
United States
Norway
United Kingdom
United States
India
Russia
United States
Hong Kong
Old Top 100
8%
Global Top 100
PwC
Rank +/-
Rank 2009
Market Cap ($bn)
2009
Rank 2015
Market Cap ($bn)
2015
-2
-18
-13
-43
-38
6
-
1
2
9
11
16
17
20
25
38
44
56
64
73
76
77
80
82
84
337
287
139
135
126
123
117
102
88
77
60
56
51
49
47
46
45
44
3
27
24
59
58
70
-
357
330
192
197
118
39
118
119
57
63
77
57
42
107
43
46
56
63
MSCI Oil & Gas index
27%
Source: Bloomberg and PwC analysis
Total
1,929
Total
2,080
Slide 46
Global Top 100 – Consumer Services
Top 100 Consumer
Services companies 2015
Nationality
Rank +/-
Rank
2015
Market Cap ($bn)
2015
Rank
2009
Market Cap ($bn)
2009
Wal-Mart Stores Inc
Alibaba Group Holding
The Walt Disney Co
Amazon.com
Home Depot
Comcast Corp
CVS Health Corp
Inditex S.A.
McDonald's Corp
Walgreens Boots
United States
China
United States
United States
United States
United States
United States
Spain
United States
United States
9
-39
30
-
12
22
31
34
43
46
61
77
84
87
265
205
178
173
149
143
117
100
94
92
3
100
54
-
204
34
31
40
39
40
24
61
26
Current Top 100
163%
MSCI Consumer Services index
162%
Total*
1,311
Total
499
* Excluding market cap of Alibaba (IPO in 2014)
Top 100 Consumer
Services companies 2009
Nationality
Rank +/-
Rank
2009
Market Cap ($bn)
2009
Rank
2015
Market Cap ($bn)
2015
Wal-Mart Stores Inc
McDonald's Corp
CVS Caremark Corp
United States
United States
United States
-9
-30
39
3
54
100
204
61
40
12
84
61
265
94
117
Old Top 100
56%
Global Top 100
PwC
MSCI Consumer Services index
162%
Source: Bloomberg and PwC analysis
Total
305
Total
476
Slide 47
Global Top 100 – Industrials
Top 100 Industrials
companies 2015
Nationality
Rank +/-
Rank
2015
Market Cap ($bn)
2015
Rank
2009
Market Cap ($bn)
2009
General Electric
United Technologies Corp
The Boeing Company
3M Co
Union Pacific Corp
Siemens AG
United Parcel Service
United States
United States
United States
United States
United States
Germany
United States
-11
-27
13
20
13
71
73
74
82
83
95
250
106
105
105
95
95
87
24
98
70
75
107
40
26
34
21
52
50
Current Top 100
156%
MSCI Industrials index
136%
Total
844
Total
330
Top 100 Industrials
companies 2009
Nationality
Rank +/-
Rank
2009
Market Cap ($bn)
2009
Rank
2015
Market Cap
($bn) 2015
General Electric Co
Siemens AG
United Parcel Service Inc
United Technologies Corp
United States
Germany
United States
United States
11
-13
-20
27
24
70
75
98
107
52
50
40
13
83
95
71
250
95
87
106
Old Top 100
116%
Global Top 100
PwC
MSCI Industrials index
136%
Source: Bloomberg and PwC analysis
Total
249
Total
539
Slide 48
Global Top 100 – Telecommunications
Top 100 Telecommunications
Nationality
companies 2015
China Mobile Ltd
Verizon Communications Inc
AT&T Inc
Vodafone Group PLC
Current Top 100
44%
Hong Kong
United States
United States
United Kingdom
China Mobile Ltd
Hong Kong
AT&T Inc
United States
Telefonica SA
Spain
Vodafone Group PLC
United Kingdom
Verizon Communications Inc
United States
Orange SA
France
NTT Docomo Inc
Japan
Nippon Telegraph And Telephone Corp Japan
Deutsche Telekom AG
Germany
America Movil SAB de CV
Mexico
Global Top 100
PwC
Rank
2015
Market Cap ($bn)
2015
Rank
2009
Market Cap ($bn)
2009
6
-16
28
63
11
23
35
98
267
198
169
87
5
39
7
35
175
86
149
92
MSCI Telecom. index
52%
Top 100 Telecommunications
Nationality
companies 2009
Old Top 100
30%
Rank +/-
Total
501
Rank +/-
Rank
2009
Market Cap ($bn)
2009
Rank
2015
Market Cap ($bn)
2015
-6
-28
-63
16
-
5
7
34
35
39
57
58
59
67
83
175
149
93
92
86
59
59
59
54
45
11
35
98
23
-
267
169
70
87
198
43
71
70
83
69
MSCI Telecom. index
52%
Source: Bloomberg and PwC analysis
Total
722
Total
871
Total
1,128
Slide 49
Global Top 100 – Basic Materials
Top 100 Basic Materials
companies 2015
Nationality
Bayer AG
BHP Billiton Ltd
BASF
Germany
Australia
Germany
Current Top 100
84%
Nationality
BHP Billiton Ltd
Vale SA
China Shenhua Energy Co Ltd
Rio Tinto PLC
Australia
Brazil
China
United Kingdom
Global Top 100
PwC
Rank
2015
Market Cap ($bn)
2015
Rank
2009
Market Cap ($bn)
2009
35
-
53
54
89
124
122
91
19
-
37
118
28
MSCI Materials index
51%
Top 100 Basic Materials
companies 2009
Old Top 100
-2%
Rank +/-
Total
183
Rank +/-
Rank 2009
Market Cap ($bn)
2009
Rank 2015
Market Cap ($bn)
2015
-7
-
19
51
61
71
118
68
58
51
54
-
122
28
62
77
MSCI Materials index
51%
Source: Bloomberg and PwC analysis
Total
337
Total
295
Total
289
Slide 50
Section 4
Post-financial crisis comparison
2015 vs. 2009
1) Key movements
2) The industries – Global Top 100 sorted by sector
3) Country/region comparison
4) Complete ranking
Global Top 100
PwC
Slide 51
UK in the Top 100– 8 companies (9 in 2009)
Royal Dutch Shell
HSBC Holdings PLC
BP PLC
GlaxoSmithkline PLC
British American Tobacco PLC
AstraZeneca PLC
Vodafone Group PLC
Companies coming in:
Sabmiller PLC
Companies dropping out:
Rio Tinto PLC
BG Group PLC
Global Top 100
PwC
Ranking
change
-18
7
-43
-26
-2
-25
-63
2015 – UK companies in the Top 100
2015
Rank
Market cap ($bn)
27
192
36
164
59
118
67
112
81
97
97
87
98
87
Rank
9
43
16
41
79
72
35
2009
Market cap ($bn)
139
79
126
81
46
51
92
n/a
100
85
-
22
-
-
-
71
73
51
51
Source: Bloomberg and PwC analysis
Slide 52
Eurozone in the Top 100 – 15 companies (18 in
2009)
Ranking
change
60
-3
9
-21
-38
-7
20
-13
-4
Anheuser-Busch
Sanofi
Unilever NV
Volkswagen
Total SA
Banco Santander
L'Oréal
Siemens AG
SAP
Companies coming in:
Bayer AG
Medtronic PLC
Daimler AG
Inditex S.A.
BASF
LVMH SA
Companies dropping out:
Telefonica SA
ENI SPA
GDF Suez
Electricite de France SA
Orange SA
Deutsche Telekom
E.ON SE
Suez SA
Nokia Oyj
PwC
2015 – Eurozone companies in the Top 100
2015
Rank
Market cap ($bn)
26
196
50
130
51
125
52
124
58
118
72
106
75
103
83
95
93
89
Rank
86
47
60
31
20
65
95
70
89
2009
Market cap ($bn)
44
74
58
96
117
56
41
52
44
n/a
n/a
n/a
n/a
n/a
n/a
53
68
76
77
89
92
124
111
103
100
91
89
-
37
33
27
24
28
31
-
-
-
34
44
46
49
57
67
69
88
85
93
77
75
71
59
54
53
44
44
Source: Bloomberg and PwC analysis
Slide 53
China/HK in the Top 100– 11 companies (11 in
2009)
PetroChina Co Ltd
ICBC Ltd
China Mobile Ltd
China Construction Bank Corp
Bank of China Ltd
China Life Insurance Co Ltd
China Petroleum & Chemicals
Ping An Insurance Group Co of China Ltd
Companies coming in:
Alibaba Group Holding
Agricultural bank of China
Tencent Holdings Ltd
Companies dropping out:
China Shenhua Energy Co
CNOOC LTD
Bank of Communications
PwC
2015 – China/HK companies in the Top 100
2015
Ranking
change
Rank
Market cap ($bn)
-4
6
330
-5
9
275
-6
11
267
-8
21
209
-4
25
197
-9
41
157
-32
57
119
27
65
113
Rank
2
4
5
13
21
32
25
92
2009
Market cap ($bn)
287
188
175
133
115
95
102
43
n/a
n/a
n/a
22
29
32
205
189
178
IPO
IPO
-
13
-
-
-
61
84
99
58
44
40
Source: Bloomberg and PwC analysis
Slide 54
US in the Top 100– 53 companies (42 in 2009)
Apple Inc
Google Inc
Exxon Mobil Corp
Berkshire Hathaway Inc
Microsoft Corp
Wells Fargo & Co
Johnson
Wal-Mart Stores Inc
General Electric
JPMorgan Chase & Co
Procter & Gamble Co
Pfizer Inc
Verizon Communications Inc
Chevron Corp
Oracle Corp
The Coca-Cola Co
AT&T Inc
Merck & Co
Bank of America
Visa Inc
IBM Corp
Intel Corp
Gilead Sciences
PepsiCo
Cisco Systems
Amgen Inc
CVS Health Corp
Philip Morris International
Qualcomm Inc
Bristol Myers Squibb
Schlumberger LTD
United Technologies Corp
McDonald's Corp
United Parcel Service
PwC
Ranking
change
32
20
-2
8
1
48
0
-9
11
10
-9
16
16
-13
7
-7
-28
26
49
39
-26
-4
49
-5
-19
19
39
-12
-12
21
6
27
-30
-20
2015 – US companies in the Top 100
2015
Rank
Market cap ($bn)
1
725
2
375
3
357
4
357
5
334
7
280
8
280
12
265
13
250
18
226
19
221
20
214
23
198
24
197
30
188
33
177
35
169
37
163
38
162
39
161
40
159
44
148
45
146
47
142
49
141
55
121
61
117
62
117
64
114
69
108
70
107
71
106
84
94
95
87
Rank
33
22
1
12
6
55
8
3
24
28
10
36
39
11
37
26
7
63
87
78
14
40
94
42
30
74
100
50
52
90
76
98
54
75
2009
Market cap ($bn)
94
110
337
134
163
60
145
204
107
100
138
92
86
135
90
102
149
56
44
42
130
84
42
80
98
51
40
71
64
43
49
40
61
50
Slide 55
US in the Top 100– 53 companies (42 in 2009)
2015 – US companies in the Top 100
2015
Ranking change
Rank
Market cap ($bn)
Companies coming in:
Facebook Inc
The Walt Disney Co
Amazon.com
Citigroup
Home Depot
Comcast Corp
Actavis PLC
UnitedHealth Group
The Boeing Company
3M Co
MasterCard Inc
Biogen Idec Inc
Altria Group
Union Pacific Corp
AbbVie Inc
Walgreens Boots
Celgene Corp
Kinder Morgan
Nike Inc
Companies dropping out:
Genentech Inc
Hewlett-Packard
Abbotts Labs
ConocoPhillips
Wyeth LLC
Goldman Sachs
Monsanto Co
Occidental Pete
PwC
Rank
2009
Market cap ($bn)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
17
31
34
42
43
46
60
66
73
74
78
79
80
82
86
87
88
90
99
231
178
173
156
149
143
117
113
105
105
100
99
99
95
93
92
92
91
87
IPO
Spin-off
IPO
-
34
31
14
40
39
3
25
26
34
22
16
33
21
26
20
23
-
-
-
27
45
48
56
62
68
81
82
100
77
74
60
57
54
45
45
Source: Bloomberg and PwC analysis
Slide 56
Section 4
Post-financial crisis comparison
2015 vs. 2009
1) Key movements
2) The industries – Global Top 100 sorted by sector
3) Country/region comparison
4) Complete ranking
Global Top 100
PwC
Slide 57
Top 100 global companies 1-20
Company name
Nationality
Industry
Apple Inc
Google Inc
Exxon Mobil Corp
Berkshire Hathaway Inc
Microsoft Corp
PetroChina Co Ltd
Wells Fargo & Co
Johnson
ICBC Ltd
Novartis AG
China Mobile Ltd
Wal-Mart Stores Inc
General Electric
Nestle SA
Toyota Motor
Roche Holding AG
Facebook Inc
JPMorgan Chase & Co
Procter & Gamble Co
Pfizer Inc
United States
United States
United States
United States
United States
China
United States
United States
China
Switzerland
Hong Kong
United States
United States
Switzerland
Japan
Switzerland
United States
United States
United States
United States
Technology
Technology
Oil & Gas
Financials
Technology
Oil & Gas
Financials
Health Care
Financials
Health Care
Telecommunications
Consumer Services
Industrials
Consumer Goods
Consumer Goods
Health Care
Technology
Financials
Consumer Goods
Health Care
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Rank +/-
32
20
(2)
8
1
(4)
48
(5)
19
(6)
(9)
11
1
8
2
10
(9)
16
31 March 2015
Rank
Market
Cap ($bn)
1
725
2
375
3
357
4
357
5
334
6
330
7
280
8
280
9
275
10
267
11
267
12
265
13
250
14
243
15
239
16
237
17
231
18
226
19
221
20
214
31 March 2009
Rank
Market
Cap ($bn)
33
94
22
110
1
337
12
134
6
163
2
287
55
60
8
145
4
188
29
100
5
175
3
204
24
107
15
129
23
108
18
119
IPO
28
100
10
138
36
92
Slide 58
Top 100 global companies 21-40
Company name
Nationality
Industry
China Construction Bank Corp
Alibaba Group Holding
Verizon Communications Inc
China
China
United States
Financials
Consumer Services
Telecommunications
Chevron Corp
United States
Bank of China Ltd
Rank +/-
31 March 2015
Rank
Market
Cap ($bn)
31 March 2009
Rank
Market
Cap ($bn)
(8)
16
21
22
23
209
205
198
13
IPO
39
133
86
Oil & Gas
(13)
24
197
11
135
China
Financials
(4)
25
197
21
115
Anheuser-Busch
Belgium
Consumer Goods
Royal Dutch Shell
Netherlands
Oil & Gas
Samsung
Agricultural bank of China
Oracle Corp
The Walt Disney Co
Tencent Holdings Ltd
South Korea
China
United States
United States
China
The Coca-Cola Co
Amazon.com
United States
United States
AT&T Inc
HSBC Holdings PLC
United States
Telecommunications
United Kingdom Financials
Merck & Co
United States
Bank of America
60
26
196
86
44
(18)
27
192
9
139
Consumer Goods
Financials
Technology
Consumer Services
Technology
25
7
-
28
29
30
31
32
191
189
188
178
178
53
IPO
37
-
61
90
34
13
Consumer Goods
Consumer Services
(7)
-
33
34
177
173
26
-
102
31
(28)
7
35
36
169
164
7
43
149
79
Health Care
26
37
163
63
56
United States
Financials
49
38
162
87
44
Visa Inc
United States
Financials
39
39
161
78
42
IBM Corp
United States
Technology
(26)
40
159
14
130
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 59
Top 100 global companies 41-60
Company name
Nationality
Industry
China Life Insurance Co Ltd
Citigroup
Home Depot
Intel Corp
Gilead Sciences
Comcast Corp
PepsiCo
NovoNordisk A/S
Cisco Systems
Sanofi
Unilever NV
Volkswagen
Bayer AG
BHP Billiton
Amgen Inc
TSMC
China Petroleum & Chemicals
Total SA
BP PLC
Actavis PLC
China
United States
United States
United States
United States
United States
United States
Denmark
United States
France
Netherlands
Germany
Germany
Australia
United States
Taiwan
China
France
United Kingdom
United States
Financials
Financials
Consumer Services
Technology
Health Care
Consumer Services
Consumer Goods
Health Care
Technology
Health Care
Consumer Goods
Consumer Goods
Basic Materials
Basic Materials
Health Care
Technology
Oil & Gas
Oil & Gas
Oil & Gas
Health Care
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Rank +/-
(9)
(4)
49
(5)
(19)
(3)
9
(21)
(35)
19
(32)
(38)
(43)
-
31 March 2015
Rank
Market
Cap ($bn)
41
157
42
156
43
149
44
148
45
146
46
143
47
142
48
142
49
141
50
130
51
125
52
124
53
124
54
122
55
121
56
121
57
119
58
118
59
118
60
117
31 March 2009
Rank
Market
Cap ($bn)
32
95
14
40
40
84
94
42
39
42
80
30
30
98
47
74
60
58
31
96
37
19
118
74
51
39
25
102
20
117
16
126
3
Slide 60
Top 100 global companies 61-80
Company name
Nationality
Industry
CVS Health Corp
Philip Morris International
Commonwealth bank
Qualcomm Inc
Ping An Insurance Group Co of China Ltd
UnitedHealth Group
GlaxoSmithkline PLC
Medtronic PLC
Bristol Myers Squibb
Schlumberger LTD
United Technologies Corp
Banco Santander
The Boeing Company
3M Co
L'Oréal
Daimler AG
Inditex S.A.
MasterCard Inc
Biogen Idec Inc
Altria Group
United States
United States
Australia
United States
China
United States
United Kingdom
Ireland
United States
United States
United States
Spain
United States
United States
France
Germany
Spain
United States
United States
United States
Consumer Services
Consumer Goods
Financials
Technology
Financials
Health Care
Health Care
Health Care
Health Care
Oil & Gas
Industrials
Financials
Industrials
Industrials
Consumer Goods
Consumer Goods
Consumer Services
Financials
Health Care
Consumer Goods
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Rank +/-
39
(12)
(12)
27
(26)
21
6
27
(7)
20
-
31 March 2015
Rank
Market
Cap ($bn)
61 117
62 117
63 115
64 114
65 113
66 113
67 112
68 111
69 108
70 107
71 106
72 106
73 105
74 105
75 103
76 103
77 100
78 100
79 99
80 99
31 March 2009
Rank
Market
Cap ($bn)
100
40
50
71
36
52
64
92
43
25
41
81
33
90
43
76
49
98
40
65
56
26
34
95
41
27
24
22
16
33
Slide 61
Top 100 global companies 81-100
Company name
Nationality
Industry
British American Tobacco PLC
Union Pacific Corp
Siemens AG
McDonald's Corp
Westpac Banking Corp
AbbVie Inc
Walgreens Boots
Celgene Corp
BASF
Kinder Morgan
Ambev
LVMH SA
SAP
Mitsubishi UFJ Financial group
United Parcel Service
Royal Bank of Canada
AstraZeneca PLC
Vodafone Group PLC
Nike Inc
Sabmiller PLC
United Kingdom
United States
Germany
United States
Australia
United States
United States
United States
Germany
United States
Brazil
France
Germany
Japan
United States
Canada
United Kingdom
United Kingdom
United States
United Kingdom
Consumer Goods
Industrials
Industrials
Consumer Services
Financials
Health Care
Consumer Services
Health Care
Basic Materials
Oil & Gas
Consumer Goods
Consumer Goods
Technology
Financials
Industrials
Financials
Health Care
Telecommunications
Consumer Goods
Consumer Goods
Rank +/-
(2)
(13)
(30)
(4)
(28)
(20)
(25)
(63)
-
31 March 2015
Rank
Market
Cap ($bn)
81 97
82 95
83 95
84 94
85 94
86 93
87 92
88 92
89 91
90 91
91 91
92 89
93 89
94 88
95 87
96 87
97 87
98 87
99 87
100 85
31 March 2009
Rank
Market
Cap ($bn)
79
46
21
70
52
54
61
38
Spin-off
26
20
28
IPO
27
31
89
44
66
56
75
50
96
41
72
51
35
92
23
22
* 50% of market capitalisation of Abbott Laboratories as at 31 March 2009
Global Top 100
PwC
Source: Bloomberg and PwC analysis
Slide 62
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