品牌融資-半導體20 2023-最有價值和最強半導體品牌的年度報告

BrandFinance

Semiconductors20

2023

TheannualreportonthemostvaluableandstrongestSemiconductorbrands

March2023

Contents.

AboutBrandFinance3

Foreword7

DavidHaigh,Chairman&CEO,BrandFinance

RankingAnalysis

9

BrandValue&BrandStrengthAnalysis10

BrandValueRanking1

6

BrandSpotlight

17

AMD

18

InterviewwithJohnTaylor

Methodology

20

OurServices2

7

?2023Allrightsreserved.BrandFinancePlc.

BrandFinanceSemiconductors202023/semiconductors2

BrandFinanceSemiconductors202023/semiconductors3

AboutBrandFinance.

BrandFinanceistheworld'sleadingbrand

valuationconsultancy.

Webridgethegapbetweenmarketingandfinance

BrandFinancewassetupin1996withtheaimof'bridging

thegapbetweenmarketingandfinance'.Formorethan25

years,wehavehelpedcompaniesandorganisationsofall

typestoconnecttheirbrandstothebottomline.

Wequantifythefinancialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothe

testeveryyear.Rankingbrandsacrossallsectorsand

countries,wepublishover100reportsannually.

Weofferauniquecombinationofexpertise

Ourteamshaveexperienceacrossawiderangeof

disciplinesfrommarketingandmarketresearch,to

brandstrategyandvisualidentity,totaxandaccounting.

Weprideourselvesontechnicalcredibility

BrandFinanceisacharteredaccountancyfirmregulated

bytheInstituteofCharteredAccountantsinEnglandand

Wales,andthefirstbrandvaluationconsultancytojoin

theInternationalValuationStandardsCouncil.

Ourexpertshelpedcrafttheinternationallyrecognised

standardsonBrandValuation–ISO10668andBrand

Evaluation–ISO20671.Ourmethodologyhasbeen

certifiedbyglobalindependentauditors–Austrian

Standards–ascompliantwithboth,andreceived

theofficialapprovaloftheMarketingAccountability

StandardsBoard.

GetinTouch.

Forbusinessenquiries,pleasecontact:

RichardHaigh

ManagingDirector

rd.haigh@

Formediaenquiries,pleasecontact:

MichaelJosem

AssociateCommunicationsDirector

m.josem@

Forallotherenquiries:

enquiries@

+442073899400

in

/company/brand-finance

/brandfinance

/brandfinance

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BrandValuationSummary

RoyaltyRates

Benchmarking

Education

Competitor

Benchmarking

Communication

Understanding

Brand

StrengthTracking

Costof

CapitalAnalysis

Customer

ResearchFindings

Requestyourown

BrandValueReport

ABrandValueReportprovidesa

completebreakdownoftheassumptions,

datasources,andcalculationsused

toarriveatyourbrand’svalue.

Eachreportincludesexpert

recommendationsforgrowingbrand

valuetodriveperformanceandoffers

acost-effectivewaytogainingabetter

Insight

understandingofyourpositionagainstpeers.

Strategy

Visit/request-a-valuation

oremailenquiries@brand?

BrandFinanceSemiconductors202023/semiconductors5

B

Brandirectory

istheworld’slargestdatabaseofcurrentandhistoricalbrandvalues,providingeasyaccesstoallBrandFinancerankings,reports,whitepapers,andconsumerresearchpublishedsince2007.

+Browsethousandsofpublishedbrandvalues

+Trackbrandvalue,strength,andratingacrosspublicationsandovertime

+Useinteractivechartstocomparebrandvaluesacrosscountries,sectors,andglobalrankings

+Purchaseandinstantlyunlockpremiumdata,

completebrandrankings,andresearch

Visit

tofindoutmore.

BrandFinanceGroup.

BrandFinance

Institute

BrandFinanceInstitute

BrandFinanceInstituteistheeducationaldivisionof

BrandFinance,whosepurposeistocreateandfoster

aprofessionalenvironmentforknowledge-sharingandnetworkingamongpractitionersandexpertsinthe

market.BFIorganisesevents,in-companytraining,andcorporateeducationalinitiativesaroundtheworld.Inthequestformarketingexcellenceandwiththepurpose

toequipthebrandvaluationandstrategypractitionerswiththenecessaryskillsandtools,wehavedevelopedawiderangeofprogrammesandcertificationsin

collaborationwiththemostcovetedbusinessschools,universitiesandthoughtleadersinthefield.

BrandDialogue

BrandDialogueisapublicrelationsagencydeveloping

communicationsstrategiestocreatedialoguethatdrives

brandvalue.BrandDialoguehasover25yearsofexperienceindeliveringcampaignsdrivenbyresearch,measurement,andstrategicthinkingforavarietyofclients,withastrong

backgroundingeographicbranding,includingsupportingnationbrandsandbrandswithageographicalindication(GI).BrandDialoguemanagescommunicationsactivitiesacrossBrandFinanceGroup'scompaniesandnetwork.

VI360

VI360isabrandidentitymanagementconsultancy

workingforclientsofallsizesonbrandcompliance,brandtransition,andbrandidentitymanagement.VI360providestraightforwardandpracticalbrandmanagementthat

resultsintangiblebenefitsforyourbusiness.

GlobalBrand

EquityMonitor

Originalmarketresearchonover5,000brands

38countriesand31sectorscovered

Morethan150,000respondentssurveyedannually

Wearenowinour7thconsecutiveyearconductingthestudy

Visit/consumer-research

oremailenquiries@brand?

BrandFinanceSemiconductors202023/semiconductors7

Foreword.

DavidHaigh

Chairman&CEO,

BrandFinance

Brandvaluationhelpscompaniesunderstandthevalueoftheirbrandandhowit

contributestotheoverallvalueofthecompany.Thisimportantunderstandingcan

informdecision-makingrelatedtomarketingandbrandingefforts,aswellasprovideabenchmarkforfutureperformance.Itcanalsobeusedtohelpattractinvestorsandsecurefinancing,asastrongbrandcanbeavaluableasset.

Additionally,brandvaluationcanbeusefulintheeventofamergeroracquisition,asitcanhelpdeterminethevalueofthebrandbeingacquired.Overall,brand

valuationhelpsorganisationsunderstandtheworthoftheirbrandandhowitfitsintotheiroverallbusinessstrategy.

Astrongbrandcanleadtoimprovedbusinessreturnsinseveralways.First,a

strongbrandcanhelpacompanydifferentiateitselffromitscompetitorsandestablishauniqueidentityinthemarket,whichcanleadtoincreasedcustomerloyaltyand

retention.This,inturn,canleadtohighersalesandrevenue.Astrongbrandcanalsohelpacompanycommandahigherpriceforitsproductsorservices,asconsumersarewillingtopaymoreforabrandtheyperceiveashigh-qualityandtrustworthy.In

addition,astrongbrandcanhelpacompanyattracttoptalent,asemployeesmaybemoreattractedtoworkforawell-knownandreputablebrand.Finally,astrongbrandcanprovideacompanywithacompetitiveadvantageandhelpitweathereconomicdownturnsorindustrydisruptions.

Thisyear,BrandFinancehasinvestedmoreinresearchingandunderstanding

customerperceptionofbrandsacrosstheworldthaneverbefore,withoriginal

researchtakingplaceindozensofjurisdictionsglobally.Thereportyouarereadingisbasedonthisextensiveoriginalresearch,withthefindingsrepresentingacatalystforfurtherconversations.

Ifyouwanttohelpbuildastrongerbrand,orifyouwanttobetterunderstandthevalueofyourbrand,pleasecontacttheBrandFinanceteamandIanytime.Ilookforwardtotheconversationandhelpingtobuildamoreprofitablefutureforyourbrand.

BrandFinanceSemiconductors202023/semiconductors8

TSMC

challenges

Intelformost

valuable

Semiconductor

brandtitle.

+Intelremainsworld’smostvaluable

semiconductorbrandatUS$22.9billion,

justaheadofTSMCatUS$21.6billion

+Broadcomisfastest-growingsemiconductor

brand,up29%

+AMDbrandvaluenowworthfivetimes

pre-pandemicvalueatUS$6.9billion

+STMicroelectronicsbrandvaluegrows

ondistributeddealernetwork

+TSMCisstrongestsemiconductorbrand,

earningAA+rating

Ranking

Analysis.

RankingAnalysis.

Intelremainstheworld’smost

valuablesemiconductorbrandat

US$22.9billion,justaheadofTSMCatUS$21.6billion

Intel(brandvaluedown10%toUS$22.9billion)has

barelyretaineditstitleastheworld’smostvaluable

semiconductorbrand,marginallyaheadofTSMC

(brandvalueup5%toUS$21.6billion),accordingto

anewreportfromleadingbrandvaluationconsultancy,BrandFinance.Intelhasbuiltapartially-consumer-facingbrandbaseduponlaptopanddesktopcomputers(in

additiontoserverandindustrialmarkets),whileTSMCissubstantiallyabusiness-to-businessbranddedicatedtomanufacturingsemiconductorsforApple,AMD,

Nvidiaandmobiledevices.

Computingpower–andefficiency–isanincreasinglycontestedandimportantareainglobaltrade,artificialintelligence,mobilecomputing,andpolitics.

Obviousconflictsovertheproduction,distribution

anduseofsemiconductorsarebubblingtothefore,areflectionofhowimportantthesebrandsaretotheglobaleconomy.

Tomaintaintheirbrand

strengthandvalue,chip

brandsneedtomaintain

theirtechnologicaledge

andproductionefficiency

whilealsonurturingrelationswithgovernmentsinterestedinhelpingcertainbrands.

AlexHaigh

ValuationDirector,BrandFinance

Intel’sbrandisbuilt–inlargepart–uponvery

highconsumerawarenessinthelaptopandPC

market,whereitschipsaremarketeddirectlytoend-buyersthroughextensiveglobaladvertisingefforts.

MeanwhileTSMCconductsrelativelytrivialconsumer-facingmarketing,insteadbuildingabrandbased

uponitsuniquetechnicalcapabilitiestoproducehighqualitychipstothird-partyusersattheleadingedgeofhumantechnologicalcapacity.

BrandFinanceSemiconductors202023/semiconductors10

RankingAnalysis.

Top20MostValuableSemiconductorBrands

1

US$22.9bn

-10%

2

US$21.6bn

+5%

3

US$16.9bn

+5%

?BrandFinancePlc2023

4

US$9.1bn

-2%

5

US$8.6bn

+10%

6

US$8.2bn

+29%

7

US$6.9bn

+15%

8

US$5.4bn

-9%

9

US$5.3bn

-17%

10

US$4.6bn

+5%

11

US$3.7bn

-7%

12勇

US$3.7bn

-11%

13

US$2.8bn

+0%

14

US$2.4bn

-17%

15

US$2.3bn

+13%

16

TEL

US$2.2bn

-10%

17

US$2.1bn

+4%

18

US$2.1bn

+3%

19

US$1.9bn

+21%

20

US$1.9bn

-3%

BrandFinanceSemiconductors202023/semiconductors11

BrandFinanceSemiconductors202023/semiconductors12

15%

13%

29%

10%

5%

5%

5%

4%

-10%

-7%

-3%

-11%

-17%

-10%

-9%

-2%

RankingAnalysis.

The2brandsareatdifferentstagesofthe

semiconductorvaluechain:ononesidewehave

Intel,anIntegratedDesignManufacturerthatbuilt

apartially-consumer-facingbrandbaseduponlaptopanddesktopcomputers,andontheothersidewehaveTSMC,apure-playfoundryengagingwithclientssuchasApple,ARM,Marvell,Qualcommandothers.

BothIntelandTSMCinvestsignificantlyinresearchinappliedphysicsandusethatresearchtodevelopcomputingchipswithincreasinglysmalltransistors.

Broadcomisfastest-growingsemiconductorbrand,up29%

Broadcom(brandvalueup29%toUS$8.2billion)

isthefastest-growingbrandintherankingsthisyear,largelyinconnectionwithincreasingdemandfor

Broadcom’snetworkinganddatadevices.Broadcomhasbuiltavaluablebusiness-to-businessbrandbasedupondeployingbothwirelessandwiredconnectionsforendusersandnetworkoperators.

Therecentincreaseinartificialintelligenceand

machinelearningbusinessoperationsiscreating

extremelyhighdemandforBroadcomdeviceswhichcantransmitverylargevolumesofdataveryquicklyandveryreliably.

Thosedevicesarebeingincreasinglyrecognised

fortheirapplicationinlargedatacentres,andinnewareassuchascars.Carswithself-drivingcapabilitieswillrequirethetransferoflargevolumesofdatafromdifferentsensorsthroughoutthevehicletoacentralprocessingpoint,andBroadcomisapplyingits

knowledgeandexperiencetodeployingthesenewdevices.

Thesecond—fastestgrowingbrandintheranking

wasAnalogDevices(brandvalueup21%toUS$1.9billion)whichisanewentrantintherankings.AnalogDevicesmanufacturesvariousdeviceswhichconnectsrealworlddata–suchasheat,lightandsound–to

digitaloutputswhichcanthenbetransmittedontheinternet.

BrandValueChange2022-2023(%)?BrandFinancePlc2023

21%

-17%

RankingAnalysis.

Top10StrongestSemiconductorBrands

1

-1.3

78.9

AA+

2

-0.9

78.7

AA+

3

+0.5

77.9

AA+

?BrandFinancePlc2023

4

-6.3

77.3

AA+

5

-2.6

76.1

AA+

6

-3.7

74.8

AA+

7

74.6-0.5AA+

8

9

74.0

A

+1.8

A

72.9

A

-1.9

A

10

-1.0

71.5

AA

AMDbrandvaluenowworthfivetimespre-pandemicvalueat

US$6.9billion

AMD(brandvalueup15%thisyeartoUS$6.9billion)hasachievedextraordinarybrandvaluegrowthsincethestartoftheCOVID-19pandemic.ValuedatUS$1.4billionaheadofthepandemicperiodinearly2020,thebrandisnowworthalmostfivetimesasmuch,atjustunderUS$7billion.

Duringthelastthreeyears,AMDhasproduced

strongindustry-leadingproductsinhigh-performancecomputingmarketssuchascloudservices,PCs,

gameconsoles,andgraphics.Thecompanyhasalsoinvestedinbuildingbrandawarenessthroughmultiplehigh-impactcampaigns.

ThecompanyacquiredXilinxinarecordbreaking

transactionwhichwascompletedinFebruary2022

significantlystrengtheningtheirpositioninthemarket.

AMDhasachievedstrongrevenuegrowthinboth

computing&graphicsandinserver.ThecoreproductsdrivingsuccessineachofthesesegmentsareRyzenandEPYCrespectively.

Thecompany’spartnershipswithTeslaandSamsungareexpandingitsreachfurthertomoreconsumers.

AMD’sfocusonbuildinggreatproducts,deepeningcustomerrelationships,andworkingwithpartnerstoachieveprogressreflectsaninclusivebrandstrategy.

BrandFinanceSemiconductors202023/semiconductors13

BrandFinanceSemiconductors202023/semiconductors14

RankingAnalysis.

STMicroelectronicsbrandvalue

growsondistributeddealernetwork

STMicroelectronics(brandvalueup13%

toUS$2.3billion)isamajorbeneficiaryofthe

globalinterestinsmartdevices,bymanufacturingmicrochipsformanydistinctproducts,suchas

electriccars,factorymachines,smartphones,andtoothbrushes.

Inrecentyears,thebrandvalueofSTMicroelectronicshasgrowninconnectionwithitsstrongbrandportfolio,reliabledistributionnetwork,andsupplierbase.

Thecompanyalsomaintainsastrongdealer

communitythatpromotesproductsandinvests

intrainingsalesteamstoeducatecustomerson

maximizingproductbenefits–byworkingcloselywithdevelopers,theyareabletogrowanddevelopabrandwiththeirkeytargetstakeholders.

TSMCisthestrongestsemiconductorbrand,earningAA+rating

Inadditiontocalculatingbrandvalue,BrandFinance

alsodeterminestherelativestrengthofbrands

throughabalancedscorecardofmetricsevaluating

marketinginvestment,stakeholderequity,andbusinessperformance.CompliantwithISO20671,BrandFinance’sassessmentofstakeholderequityincorporatesoriginalmarketresearchdatafromover100,000respondentsin38countriesandacross31sectors.

DespiteTSMC’sbrandstrengthfallingslightly

fromascoreof80.3to78.9,TSMChasbecome

thesector’sstrongestbrand.TSMC’sstrengthasa

supplierofsemiconductorsisbasedinlargepartuponitsfundamentallystrongproduct:itoperatesmuchoftheworld’sleadingsemiconductorfabricationfacilitiesasaresultofitsuniqueorganisationalknowledge

andequipment.

RankingAnalysis.

LargestSustainabilityPerceptionsValueandScore

1$

US$1.6bn

6.87

2(

US$1.1bn

4.46

3%

US$0.8bn

4.29

?BrandFinancePlc2023

4&

US$0.4bn

4.25

5'

US$0.4bn

4.43

6

US$0.4bn

4.21

7

US$0.3bn

4.14

8!

US$0.3bn

4.86

9"

US$0.3bn

4.74

10#

US$0.2bn

4.21

BrandFinanceSemiconductors202023/semiconductors15

BrandValueRanking(USDm).

Top20mostvaluableSemiconductorbrands1-20

2023

Brand

2022

2023

2022

20232022

Brand

Value

Brand

Brand

Brand

RankRankBrandCOUNTRY

Value

Change

Value

Rating

Rating

1

1

“Intel

UnitedStates

$22,936

-10%

$25,612

AA+

AA+

2

2

“TSMC

China(Taiwan)

$21,564

+5%

$20,474

AA+

AAA-

3

3

“NVIDIA

UnitedStates

$16,922

+5%

$16,100

AA+

AAA-

4

4

“SKHynix

SouthKorea

$9,146

-2%

$9,361

AA

AA+

5

5

“Qualcomm

UnitedStates

$8,583

+10%

$7,774

AA+

AAA-

6

6

“Broadcom

UnitedStates

$8,208

+29%

$6,368

AA

AA

7

8

2AMD

UnitedStates

$6,936

+15%

$6,053

AA+

AA+

8

9

2ASML

Netherlands

$5,406

-9%

$5,944

AA

AA+

9

7

1MicronTechnology

UnitedStates

$5,276

-17%

$6,330

AA

AA

10

10

“TexasInstruments

UnitedStates

$4,560

+5%

$4,353

AA+

AA+

11

12

2Mediatek

China(Taiwan)

12

11

1Infineon

Germany

13

14

2AseTechnology

China(Taiwan)

14

13

1LamResearch

UnitedStates

15

17

2STMicroelectronics

Switzerland

16

15

1TokyoElectron

Japan

17

20

2ArrowElectronics

UnitedStates

18

18

“NXP

Netherlands

19

-

3AnalogDevices

UnitedStates

20191Kla-TencorUnitedStatesGGG

BrandFinanceSemiconductors202023/semiconductors16

Brand

Spotlights.

AMD.

)G

Rank

7

BrandValue

2

US$6.9bn

+15%

BrandFinanceSemiconductors202023/semiconductors18

InterviewwithJohnTaylor.

JohnTaylor

ChiefMarketingOfficer,AMD

AMDhasimproveditsbrandvaluerankingfrom8thto7thin2023whilst

alsoexhibitingthe3rdfastestgrowth(15%)withinthetop10semiconductorbrands.Whathavebeensomeofthekeydifferencesyou’veobservedsincebecomingCMOin2017?

WhenIbecameCMOin2017,about90%ofAMDrevenuewasfromthePCand

gamingmarkets.Asaresult,themajorityofourmarketingeffortswerespent

attractingandengagingwithpartners,OEMsandretailers.Sincethen,we’ve

launchednew,leadershipAMDproducts,expandedthemarketsinwhichwe

operate,andrepositionedourselvesasaleaderinhighperformanceandadaptivecomputing.Thoseeffortsandsuccessesplacedusinastateofhypergrowthoverthepastfiveorsoyears.AndfollowingtheacquisitionsofXilinxandPensandoin2022,AMDnowofferstheindustry’sbroadestportfolioofhigh-performanceCPUs,GPUs,FPGAsandAdaptiveSoCs–helpingusclaimthespotasoneofthemostvaluableandfastestgrowingsemiconductorbrandsintheworld.

AMD’sacquisitionofXilinxwasfinalisedinFebruarylastyear,justover12-monthsago.HowhasAMDintegratedXilinxintoitsportfolioandhowhastheXilinxbrandandbusinesscomplementedAMD’s&viceversa?

Inthepast14months,AMDacquiredtwocompaniesthatallowedustostrategicallygrowourdatacenterbusiness,aswellasaddAIandadaptivecomputingsolutionstoourproductportfolio.Throughtheseacquisitions,withXilinxbeingthebiggest

acquisitioninthehistoryofsemiconductors,weaddednewcapabilitiesandnewcustomersthatwepartnerwithtosolvetheworld’stoughestchallenges.This

includesbriningdedicatedAIenginestoourentireproductportfolio–which

startedwiththeRyzenAIlaptopswelaunchedearlierthisyear.Wealsonowhaveasubstantialcustomerbaseandproductportfolioinkeymarketssuchas5G,

automotive,industrial,aerospaceandmore.

Fromabrandperspective,wemustreinforcethismindsetandfocusonbuilding

AMDbrandequitytostrengthenourproductbrandsaswellasthecollectiveAMDbrand.WerecentlyintroducedevolvedproductlogosmakingtheAMDbrandmoreprominentandconsistentacrosstheportfolio,aswellasbringingtheAMDparentbrandtoXilinxandPensandoproducts.Bymakingour“onecompany,onebrandandoneteam”mantratop-of-mind,we’reabletoconcentrateonthestrengthof

theAMDbrand.

Thelast5-yearshaveseenAMDenjoyastonishingbrandvaluegrowth

of≈700%(2018-2023)whilstBrandStrengthhasalsogrownconsiderably.Whathavebeenthecorevaluesoverthisperiodandthecurrentvalues/

initiativeswhichwillhelpcarryAMDforwards?

AsAMDgrew,weshiftedourmarketingapproachfromproduct-firsttoaudience-centricandbrand-first.Everyproductlaunchisanopportunitytoadvanceour

identityasaleaderintechnologyandperformance.Formarketing,we’vebecomemorefocusedonwhatourengagementwithaspecificaudiencelookslikeinordertobecomeatrustedpartner.Thisisaconceptwe’vecontinuedtoembrace,

especiallywiththelaunchofour“togetherweadvance_”brandcampaign.Thiscampaignencapsulateshowweworktogetherwithourcustomerstopushtheenvelopeandadvancecomputingininnovateways.

BrandFinanceSemiconductors202023/semiconductors19

Methodology.

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Definitions.

BrandValue

intel.

[IntelCorporation]

+EnterpriseValue

Thevalueoftheentireenterprise,madeupofmultiplebrandedbusinesses.

Whereacompanyhasapurelymono-

brandedarchitecture,the‘enterprisevalue’isthesameas‘brandedbusinessvalue’.

+BrandedBusinessValue

intel.

[intel]

Thevalueofasinglebrandedbusinessoperatingunderthesubjectbrand.

Abrandshouldbeviewedinthecontext

ofthebusinessinwhichitoperates.

BrandFinancealwaysconductsabrandedbusinessvaluationaspartofanybrand

valuation.Weevaluatethefullbrandvaluechaininordertounderstandthelinks

betweenmarketinginvestment,brand-

trackingdata,andstakeholderbehaviour.

+BrandContribution

BrandValue

intel.

Theoverallupliftinshareholdervaluethatthebusinessderivesfromowning

[intel]

thebrandratherthanoperatingagenericbrand.

Thebrandvaluescontainedinourleague

tablesarethoseofthepotentially

transferablebrandassetsonly,making‘brandcontribution’awiderconcept.

Anassessmentofoverall‘brandcontribution’toabusinessprovidesadditionalinsights

tohelpoptimiseperformance.

+BrandValue

intel.

[intel]

Thevalueofthetrademark

andassociatedmarketingIPwithinthebrandedbusiness.

BrandFinancehelpedtocraftthe

internationallyrecognisedstandardonBrandValuation–ISO10668.Itdefinesbrandasamarketing-relatedintangible

assetincluding,butnotlimitedto,names,terms,signs,symbols,logos,anddesigns,intendedtoidentifygoods,services

orentities,creatingdistinctiveimages

andassociationsinthemindsofstakeholders,therebygeneratingeconomicbenefits.

BrandFinanceSemiconductors202023/semiconductors21

BrandFinanceSemiconductors202023/semiconductors22

1

2

3

BrandValuationMethodology.

BrandImpact

DefinitionofBrand

Brandisdefinedasabundleoftrademarks

andassociatedIPwhichcanbeusedtotake

advantageoftheperceptionsofallstakeholderstoprovideavarietyofeconomicbenefitstotheentity.

BrandValue

Wereviewwhatbrandsalreadypayinroyaltyagreements.Thisisaugmentedbyananalysisofhowbrandsimpactprofitabilityinthesectorversusgenericbrands.

Thisresultsinarangeofpossibleroyaltiesthatcouldbechargedinthesectorforbrands(for

examplearangeof0%to2%ofrevenue)

Brandvaluereferstothepresentvalueof

BrandStrength

earningsspecificallyrelatedtobrandreputation.

Organisationsownandcontroltheseearningsby

owningtrademarkrights.

Weadjusttheratehigherorlowerforbrandsby analysingBrandStrength.Weanalysebrand strengthbylookingatthreecorepillars:“Inputs” whichareactivi