Classement des capitalisations boursières mondiales par PwC

IPO Centre
An IPO Centre
publication

www.pwc.co.uk

Global Top 100
Companies by market
capitalisation
31 March 2014 update

Introduction

•In this brief report we have ranked the global top 100
companies by market capitalisation.
•The results are a definite eye opener and we have been
able to identify some interesting trends and
developments on an individual company level, a
country level and by sector.
•Key highlights
-Appleis1. Havingalmost quadrupled its market
cap in the past five years, its has jumped from rank
33 to pole position.
- Industrials(+153%), Technology (+149%) and
Financials (+136%) are the leading sectors to have
grown market cap in the Top 100 - growth is
driven by innovation and recovery from the
financial crisis.
- TheUS is king - there are 47 companies from the
US in the top 100, up from 42 in 2009.China has
yet to achieve the same levels as the west. And
Europe has remained stable. China and the rest of
the BRICs have not kept pace and have slipped
down the rankings.
- Thereare 68 survivors in the top 100 list since
2009. 3 companies went straight into the top 100
through IPOs or spin-offs

Global Top 100
PwC

Total top 100 companies by market cap as at 31 March
$15,020bn
$16,000bn
$14,000bn
$12,000bn
$10,000bn$8,402bn
$8,000bn
$6,000bn
$4,000bn
$2,000bn
$0bn
2009 20102011 2012 2013 2014

40
Number of Top 100
35
companies in 2014
30
25
Number of Top 100
20 companiesin 2009
15
10
5
0
<$50bn $50bn- $75bn- $100bn- $150bn- $200bn- $250bn- >$300bn
$75bn $100bn$150bn $200bn $250bn $300bn

Market Caps of top and bottom in the top 100
companies as at 31 March
$600bn
$469bn
Apple
$337bn
$400bn
Apple
Exxon MobilApple
Exxon Mobil
PetroChina
$200bn
$81bn
$40bn
$bn
2009 20102011 2012 2013 2014
Number 1Number 100

Slide 2
Source: Bloomberg and PwC analysis

The ranking

•The Global Top 100 list ranks companies by their market capitalisation in US$ as of 31
March 2014 and compares this with the Top 100 list as of 31 March 2009
•Data source is Bloomberg, with PwC analysis
•Industry classification based on ICB
•ETFs and closed end funds are excluded from the analysis
•The ranking do not compensate for changes in currency exchange rates
Key highlights
•The US dominates.8 out of the top 10 are US companies, 13 out of the top 20 and 47
out of the top 100. Companies from the emerging markets (BRIC) have proved to be
the biggest fallers in this analysis, with only 11 companies now in the top 100 compared
with 17in 2009.
•Change is the norm–no company has maintained it 2009 position in 2014.
This is particularly true from rank 20 onwards where it seems companies find it
increasingly difficult to keep their rank over time
•Climbing the ranks is no easy task.The difference between rank 100 and rank 80
is just $13bn. It would need $270bn to climb from 20 to rank one.

NB:
•BHP BillitonIn order to meet market perception we allocated dual listed companies as follows:(AUS),
Rio Tinto (UK), Royal Dutch Shell (UK)and Unilever (NL)

Global Top 100
PwC

Slide 3

Spread of market capitalisations in the Global Top
100 as at 31 March

40
35
30
25
20
15
10
5
0
<$50bn $50bn-
$75bn

$75bn -
$100bn

$100bn -
$150bn

Number of Top 100 companies in 2014

Number of Top 100 companies in 2009

$150bn -$200bn -$250bn ->$300bn
$200bn $250bn $300bn

73 companies of the global Top 100 had a market capitalisation less than $100bn as at 31 March 2009
29 companies of the global Top 100 had a market capitalisation less than $100bn as at 31 March 2014

The average market capitalisation as at 31 March 2009 was $84bn, while the average market
capitalisation as at 31 March 2014 was $150bn

Global Top 100
PwC

June 2013
Slide 4
Source: Bloomberg and PwC analysis

Global Top 100–The movements

Risers, fallers, countries, numbers

Global Top 100
PwC

Slide 5

The movements

Key highlights
•2009 survived to be in the list today. 2 companies, Facebook (#29) and68 companies from
Agricultural Bank of China (#48), entered the Global Top 100 by IPO. And AbbVie (#100) entered
the Global Top 100 though a spin-off.
•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) haven all fallen out of the global top
100 as at 31 March 2014.
•threshold to enter the Global Top 100 has doubled. In 2014 it took more than $81bn in marketThe
cap to even be part ofthe list, in 2009 a little more than $40bn was sufficient.
•The market cap of the most valuable company at 31 March 2014, being Apple with a market cap of
$469bn, is still below the peak of $559bn achieved by Apple as at 31 March 2012. But well above
the top ranked company at 31 March 2009–Exxon Mobil with a market cap of $337bn.
•As expected, the US has the highest combined market capitalisation of national Global Top 100
companies ($8.1trn).
•47 US companies in the Global Top 100 after 42 in 2009. China/Hong Kong hasIn 2014 there are
lost 3 (from 11 to 8) and the other BRIC nations fell from 6 to 3 The Eurozone has been stable (18
companies).

Global Top 100
PwC

Slide 6
Source: Bloomberg and PwC analysis

Total top 100 companies by market capitalisation
as at 31 March

$16,000bn
$14,000bn
$12,000bn
$10,000bn
$8,000bn
$6,000bn
$4,000bn
$2,000bn
$0bn

$600bn
$500bn
$400bn
$300bn

$200bn
$100bn
$bn

Global Top 100
PwC

$8,403bn

2009

$337

Exxon Mobil

$40

2009

$12,047bn

2010

$12,974bn

2011

$12,917bn

2012

$13,597bn

2013

Market Caps of top and bottom in the top 100 companies

$329

PetroChina.

$61

2010

$417

Exxon Mobil

$69

2011
Number 1

$559
Apple

$64

2012
Number 100

$416

Apple

$70

2013

$15,020bn

2014

$469

Apple

$81

2014

Slide 7
Source: Bloomberg and PwC analysis

*IPOs: Agricultural Bank of China in 2010 and Facebook in 2013 | de-merger: AbbVie in 2013

20

30

IPOs and de-
mergers*

10

Global Top 100 as at
31 March 2014

80

90

70

(29)

3

(3)

100

New entries by
growth and M&A

Slide 8
Source: Bloomberg and PwC analysis

Global Top 100
PwC

60

29

Between 2009 and 2014 there were 32 changes to
the Global Top 100

0
Global Top 100 as atAcquired, merged orDropped from the
31 March 2009seperated GlobalTop 100

40

50

Between 2009 and 2014 the total market cap of the
global top 100 increased by $6,617bn

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$0
Global Top 100 as
at 31 March 2009

Global Top 100
PwC

($201bn)
($1,631bn)

3 acquired,
merged or
seperated

29 dropped from
the Global Top
100

$381bn

3 IPOs and de-
mergers*

$3,069bn

29 new entries by
growth and M&A

$5,000bn

68 survivors
growth

Global Top 100 as
at 31 March 2014

Slide 9
Source: Bloomberg and PwC analysis

Global Top 100 companies per country
–absolute market capitalisation change

Country

United States
United Kingdom
China
Switzerland
Germany
France
Australia
Japan
South Korea
Brazil
Spain
Hong Kong
Canada
Belgium
Netherlands
Denmark
Ireland
Taiwan
Russia
Saudi Arabia
Italy
Norway
Colombia

Global Top 100
PwC

Market cap
Change $bn
2009-2014

4,423
517
244
386
379
291
247
165
148
51
114
16
107
125
62
80
104
54
3
58
10
28
50

2014
Market
Rank No.
cap ($bn)
1 8,05247
2 1,147 8
3 1,082 7
4 733 3
5 660 6
6 591 5
7 464 4
8 287 2
9 209 1
10 2012
11 1952
12 1911
13 1772
14 1691
15 1211
16 1061
17 1041
18 921
19 921
20 921
21 881
22 841
23 841

2009
Market cap
Market
Rank No.($bn) of current
cap ($bn)
top 100 in 2009
1 3,80542 3,629
3 715 9630
2 1,061 9838
6 347 3347
7 299 5281 <