2017意大利50强品牌报告（英文版）_11页-4mb

Summary of Brand Finance Italy 50 Report (2017)

Core Content

The Brand Finance Italy 50 report from May 2017 presents an analysis of the most valuable Italian brands, focusing on their financial performance, brand strength, and overall contribution to the business. The report emphasizes the importance of brand value in generating economic benefits and highlights the need for a clear, financial approach to brand management.

Main Points

• Purpose of Brand Value: A strong brand's primary purpose is to generate financial returns. It helps in attracting customers, building loyalty, and motivating staff, but the ultimate goal is to make money.
• Brand Finance's Role: Brand Finance bridges the gap between marketing and financial teams by providing a clear, quantifiable measure of brand value. This allows for better communication of brand value and supports strategic decision-making.
• Brand Value Calculation: The report uses the 'Royalty Relief approach' to calculate brand values. This involves estimating future sales attributable to the brand, applying a royalty rate, and discounting the results to a net present value (NPV).

Key Information

Brand Value Overview

• Ferrari: Ranked first in 2017 with a brand value of €5.5 billion, up 35% from 2016. This increase is attributed to strong financial performance and the continued success of models like the 488 GTB, 488 Spider, and LaFerrari hypercar. Brand strength increased to 91.9.
• Gucci: Ranked third with a brand value of €6.1 billion, up 22% from 2016. It showed record revenue growth of 51.4% in 2016.
• Prada: Ranked ninth with a brand value of €3.3 billion, up 2% from 2016.
• Armani: Ranked tenth with a brand value of €3.062 billion, up 16% from 2016.
• Eni: Ranked first in the Oil & Gas sector with a brand value of €10 billion, up 22% from 2016. This is due to the recovery of oil prices and successful strategy execution.
• Enel: Ranked second in the Utilities sector with a brand value of €6.48 billion, down 11% from 2016.

Sector Breakdown (EURm)

Brand Contribution

• Brand Contribution refers to the uplift in shareholder value from owning a brand rather than using a generic one.
• Brands influence various stakeholders, including customers, staff, and investors, contributing to the company's financial value beyond transactional value.

Brand Strength Index (BSI)

• BSI is a score from 0 to 100 that measures a brand's strength.
• Brands are rated from AAA+ to D, with AAA+ indicating exceptional strength and management.
• The BSI is used to determine the royalty rate and is calculated using data from the BrandAsset® Valuator database.

Brand Value Drivers

• Revenue: Forecasted revenue is a key driver of brand value.
• Long Term Growth Rate: Industry growth rates are used to project future sales.
• Tax Rate: Royalty rates are adjusted for tax implications.
• Discount Rate: Future earnings are discounted to reflect their present value.
• 5 Year Compound Annual Growth Rate (CAGR): Used to project growth over the next five years.

Royalty Rate Determination

• Comparable Agreements: Royalty rates are based on industry averages derived from licensing agreements.
• Industry Margins: A range of 25% to 40% is used as a rule of thumb for royalty rates.
• Affordability: Adjustments are made based on the brand's ability to sustain profits, often using forecasted EBIT.

Competitor Analysis

• Competitor royalty rates vary based on brand strength and industry performance.
• The report includes a detailed analysis of the royalty rates of the top brands, providing a benchmark for brand valuation.

Conclusion

The report underscores the importance of brand value in the financial performance of Italian companies. It highlights the success of top brands like Ferrari and Gucci, and the potential for growth in the luxury apparel sector. The methodology provided by Brand Finance offers a structured and financially rigorous approach to brand valuation, enabling businesses to make informed decisions and maximize returns.