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Global Rankings

Total Global Sample

The Global Top Ten, 2004–2008

1

OCI

South Korea

Chemicals

73.7

3.6

11

21

7

3

–3

36

2

Doosan Heavy Industries

South Korea

Machinery and construction

58.5

4.3

26

7

21

2

0

2

3

Japan Steel Works

Japan

Machinery and construction

57.5

5.0

12

22

3

2

0

19

4

K+S

Germany

Chemicals

53.2

9.3

18

28

4

4

1

–1

5

Apple

United States

Technology and telecom

51.5

75.8

36

52

–24

0

–4

–8

6

LG Group

South Korea

Multibusiness

47.1

5.8

9

2

–5

3

–2

39

7

Bharti Airtel

India

Technology and telecom

45.9

27.9

51

15

–22

0

–1

2

8

Larsen & Toubro

India

Machinery and construction

44.4

9.3

23

5

15

2

–16

14

9

CEZ

Czech Republic

Utilities

43.9

24.1

18

5

11

4

0

5

10

CSL

Australia

Pharmaceuticals and medical tech

43.2

13.1

24

11

6

2

–2

3

  • #

    Company

Country

Industry

Sales

Margin

change4 Multiple

Dividend

Share

Growth

change

yield

change

(%)

(%)

(%)

(%)

(%)

TSR (%)

2

Net debt change (%)

Market value3 ($billions)

TSR Decomposition1

2009 TSR5 (%)

  • 2.5

  • 2.5

  • 2.5

4.8 66.9 42.6 11.5 90.8 12.5

  • 7.0

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 694 global companies. 1Contribution of each factor shown in percentage points of five-year average annual TSR; apparent discrepancies with TSR totals due to rounding. 2Average annual total shareholder return, 2004–2008. 3As of December 31, 2008. 4Change in EBITDA multiple. 5As of June 30, 2009.

Value Creation at the Global Top Ten Versus Total Global Sample, 2004–2008

0

100

110

128

151

174

115

’03

’04

’05

’06

’07

’08

121

126

144

138

150

107

116

125

’04

’05

’06

’07

’08

720

Total shareholder return

75 ’03

649

1,334

Sales growth

170

210

TSR index (2003=100) 1,400

Sales index (2003=100) 225

200

1,200 1,000 800 600 400

100 200

239

490

175

150

125 100

100 100

17.4

17.3

17.4

18.0

14.3

15.5

14.6

’04

’05

’06

’07

15

12.8

10 ’03

16.7

EBITDA margin1

EBITDA/revenue (%) 20

18.6

20.0

17.2

’08

ƒ

Simplified five-year TSR decomposition2 TSR contribution (%)

20 18

EBITDA multiple1

Enterprise value/EBITDA (x) 16

15.9

Dividend yield3

Dividend/stock price (%) 5

14

12.5

4.1

10

8

10

1

0

Sales

Margin

growth

change

  • 10

Global top ten

12

5

2

2

10

9.4

8

Multiple

Dividend

change

yield

  • 7

6

5.2 4

’03

Total global sample, n = 694

8.8

6.4

’04

10.5

9.0

’05

9.6

’06

9.3

’07

4 3.5

6.6

3 3.3

6.5

2

’08

1 ’03

2.5

’04

2.6

2.6

’05

2.6

1.6

’06

2.2

1.9

’07

1.7

0.7

’08

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. 1Total sample calculation based on aggregate of entire sample. 2Share change and net debt change not shown. 3Total sample calculation based on sample average.

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