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33 / 52

1

Apple

United States

Technology and telecom

51.5

75.8

36

52

–24

0

–4

–8

66.9

2

Monsanto

United States

Chemicals

38.8

38.6

20

6

7

2

–1

4

6.7

3

América Móvil

Mexico

Technology and telecom

33.6

51.0

30

1

–2

1

3

1

21.2

4

Reliance Industries

India

Chemicals

31.1

36.7

25

–2

5

2

–1

3

61.4

5

Nintendo

Japan

Consumer goods

30.3

42.5

27

7

1

3

2

–9

–18.8

6

China Mobile

Hong Kong

Technology and telecom

29.7

201.3

22

–1

4

3

0

2

1.7

7

Gilead Sciences

United States

Pharmaceuticals and medical tech

28.5

46.5

40

5

–15

0

–1

0

–8.8

8

British American Tobacco

United Kingdom

Consumer goods

23.4

53.2

3

2

10

5

1

2

–3.7

9

McDonald's

United States

Retail

23.0

69.3

7

7

0

3

3

3

–5.9

10

BHP Billiton

Australia

Mining and materials

22.4

119.5

28

9

–20

2

2

1

15.9

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 100 global companies with a market valuation greater than $30 billion. 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.

2009 TSR5 (%)

Large-Cap Companies

The Large-Cap Top Ten, 2004–2008

  • #

    Company

Country

Industry

Sales

Margin

change4 Multiple

Dividend

Share

Growth

change

yield

change

(%)

(%)

(%)

(%)

(%)

TSR (%)

2

Net debt change (%)

Market value3 ($billions)

TSR Decomposition1

Value Creation at the Large-Cap Top Ten Versus Total Large-Cap Sample, 2004–2008

105

117

138

163

116

’04

’05

’06

’07

’08

347

Total shareholder return

0 ’03

TSR index (2003=100) 600

500

538

400

134

300

199

290

200 100

100 100

121

144

171

142

153

108

117

127

’04

’05

’06

’07

’08

’03

Sales growth

218

267

Sales index (2003=100) 275

250 225 200 175 150

125 100

100

100 75

33.7

34.9

22.6

22.6

23.2

’05

’06

’07

15

EBITDA margin1

25

20 22.4 23.0

10 ’03

’04

38.3

EBITDA/revenue (%) 40

35

30

31.9

32.2

37.8

22.1

’08

ƒ

Simplified five-year TSR decomposition2

TSR contribution (%) 40

EBITDA multiple1

Enterprise value/EBITDA (x) 14

13.2

3 2.7 Dividend yield Dividend/stock price (%) 2.9

3

2.6

12

9.7

10

8

7.6

20

0

6.8

2

2.5

21

9

3

0

2

  • 2

  • 7

2

8.9

7.9

9.4

10.3

9.5

8.9

8.9

2.2

2.0

2.4

2.3

2.3

2.4

2.1

Sales

Margin

Multiple

Dividend

growth

change

change

yield

  • 20

6 ’03

’04

’05

’06

’07

6.7

’08

1 ’03

’04

’05

’06

’07

1.3 ’08

Large-cap top ten

Total sample, n = 100

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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