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38 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

33.3

6.7

11

16

10

1

–7

1

22.1

18.9

7.5

10

1

0

2

2

5

–7.4

15.8

7.2

12

5

–4

3

–2

1

11.0

14.9

9.5

8

–4

6

4

3

–2

3.8

9.3

4.1

4

5

–4

0

6

–3

6.1

7.9

4.0

3

–3

7

1

–1

0

–16.5

7.6

2.1

14

2

–6

1

1

–5

–6.1

7.0

37.8

0

3

–2

3

–2

4

–21.6

6.8

1.9

23

1

–11

0

–11

5

43.1

5.2

5.4

0

–4

5

4

0

0

–3.2

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 31 global companies with a market valuation greater than $2 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

Share

Net debt

change

change

Media and Publishing

#

Company

Country

1 2 3 4 5 6 7 8 9 10

Naspers Shaw Communications GrupoTelevisa SES Dun & Bradstreet Toho Company John Wiley & Sons Vivendi Net Serviços de Comunicação Wolters Kluwer

South Africa Canada Mexico Luxembourg United States Japan United States France Brazil Netherlands

TSR Deco

mposition1

change4 Multiple

Dividend

yield

Margin change

The Media and Publishing Top Ten, 2004–2008

Sales Growth

TSR

2

Market value3

Value Creation at the Media and Publishing Top Ten Versus Industry Sample, 2004–2008

TSR contribution (%)

Enterprise value/EBITDA (x)

Dividend/stock price (%)

10

15

5

28.7

25.7

’08

2.2

1.8

’08

Dividend yield3

4.1

124

156

184

162

110

115

141

130

91

’04

’05

’06

’07

’08

101

105

107

99

112

81

87

91

’04

’05

’06

’07

’08

28.4

28.6

25.7

26.6

21.4

22.0

’04

’05

’06

’07

1.9

1.9

2.0

’04

’05

’06

’07

  • 20

10

10.1

9.5

7.1

7.7

  • 10

  • 12

Media and publishing top ten

Total sample, n = 31

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

ƒ

50 ’03

EBITDA multiple1

2.0

Sales

Margin

Multiple

Dividend

growth

change

change

yield

0 ’03

Simplified five-year TSR decomposition2

75

117

123

15 ’03

2.1

0

3

4

’08

0 ’03

100

EBITDA margin1

25

25.2

20

20.0

2.4

2.3

5

4

3

2

1

2.4

1.8

3

5

0

2

3

’07

Sales growth

EBITDA/revenue (%) 35

30

30.1

30.6

9.0

8.9

8.6

8.5

’06

Total shareholder return

150

100

50

100

100

Sales index (2003=100) 125

’05

TSR index (2003=100) 250

200

203

100

100

8.7

7.1

7.5

5.6

0 ’03

’04

  • 

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