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40 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

47.1

5.8

9

2

–5

3

–2

39

42.6

31.3

4.6

23

–6

16

3

–12

7

24.1

27.6

8.2

35

19

–31

4

–2

3

49.3

25.1

6.3

3

–8

18

2

2

8

–5.3

23.7

3.3

20

0

–1

5

0

0

12.6

18.3

5.4

20

13

–16

3

0

–2

52.7

16.0

2.9

15

2

–23

3

–1

19

37.4

13.4

2.3

45

2

–24

2

–5

–8

86.3

12.8

4.2

12

1

–1

5

–3

–2

16.7

12.1

6.4

9

7

–13

2

–3

11

28.5

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 45 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

Dividend

Share

Net debt

yield

change

change

Multibusiness

mposition1

1

LG Group

South Korea

2

Beijing Enterprises

Hong Kong

3

Diamond Offshore Drilling

United States

4

Grupo Carso

Mexico

5

WEG

Brazil

6

Jardine Matheson

Singapore

7

Sembcorp

Singapore

8

Noble Group

Singapore

9

China Resources Enterprise

Hong Kong

10

Marubeni

Japan

Sales Growth

TSR Deco

Margin change

Multiple change4

The Multibusiness Top Ten, 2004–2008

  • #

    Company

Country

TSR

2

Market value3

Value Creation at the Multibusiness Top Ten Versus Industry Sample, 2004–2008

164

247

147

175

118

133

88

’04

’05

’06

’07

’08

269

Total shareholder return

TSR index (2003=100) 494

500

0 ’03

307

400

300

200

100

100

100

Sales growth

Sales index (2003=100) 200

175

150

134

125

119

122

100

129

100

100

111

119

75

50 ’03

’04

’05

’06

162

143

’07

199

162

’08

12.6

13.2

12.7

10.9

9.8

9.4

9.8

’04

’05

’06

’07

5 ’03

12.5

10

9.2

EBITDA margin1

EBITDA/revenue (%) 15

13.7

12.2

10.3

’08

ƒ

Simplified five-year TSR decomposition2 TSR contribution (%)

EBITDA multiple1

Enterprise value/EBITDA (x)

Dividend yield Dividend/stock price (%)

3

20 15

10

12 11.5 11 2 .

10

10 9 . 10 7 .

10.4

5 4.9

4

3.7

3.7

4.0

2

  • 0

    0

  • 7

  • 11

33

8

6

8.0

7.1

8.8

8.6

8.3

6.6

3

2

4.0

2.7

3.0

2.8

2.7

2.8

1.5

1

1.3

  • 20

5.4

Sales

Margin

Multiple

growth change change

Dividend yield

4 ’03

’04

’05

’06

’07

’08

0 ’03

’04

’05

’06

’07

’08

Multibusiness top ten

Total sample, n = 45

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.

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