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44 / 52

(%)

($billions)

(%)

(%)

(%)

(%)

(%)

(%)

51.5

75.8

36

52

–24

0

–4

–8

45.9

27.9

51

15

–22

0

–1

2

33.6

51.0

30

1

–2

1

3

1

32.2

21.9

37

5

–9

2

–3

0

29.7

201.3

22

–1

4

3

0

2

29.1

18.8

19

5

–1

1

–6

11

28.7

13.9

9

–6

15

0

1

10

27.9

22.6

NA

NA

NA

NA

NA

NA

25.8

12.5

17

5

–5

3

0

5

22.1

11.6

20

4

–1

0

–11

12

Sources: Thomson Reuters Datastream; Thomson Reuters Worldscope; Bloomberg; annual reports; BCG analysis. Note: n = 60 global companies with a market valuation greater than $10 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. 6Decomposition is not possible owing to negative EBITDA.

Net debt change

Technology and Telecommunications

The Technology and Telecommunications Top Ten, 2004–2008

mposition1

Dividend

Share

yield

change

1

Apple

2

Bharti Airtel

3

América Móvil

4

MTN Group

5

China Mobile

6

Rogers Communications

7

Carso Global Telecom

8

Research In Motion6

9

Turkcell

10

American Tower

Market value3

Sales Growth

#

TSR Deco

Margin change

Multiple change4

Company

Location

United States India Mexico South Africa Hong Kong Canada Mexico Canada Turkey United States

TSR

2

2009 TSR5 (%)

66.9 11.5 21.2 11.0 1.7

  • 16.6

  • 12.2

67.0 4.0 7.5

Value Creation at the Technology and Telecommunications Top Ten Versus Industry Sample, 2004–2008

Total shareholder return

105

110

133

161

107

’04

’05

’06

’07

’08

407

TSR index (2003=100) 688

0 ’03

149

700 600 500 400 300

200 100

100 100

236

368

125

163

128

143

152

109

115

’04

’05

’06

’07

’08

50 ’03

250

296

Sales growth

150

Sales index (2003=100) 300

250

200

202

100

100

100

29.4

28.6

27.4

27.7

’04

’05

’06

’07

40

35

45 42.9 42.9 41.4

20 ’03

EBITDA margin EBITDA/revenue (%)

1

40.9

42.7

30

25

29.2

40.9

27.3

’08

ƒ

Simplified five-year TSR decomposition2

EBITDA multiple1

Dividend yield3

TSR contribution (%) 40

Enterprise value/EBITDA (x) 14

Dividend/stock price (%) 3

2.7

12.4

2.5

24

20

9

4

0

  • 1 –1

1

2

12

10

8

8.6

7.8

7.7

8.8

8.6

8.7

6.2

2

1

1.6

2.1

2.0

1.2

1.5

1.9

Sales

Margin

Multiple

Dividend

growth

change

change

yield

  • 8

  • 20

Technology and telecommunications top ten4

6

4 ’03

5.2

7.1

6.0

’04

’05

’06

Total sample, n = 594

’07

5.7

’08

0.6

0 ’03

0.9

’04

1.1

’05

’06

’07

0.8

’08

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. 4Excludes Research In Motion owing to negative EBITDA.

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