Global Top 100 companies by market capitalisation

[Pages:45]Global Top 100 companies by market capitalisation

31 March 2018 update

An IPO Centre publication

Contents

Highlights and trends

3

Year-on-year comparison:

2018 vs. 2017

11

Value distributed to shareholders

in calendar year 2017

21

Post-financial crisis comparison:

2018 vs. 2009

26

Complete ranking

38

Methodology

44

PwC | TGitlolebal Top 100 companies by market capitalisation

2

AHgiegnhdalights and trends

Year-on-year comparison: 2018 vs. 2017

Value distributed to shareholders in calendar

year 2017

Post-financial crisis comparison: 2018 vs. 2009

Highlights and trends

Complete ranking

PwC | Global Top 100 companies by market capitalisation

3

Introduction

In this brief report we have ranked the GlobalTop 100 companies by market capitalisationand highlighted the major trends since 2009 as they emerged from the global financial crisis.

Key highlights

? The market capitalisation of the Global Top 100 has increased by 15% since last year. This compares with a 1 1 .5% increase in the MSCI World Index.

? Apple retains the pole positionfor the seventh year in a row. Apple's market cap increased by 13%, although the gap with second placed Alphabet has decreased by 2 5 %.

? The T op four companies are unchanged compared to last y ear. There are two new entrants in the Top ten, Chinese technology companies, Tencent and Alibaba, replacing US companies Exxon Mobil and Wells Fargo.

? For a second year ina row, Technology was the largest sector in terms of market cap ($4,806bn). Second place was the Financials sector ($4,421bn), but with the highest number of companies (23) and Consumer Goods ($2,827bn) came third.

? The US still dominates - 54 out of 100 are US companies. This has dropped, however, from 55 in the previous year. Two of the top ten US companies from last y ear have been replaced by Chinese companies.

? Share buybacks boosted the 2.2% dividend yield to an ov erall of 3.5% by reference to market capitalisation.

PwC | Global Top 100 companies by market capitalisation

Ma rket Ca p ($bn)

Tot al market cap of Top 100 companies as at 31 March

24,000 21,000 18,000 15 ,00 0 12,000 8,402 9,00 0 6,00 0 3,000

0 2009 2010 2011 2012 2013 2014 2015 2016

20,035 17,438

2017 2018

No. of compa nies

Spread of companies by market cap (2018 vs. 2009)

50

Number of Top 100

40

companies in 2018

30

Number of Top 100 companies in 2009

20

10

0 $300bn $75bn $100bn $150bn $200bn $250bn $300bn

Ma rket Ca p ($bn)

Market caps of t op and bot t om companies

1,000

Number 1 Number 100

A pple

800

600

Ex x on Mobi l

P et r oCh i n a

337 329 400

Ex x on Mobi l

417

A pple 559 A pple

416

A pple 725 469

200 40

61

69

64

70

81

85

0 2009 2010 2011 2012

Source: Bloomberg and PwC analysis

2013

2014

2015

A ppl e A pple 754 604

76

88

2016 2017

A ppl e 851

97 2018

4

Total market capitalisation of Global Top 100 companies as at 31 March

Market Cap ($bn)

24,000 21,000 18,000 15,000 12,000 9,000 6,000 3,000

0

8,402 2009

Total market cap of Top 100 companies as at 31 March

2010

2011

2012

2013

2014

2015

2016

1 7 ,438

2 0 ,035

2017

2018

Market Cap ($bn)

1,000 800 600 400 200 0

Number 1 Number 100

Ex xon Mobil PetroChina

337

329

Market caps of top and bottom companies

Ex xon Mo b il

417

A pple 559

A pple 416

A pple 469

A pple 7 25

A pple 604

40

61

69

64

70

81

85

76

2009

2010

2011

2012

2013

2014

2015

2016

Source: Bloomberg and PwC analysis

PwC | Global Top 100 companies by market capitalisation

A pple 7 54

88 2017

A pple 851

97 2018

5

The race to land a trillion dollar market cap

Market Cap ($bn) Market Cap ($bn)

1,000 900 800 700 600 500 400 300 200 100 0 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

A ppl e

A lph ab et

1,000

Mi cro soft

Amazon

? Apple is still the world's most v aluable public company.

? However Amazon, Microsoft, Alphabet and Apple are allin the running to become the first ever company to be v alued at one trillion dollars, with analysts believing that this could happen by end of 2018.

? Microsoft's v alue overtookAlphabet for the first time in three years on 1 2 April 2018 and has overtaken Alphabet on a number of occasions since then? as shown in the graph.

900 800 700 600

Source: Bloomberg and PwC analysis

PwC | Global Top 100 companies by market capitalisation

6

Market cap of the Global Top 100 by world region

? The US has seen animpressive growth of its share of the largest companies since 31 March 2009. This has dropped, however, from 55 in the previous year and two of the top ten US companies from last year hav e beenreplaced by Chinese companies. By market cap, the US share was 45% at 31 March 2009 rising to 61% in 2018.

? Europe was badly hit by the financial crisis and nine companies fellout of the Top 100 between31 March 2009 and 2017. In 2018, however, there was an increase of one company. By market cap Europe represented 27% at 31 March 2009 dropping to 17% in 2018.

? China had fluctuated between seven and nine companies between 2009 to 2014, before stabilising between 2015 and 2017 at the level of ten companies. 2018 saw the highest increase in the period, rising to 1 2 companies. By market cap, China's share increased marginally to 1 4% at 31 March 2018from 13% at 31 March 2009.

? The Rest of the World saw two companies drop out of the Top 100in the last y ear and a drop of $15bnin market cap. Japansaw the biggest loss out of all of the locations and South Africa joined the Top 100 with its first company Naspers.

Ma r k et cap ($bn)

14,000

12,000

10,000

8,000

6,000

4,000 2,000

3 ,805 2 ,272

0 1 ,061 2009

5 ,170

6 ,202 6 ,7 39 5 ,5 38

3 ,311 3 ,370 2 ,980 3 ,347

1 ,260 1 ,459 2010 2011

1 ,226 2012

1 ,1 45 2013

9 ,322 8 ,052

3 ,997 3 ,424

1 ,1 31 2014

2 ,012 2015

9 ,636

1 0 ,928

1 2,187

Market cap change 2017 to 2018 ? US u p $1,259bn ? Eu rope u p $331bn ? Ch i n a up $1,021bn

2 ,996 3 ,031 3 ,362

1 ,5 17 2016

1 ,801 2017

2 ,822 2018

60

Nu m ber of com panies

50

42

39

38

40

30 31

33

31

20

10

9

9

9

0

2009 2010 2011

Source: Bloomberg and PwC analysis

US 41

27 8 2012

Ch ina

47 43

28

30

7 2013

7 2014

Eu r ope

53

54

26

24

10 2015

10 2016

55

22 10 2017

54

23 12 2018

PwC | Global Top 100 companies by market capitalisation

7

Top 100 companies per location of domicile ? trends 2009-2018 (1/3)

United States

54 55

42

China United Kingdom

France Germany Switzerland

12 10 9

5 5

9

4 4

7

4 4

5

3 3 3

2018 2017 2009*

-

10

20

30

40

50

60

Number of companiesin the Top 100

* 2009 figure s do not add to 100 due to seven companies in the 2009 Top 100 being in locations of domicile that are no longer in the Global Top 100 Source: Bloomberg and PwC analysis

PwC | Global Top 100 companies by market capitalisation

8

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