Telecoms
150
2022
The annual report on the most valuable and strongest telecoms brands
February 2022
Brand Finance Telecoms 150 2022 2
Contents.
© 2022 All rights reserved. Brand Finance Plc.
About Brand Finance 3
Foreword 7
David Haigh, Chairman & CEO, Brand Finance
Executive Summary 9
Regional Analysis 16
Brand Guardianship Index 19
Brand Spotlights 21
Etisalat 22
Interview with Hatem Dowidar, Group CEO
stc 25
Interview with Mohammed Abaalkheil Corporate Relations VP
Telecoms Infrastructure 10 Ranking 27
Etisalat's Decade of Brand Strength Growth 28
Richard Haigh, Managing Director, Brand Finance
Telecoms 150 Ranking 30
Methodology 33
Our Services 40
Brand Finance Telecoms 150 2022 3
About Brand Finance.
Brand Finance is the world's leading brand
valuation consultancy.
We bridge the gap between marketing and finance
Brand Finance was set up in 1996 with the aim of 'bridging
the gap between marketing and finance'. For 25 years, we
have helped companies and organisations of all types to
connect their brands to the bottom line.
We quantify the financial value of brands
We put 5,000 of the world’s biggest brands to the test
every year. Ranking brands across all sectors and
countries, we publish nearly 100 reports annually.
We offer a unique combination of expertise
Our teams have experience across a wide range of
disciplines from marketing and market research, to
brand strategy and visual identity, to tax and accounting.
We pride ourselves on technical credibility
Brand Finance is a chartered accountancy firm regulated
by the Institute of Chartered Accountants in England and
Wales, and the first brand valuation consultancy to join
the International Valuation Standards Council.
Our experts helped craft the internationally recognised
standards on Brand Valuation – ISO 10668 and Brand
Evaluation – ISO 20671. Our methodology has been
certified by global independent auditors – Austrian
Standards – as compliant with both, and received
the official approval of the Marketing Accountability
Standards Board.
Get in Touch.
For business enquiries, please contact:
Savio D'Souza
Valuation Director
@
For media enquiries, please contact:
Michael Josem
Associate Communications Director
@
For all other enquiries:
enquiries@
+44 207 389 9400
A Brand Value Report provides a
complete breakdown of the assumptions,
data sources, and calculations used
to arrive at your brand’s value.
Each report includes expert
recommendations for growing brand
value to drive performance and offers
a cost-effective way to gaining a better
understanding of your position against peers.
Request your own
Brand Value Report
B
e
n
e
fi
ts
Contents
Competitor
Benchmarking
Visit
or email enquiries@brandfi
Brand Valuation
Summary Brand
Strength Tracking
Cost of
Capital Analysis
Royalty Rates
Customer
Research Findings
Insight
Strategy
Benchmarking
Education
Communication
Understanding
enquiries@
Brand Finance Telecoms 150 2022 5
Brand Finance Institute
Brand Finance Institute is the educational division of
Brand Finance, whose purpose is to create and foster
a professional environment for knowledge-sharing and
networking among practitioners and experts in the
market. BFI organises events, in-company training, and
corporate educational initiatives around the world. In the
quest for marketing excellence and with the purpose
to equip the brand valuation and strategy practitioners
with the necessary skills and tools, we have developed
a wide range of programmes and certifications in
collaboration with the most coveted business schools,
universities and thought leaders in the field.
Brandirectory is the world’s largest database of current
and historical brand values, providing easy access to
all Brand Finance rankings, reports, whitepapers, and
consumer research published since 2007.
+ Browse thousands of published brand values
+ Track brand value, strength, and rating across
publications and over time
+ Use interactive charts to compare brand values
across countries, sectors, and global rankings
+ Purchase and instantly unlock premium data,
complete brand rankings, and research
Visit to find out more.
Brand Finance Group.
Brand Dialogue
Brand Dialogue is a public relations agency developing
communications strategies to create dialogue that drives
brand value. Brand Dialogue has over 25 years of experience
in delivering campaigns driven by research, measurement,
and strategic thinking for a variety of clients, with a strong
background in geographic branding, including supporting
nation brands and brands with a geographical indication
(GI). Brand Dialogue manages communications activities
across Brand Finance Group's companies and network.
VI360
VI360 is a brand identity management consultancy
working for clients of all sizes on brand compliance, brand
transition, and brand identity management. VI360 provide
straightforward and practical brand management that
results in tangible benefits for your business.
Global Brand
Equity Monitor
Original market research on over 5,000 brands
36 countries and 29 sectors covered
Over 100,000 respondents surveyed annually
We are now in our 6th consecutive year conducting the study
Visit
or email enquiries@brandfi
enquiries@
David Haigh
Chairman & CEO,
Brand Finance
Brand Finance Telecoms 150 2022 7
Foreword.
What is the purpose of a strong brand: to attract customers, to build loyalty, to
motivate staff? All true, but for a commercial brand at least, the first answer must
always be ‘to make money’.
Huge investments are made in the design, launch, and ongoing promotion of
brands. Given their potential financial value, this makes sense. Unfortunately, most
organisations fail to go beyond that, missing huge opportunities to effectively make
use of what are often their most important assets. Monitoring of brand performance
should be the next step, but is often sporadic. Where it does take place, it
frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly
understood by non-marketers.
As a result, marketing teams struggle to communicate the value of their work and
boards then underestimate the significance of their brands to the business. Sceptical
finance teams, unconvinced by what they perceive as marketing mumbo jumbo,
may fail to agree necessary investments. What marketing spend there is, can end up
poorly directed as marketers are left to operate with insufficient financial guidance
or accountability. The end result can be a slow but steady downward spiral of poor
communication, wasted resources, and a negative impact on the bottom line.
Brand Finance bridges the gap between marketing and finance. Our teams have
experience across a wide range of disciplines from market research and visual
identity, to tax and accounting. We understand the importance of design, advertising,
and marketing, but we also believe that the ultimate and overriding purpose of
brands is to make money. That is why we connect brands to the bottom line.
By valuing brands, we provide a mutually intelligible language for marketing and
finance teams. Marketers then have the ability to communicate the significance of
what they do, and boards can use the information to chart a course that maximises
profits. Without knowing the precise, financial value of an asset, how can you know
if you are maximising your returns? If you are intending to license a brand, how can
you know you are getting a fair price? If you are intending to sell, how do you know
what the right time is? How do you decide which brands to discontinue, whether
to rebrand and how to arrange your brand architecture? Brand Finance has
conducted thousands of brand and branded business valuations to help answer
these questions.
Brand Finance’s research revealed the compelling link between strong brands and
stock market performance. It was found that investing in highly-branded companies
would lead to a return almost double that of the average for the S&P 500 as a whole.
Acknowledging and managing a company’s intangible assets taps into the hidden
value that lies within it. The following report is a first step to understanding more
about brands, how to value them and how to use that information to benefit the
business.
The team and I look forward to continuing the conversation with you.
Brand Finance Telecoms 150 2022 8
Verizon is
World’s Most
Valuable,
Etisalat World’s
Strongest
Telecoms Brand.
+ Valued at almost US$70 billion, Verizon retains
top spot on Brand Finance Telecoms 150
ranking, with mobile 5G deployment underway
+ Deutsche Telekom rises to second place,
navigating challenges of pandemic as it
repositions global brand
+ Iliad Italia is telecommunication’s fastest-
growing brand, more than doubling in value as it
expands home internet services.
+ Etisalat is world’s strongest telecoms brand,
leveraging Dubai Expo to promote its world-
leading 5G infrastructure deployment
Executive
Summary.
Brand Finance Telecoms 150 2022 10
Executive Summary.
Verizon is the most valuable telecoms brand of 2022.
With its brand value increasing marginally by 1% to
US$ billion, Verizon retains its position at the top of
the telecoms league table.
Every year, Brand Finance puts 5,000 of the biggest
brands to the test, and publishes nearly 100 reports,
ranking brands across all sectors and countries. The
world’s top 150 most valuable and strongest telecoms
brands are included in a dedicated industry ranking –
the Brand Finance Telecoms 150 2022.
Verizon is facing significant brand challenges with
the deployment of 5G infrastructure services creating
concerns about the potential impact on aircraft.
However, the American telecoms operator has
overcome the technical issues and is growing its brand
in using wireless technology to deliver high-speed
internet services into homes. The fixed point-to-point
services aim to provide fast internet speeds to compete
with wired competitors. As a relatively new channel to
provide home internet services, Verizon’s fixed wireless
service is competing with long-established home
internet services delivered over physical wires.
Verizon remains the world’s
most valuable telecoms brand
because customers know and
understand what the brand
means. It started life as one of
the Baby Bells and has grown
up to become the world’s
leading telecommunications
brand as the global market
leader.
David Haigh
Chairman & CEO, Brand Finance
Brand Finance Telecoms 150 2022 11
Executive Summary.
Top 10 Most Valuable Telecoms Brands
� 6
+24%
$
60 � 7
+12%
$
70 � 8
+1%
$
80 � 9 90
$
-2%
� 10 112
$
+38%
� 1
+1%
$
10 � 3
-8%
$
21 � 4 40
$
+9%
5 50
$
+19%
2
+18%
$
32
Deutsche Telekom rises to second place
Meanwhile, just behind Verizon, Deutsche Telekom
(brand value up 18% to US$ billion) has improved to
become the second-most valuable telecoms brand in the
world, overtaking AT&T (brand value down 8% to US$47
billion). Deutsche Telekom is moving to consolidate its
brands globally by introducing a new logo which has the
potential to unify its “T” branding across both its T Mobile
and Deutsche Telekom divisions globally. Initially, the letter
“T” will dominate digital channels and sponsorships, with
the eventual deployment of “T” collateral into physical
buildings and retail outlets.
Since 2020, Deutsche Telekom’s brand value has gone
up by over 50% in total. Successful business performance
and high customer growth, especially in the United States,
are the main contributors to this significant increase. In
addition, the Group again scored points through sustained
investments in network quality, digital technologies, and
customer service. In addition to being the second-most
valuable brand globally in telecoms, Deutsche Telekom is
also the second-most valuable brand in Europe amongst
all industry sectors, only marginally behind Mercedes-
Benz amongst all European brands.
The unification of Deutsche
Telekom’s branding
internationally offers an
opportunity to strengthen the
brand amongst different
consumer groups. This will
allow the T brand to spread
across various jurisdictions and
benefit from globalized
efficiencies – especially as it
transitions from a challenger-
brand in the US to become an
established market leader as it
is in Germany and some other
European jurisdictions.
David Haigh
Chairman & CEO, Brand Finance
© Brand Finance Plc 2022
Brand Finance Telecoms 150 2022 12
Executive Summary.
China Telecom Enters Top 10
Elsewhere, China Telecom (brand value up 38% to
US$ billion) improved its ranking to become the
10th most valuable telecoms brand in the world. The
brand added almost million net subscribers and
now serves 362 million users, creating significant
brand value based on forecast future growth as
modern telecoms services spread throughout China.
Iliad Italia is telecommunication’s
fastest-growing brand
A smaller brand, but growing rapidly, is Iliad Italia
(brand value up 109% to $US447 million) which
is this year’s fastest growing brand in the Brand
Finance Telecoms 150 2022 league table.
Brand Value Change 2021-2022 (%) © Brand Finance Plc 2022
109% 104%
79%
68% 66% 65%
49% 44% 42% 38%
-86%
-37% -34%
-24% -23% -21% -19% -18% -17% -17%
Brand Finance Telecoms 150 2022 13
Executive Summary.
Iliad’s growth is being driven by its ability to create
a loyal base through a great value-for-money offer,
accessible customer service, and its honest and open
attitude. Since launching in mid-2018, service revenues
are growing quickly and the brand now has 10% market
share in the Italian mobile market. Iliad serves more
than 8 million subscribers, serviced by 8,500 retail sites,
and plans to expand to up to 12,500 sites by the end of
2023. Having created a loyal customer base, they are
now launching their fixed offer which builds a base for a
strong outlook going forward. Iliad’s recent moves, such
as the proposed takeover of Vodafone Italian business,
speaks to the ambition of the player to become a real
threat for the big three in Italy.
Through analysis on research of all telecom brands in
Europe, Brand Finance determined that there are four key
underlying dimensions characterizing different brands:
The underlying mechanics of telecom service
delivery through service and coverage still play
a major role, but agile and innovative brands are
gaining power in generating consideration in the
market. Iliad is creating strong brand advocates who
deeply “love” their brand because of the perceived
authenticity of the brand and its strength on these
two dimensions (agility and innovation). Iliad is
growing their brand value quickly without alienating
customers, with only 7% of respondents in the
market saying they did not like the brand against a
sector average of 17%. Similarly, 51% of respondents
liked the Iliad brand comparted to a sector average
in Italy of 28%.
The second fastest growing telecoms brand in the
rankings is Moov (brand value up 104% to US$453
million) which is another new entrant to Telecoms
150 2022 rankings and part of e&, formerly known
as the Etisalat group. This surge in brand value
is correlated with the rebranding of its eleven
subsidiaries in Africa as Moov Africa at the beginning
of last year to benefit from broader synergies from
being part of e&.
As a beneficiary of the broader e& brand portfolio,
Moov is delivering significant expertise into relatively
small markets using the expertise of global leaders
associated with e& in the UAE. This expert brand
leadership enables the Moov brand to grow quickly.
Easy to deal with
Value for money
Open and honest
Care about community
Sustainability
Excellent website/apps
Great services
Popular
Good coverage
Offers something different
Innovative
Cool
Modern
Agile Players
ESG Focus Players
Incumbents
Innovative Players
Brand Finance Telecoms 150 2022 14
Top 10 Strongest Telecoms Brands
+
� 1
AAA
42
+
� 3
AAA
162
4 21
AAA
� 5 11
AAA
+
� 6
AAA
282
� 2
AAA
32
+
� 7
AAA
61
+
� 8
AAA
71
+
� 9 112
AAA
+
� 10 312
AAA
Executive Summary.
Etisalat is world’s strongest
telecoms brand
In addition to calculating brand value, Brand Finance
also determines the relative strength of brands
through a balanced scorecard of metrics evaluating
marketing investment, stakeholder equity, and business
performance. Certified by ISO 20671, Brand Finance’s
assessment of stakeholder equity incorporates original
market research data from over 100,000 respondents in
more than 35 countries and across nearly 30 sectors.
Etisalat (brand value up 18% to US$ billion) is the
world’s strongest telecoms brand, and the strongest brand
in the Middle East & Africa across all industry sectors with a
brand strength score of out of 100 and a corresponding
AAA rating. Expo 2020 offered Etisalat the platform to
demonstrate itself as a strategic enabler of the UAE's digital
transformation. Etisalat’s focus on enhancing customer
experience and living the ethos of “Together Matters” helped
the brand to increase its BSI score by points, breaking
into the top 20 strongest brands globally, claiming 18th place.
Etisalat has subsequently released a new brand strategy
related to the launch of broader group identity under the
name e&. The group now faces the challenge of transferring
equity to the new brand over the course of 2022.
© Brand Finance Plc 2022
Brand Finance Telecoms 150 2022 15
Executive Summary.
South Africa’s MTN (brand value up 49% to US$4
billion) telecoms brand is achieving a significant
improvement in brand strength, improving from the
28th strongest telecoms brand in the world to become
the 6th strongest. MTN is improving its brand equity
as users continued to shift online in response to the
pandemic. Outside of Nigeria (where MTN Nigeria
endures significant regulatory challenges to growing
its user base) the MTN Group increased the number
of subscribers by over 3 million users.
Looking ahead, MTN is in the process of seeking
to rebrand itself from a telecoms company into a
broader technology brand. This coincides with a
refreshed logo, new slogan, and coincides with
its 25th year of operation as it seeks to refocus
operations on Africa.
Etisalat’s brand strength is
driven by product innovation
and delivering on customer
needs. Delivering the fastest
mobile network in the world is a
massive achievement by
Etisalat, and their core
stakeholders recognize the
brand’s ability to deliver
impressive performance.
David Haigh
Chairman & CEO, Brand Finance
Brand Value by Country
Country
Brand
Value
(USD bn)
% of
total
Number of
Brands
● United States % 17
● China % 10
● Japan % 5
● Germany % 3
● United Kingdom % 9
● France % 4
● Other % 102
Total % 150
© Brand Finance Plc 2022
Regional
Analysis.
Brand Finance Telecoms 150 2022 17
Regional Analysis.
Most Valuable and Strongest Brands per Region © Brand Finance Plc 2022
Strongest Brands
Most Valuable Brands
USD $ billion
BSI
AAA
USD $ billion
BSI
AAA
USD $ billion
BSI
AAA
USD $ billion
BSI
AAA
Europe
Americas Asia-Pacific
Middle East
& Africa
Americas
With Verizon leading the global rankings for
most valuable telecoms brand, fellow American
brand AT&T (brand value down 8% to US$
billion) is the second most valuable brand in the
Americas, and third-most valuable brand globally.
AT&T’s brand value reduced in connection with
its divestment of American video assets as they
are in the process of moving away from being a
media provider to focus more heavily on telecoms
infrastructure, including 5G networks.
Mexican brand Telcel (brand value down 4% to
US$ billion) is the strongest telecoms brand in the
Americas, achieving a AAA-rated brand strength index
of . Telcel slightly improved its brand strength
as it continues to invest in the deployment of 5G
infrastructure, and continues to retain almost two-thirds
of the mobile telephony and mobile data market in
Mexico. This extreme market dominance is correlated
with extremely strong brand positioning as the default
mobile provider for many Mexican customers.
Europe
The second-most valuable brand in Europe, behind
Deutsche Telekom, is French brand Orange (brand value
down 2% to US$ billion). In a tough year, Orange is
struggling in its key markets of France and Spain. These
challenges are offset by strong performances in mobile
services for Africa and the Middle East.
Swisscom in Switzerland (brand value up 14% to
US$ billion) is the second-strongest telecoms
brand globally, and strongest European brand, with a
brand strength index of , marginally behind global
leader Etisalat’s . Swisscom is particularly strong
amongst the Government and Enterprise sector for
fixed internet services but is likely to need every bit of
its brand strength to overcome the restrictive regulatory
environment it faces in improving 5G services further.
Middle East and Africa
STC (brand value up 16% to US$ billion) retains
its position as the most valuable single telecoms brand
Brand Finance Telecoms 150 2022 18
in the Middle East and Africa. The Saudi-based brand
grew its brand based on particularly strong growth in
the business and enterprise sector and is primed for
further growth as it expands to new jurisdictions with
acquisitions. STC is also expanding into new product
sectors with its investment in data hosting operations.
Meanwhile, Etisalat not only retains its title as the
strongest brand in the Middle-East and North Africa
across all sectors, but also topped the table as the
strongest telecoms brand globally. This is explored
elsewhere in this report but has been achieved in the year
of Expo 2020 following heavy investment in both brand
and service offering, as evidenced by also becoming the
fasted mobile network provider in the world verified by
Ookla. e&, the recently rebranded Etisalat Group, also
operates a portfolio of brands across North Africa and
the Middle East, including the fast growing Moov. When
aggregated together, the value of e&’s portfolio of brands
exceeds $13bn this year, making it the most valuable
portfolio of telecom brands in the Middle East.
Asia
China Mobile (brand value up 9% to US$ billion)
retains its position as the fourth most valuable brand
globally. It achieved strong brand value growth
because of increasing customer numbers, as it
approaches the 1 billion mobile customer mark. This
remarkable achievement is testament to the scale
of China Mobile and the brand’s capacity to deliver
services to very large numbers of people, with over 150
million of those customers on its 5G network.
Filipino brand PLDT (brand value up 2% to US$ billion)
is the strongest brand in Asia with a brand strength index
score of . It is extending its brand into non-telecoms
services with the digital transformation of banking services
with its new PayMaya product in the Phillipines. PLDT is
a full-service telecoms provider, and achieved significant
growth particularly in home fiber connections – while
final results are not available at the time of writing, it is
likely that PLDT will have added 1 million new home fiber
services in 2021, despite the pandemic – this represents
more than a third of all PLDT’s home fiber services, and
demonstrates very fast growth in this sector.
India’s Jio (brand value up 5% to US$ billion) is
the second-strongest brand in the Asia-Pacific region
with a brand strength index of , marginally ahead
of Telkom Indonesia (brand value up 22% to US$
billion) with a brand strength index of .
Oceania
Telstra (brand value up 11% to US$ billion) is the
most valuable telecoms brand in Oceania. The former
government monopoly retains a dominant position
in Australian telecoms and continues to lead with the
deployment of mobile 5G services to almost 80% of the
Australian population. As a very large domestic brand,
Telstra is seeking to improve its brand strength in the
Australian community by answering all telephone calls
from within Australia and ending overseas offshoring
of such roles. At the same time, it has acquired Digicel
Pacific, and now operates in several small Pacific nations.
Optus (brand value up 9% to US$ billion) is the
strongest telecoms brand in Oceania, with a brand
strength index of , marginally ahead of Telstra’s
brand strength of . The two full-service telecoms
brands continue to fight out for brand leadership in the
Oceania region’s largest market.
TPG Telecom (brand value up 68% to US$352 million)
operates many brands in Australia, including TPG,
Vodafone, iiNet and others. It has achieved very strong
growth for the TPG brand and has potential to unify its
various offerings under various brands in coming years
to improve brand strength and consumer awareness of
the different products that it offers.
Regional Analysis.
Brand
Guardianship
Index.
Brand Finance Telecoms 150 2022 20
Brand Guardianship Index.
Verizon’s Hans Vestberg and Hatem Dowidar
of e& were identified as the top two brand
guardians of the global telecoms industry in the
Brand Guardianship Index 2022.
Ranking the world’s top 250 CEOs, the Brand
Guardianship Index evaluates the performance
of chief executives according to how well they
manage and grow their companies’ brands.
The ranking is informed by the results of an
original survey of over 1,000 market analysts and
journalists. The top 250 ranking is drawn from a
sample of over 500 chief executives of the world’s
top companies with at least one brand featured
in the annual ranking of the world’s top 500 most
valuable brands – the Brand Finance Global 500.
Mr Vestberg and Mr Dowidar were both identified
as amongst the world’s leading brand guardians
by building brand and business value. The Brand
Guardianship Index ranking recognises those
who are building business value in a sustainable
manner, by balancing the needs of all stakeholders
– employees, investors, and the wider society.
Mr Dowidar’s achievement of being listed on the
global brand guardianship index is all the more
impressive given the relatively small market size
of the UAE compared to larger markets in North
America and Europe.
At stc, Olayan Mohammed Al Wetaid has
taken over from Nasser Sulaiman Al Nasser. Mr
Wetaid has big shoes to fill – Under Mr Nasser, stc
undertook a profound evolution into a leader for
digital transformation.
With Mr Wetaid serving as CEO and a brand
guardian, stc is now pushing ahead with
pioneering 5G development for the Middle East
and diversifying the Saudi economy in line with the
Saudi Government’s broader objectives. Mr Wetaid
has a strong opportunity to build upon Mr Nasser’s
legacy for the future.
Top 10 CEOs
10
9
Brian Roberts
Comcast
8
Darren Entwistle
Telus
7
Chey Tae-Won "Anthony"
SK Group
6
Liehong Liu
China Unicom
5
Sing Fai Koo
Hutchinson
4
Daniel Hajj
América Móvil
3
Le Dang Dung
Viettel Telecom
2
Olayan Mohammed Al Wetaid
stc
1
Hatem Dowidar
e&
Hans Vestberg
Verizon
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H
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© Brand Finance Plc 2022
Brand
Spotlights.
Brand Finance Telecoms 150 2022 22
Etisalat. � H
WORLD'S
STRONGEST
TELECOMS BRAND
STRONGEST
BRAND
IN MEA
Rank Brand Value
US$ +%15 0
Rank Brand Strength
+ 2
Brand Finance Telecoms 150 2022 23
Interview with Hatem Dowidar.
Hatem Dowidar
Group CEO,
e&
This year Etisalat has become the Strongest Telecoms Brand in the world,
and in doing so retained its place as the Strongest Brand in MEA and
entered the ranks of the Top 20 Strongest Brands globally. To what would
you attribute this success?
Being recognised as the strongest telecoms brand in the world amongst the most
outstanding brands is an extraordinary achievement for Etisalat, and one that we are
very proud of and thankful for.
First and foremost, this outcome is a result of a long journey and relentless
effort by Etisalat team over years to build the brand through consistency and
world class customer experience. Our operations have led the way to achieve
digital transformation and stood out in meaningful ways by exemplifying
resilience, continuity, and digital connectivity. Etisalat Group has undertaken
numerous impactful brand initiatives to ensure togetherness and connectivity
as we continue to drive the digital future. The profound relevance and Etisalat’s
growing role in today’s world contributed to ranking Etisalat as the world’s
strongest telecoms brand and helped us retain the title of the strongest brand
in MEA region across all sectors for 2nd year in a row. Our keen focus on
sustainability initiatives, demonstrating the ethos of “Together Matters” through
our actions, community interactions and sponsorship of popular sports,
like Manchester City FC, have contributed towards this success. This win is
underpinned by the UAE leadership’s support, vision and encouragement, which
have helped Etisalat achieve this significant milestone despite the headwinds
posed by today’s market dynamics.
The telecommunications industry is facing huge disruption as the fourth
industrial revolution changes the landscape of customer experience. What
can brands around the world learn from Etisalat’s mantra to the digital
future and what have you done to further that goal?
At Etisalat, digital transformation has been a momentous journey during which we
reinvented business models that improved productivity and customer experience.
This has been transformational, both internally and externally.
Moving ahead, in the context of ‘Metaverse’ technologies changing so many
things in our lives, Etisalat is gearing up for the next phase of communications,
where virtual technologies will dramatically change experiences with the
coexistence of the physical and digital world. With our advanced 5G
network, futuristic use cases get a platform to combine multiple technologies
to bring the internet to life, translating these experiences into meaningful
enhancements in our daily lives. Collaboration is key as well; along with the
network, the rest of the industry will have to develop applications and services
to enable these experiences.
Etisalat is a key partner of Expo 2020 this year. How are you taking
advantage of this opportunity to showcase the brand to the world?
Expo 2020 is probably the most important event of cultural exchange and a catalyst
for millions of people around the world, bringing national and international exposure
to numerous innovations. This unique celebration allowed people from around the
globe to witness history in the making.
The largest world expo is connected to the fastest, smartest, and most connected
places on earth. Etisalat has enabled this connectivity. We did that through a
seamless, cutting edge, immersive digital experience with a state-of-the-art network
that is highly resilient built exclusively on-premise to serve the requirements of
Expo 2020; all the participating pavilions, and visitors.
Brand Finance Telecoms 150 2022 24
As the official telecom and digital services partner, Expo
2020 was an amazing opportunity for us to make a
difference, and for our brand to shine and demonstrate our
capabilities as a telco and digital player, enhancing visitors'
digital experience with technologies such as AR/VR.
This is the first world expo to witness the 5G revolution
and a significant breakthrough in our 5G journey
providing the most advanced digital and telecoms
services with a unique and memorable experience for
millions of visitors.
Here are some representative facts for our Expo impact:
+ 700km of the latest fiber optic technology (4x the
distance between Dubai and Abu Dhabi)
+ Over 8,000 wifi access points and over 8,500 mobile
access points deployed
+ Host and manager of Expo 2020’s multi-cloud
environment to enhance operational capabilities at
Expo, from ticketing to workplace and general
monitoring.
+ Smart solutions to enhance the visitor experience,
including powering the visitor website and portals
and the mobile application.
+ Over 100 expert technicians on site available to
collaborate with expo teams to deliver the UAE’s
promise to host the best Expo in history
DT4. Now you have had a chance to settle in as
Group CEO, what can we expect in regards to
your plans to continue the growth of Etisalat and
it’s broader portfolio of brands?
Etisalat is at the cusp of transforming from a traditional
telco player to a technology conglomerate. We believe
that our major sustainable drivers of growth continue
to be our international portfolio and the digital space.
There are considerable future growth opportunities in
the cloud, IoT and cyber security space that will fuel
digital growth. In order to fuel this growth, Etisalat
continues to develop unique competencies both
organically as well as through selected mergers and
acquisitions. As part of this strategy, Etisalat Digital
acquired Help AG’s businesses in the UAE and KSA
which is one of the leading cyber-security companies in
the Middle East and North Africa (MENA) region.
Similarly Etisalat’s acquisition of elgrocer was
to support its digital ambitions by enriching its
services and bringing it closer to the daily lives of
the consumers and unlocking synergies that drive a
diversified and integrated product portfolio. This is in
line with our strategy to empower consumers, enhance
engagement through our digital marketplace platform
and drive diversification of our business.
As part of Etisalat Group’s transformation journey and
the success of the business unit Etisalat Digital, it has
also now carved out ‘Etisalat Enterprise Digital’ with the
vision to become the regional digital champion. This
is a continuation of its ongoing transformation journey
and delivery of its next phase of growth and expansion.
Etisalat Enterprise Digital is an extended arm of Etisalat
Group that brings agility into the business as well as
drive digital transformation in the region with a robust
agenda to grow as a regional leader in the Internet of
things, cloud, security, edge computing, and Artificial
Intelligence (AI). This can be achieved by capitalising
on opportunities such as megaprojects, smart city and
Industry projects across multiple verticals, including
health, education, logistics, and oil and gas.
Etisalat is crowned as the world’s
strongest telecoms brand,
becoming the first-ever telecoms
brand from MEA to achieve this
title amongst the Global 500
brands. This achievement is a
result of continuous efforts and
investments in accelerating its
value by engaging with customer
segments across markets and
launching many successful global
branding initiatives. The visionary
leadership of Hatem Dowidar,
Group CEO, has inspired his
teams to achieve this success
and earned him a place among
the elite list of 250 global brand
guardians, among a total of only 6
CEOs from the region listed in the
Brand Guardianship Index.
David Haigh
CEO & Chairman, Brand Finance
Interview with Hatem Dowidar.
Brand Finance Telecoms 150 2022 25
stc. H
Rank Brand Strength
Rank Brand Value
US$ +%14 1
+ 2
MOST VALUABLE
TELECOMS BRAND
IN THE MIDDLE EAST
Brand Finance Telecoms 150 2022 26
Interview with
Mohammed Abaalkheil.
Mohammed Abaalkheil
Corporate Relations VP,
stc
For the second year in a row, stc is the most valuable telecoms brand in the
Middle East. What have you done over the last year to maintain the lead and
how will you make sure to maintain this status going forward?
The digitisation of the world accelerated over the last year as the world got to grips
with COVID-19. stc was determined that it would continue to lead in this digital
transformation and ensured that the scale and pace of its work did not let up as the
company’s strategy to deliver a better digital world for all was delivered.
We continued, at pace, to expand our scope of transformation as we launched the
Advanced Technology and Cyber Security Co. sirar by stc; Cyber Security company
focusing on security advisory, advanced security professional service, providing
cybersecurity platforms (., threat intelligence) and managed security services.
sirar by stc helps enterprises and government entities to protect and secure digital
assets as they embark on their digital transformation. We also launched stc Play, our
eSports and gaming platform that provides casual and professional gamers access
to online tournaments, content, and gaming merchants in one platform.
At the same time, we are reinforcing our technology leadership position in the
region. stc connected more than two million households with high-quality fiber
optic technology. We also invested heavily in IoT, cloud services, and data analytics
capabilities — all of which are strategic growth areas for stc, and each area
will continue to power the digital transformation of public services and industry
applications such as utilities, transport and logistics, security, manufacturing, retail,
health, and education.
Last year, the Solutions IPO for stc was a great milestone for its development
in the ICT space. Can you tell us how this will help consolidate your brand
further and solidify your presence in the local growing ICT market?
The digitisation of the world has accelerated over the last year. stc has matched
that speed with a scale and pace that reflects the company’s vision and strategy to
become a leading digital company of the future. After the success of the solutions
by stc IPO, the company’s market value reached, upon listing, SAR billion
(US$ billion). The total size of the offering increased to SAR billion (US$966
million), which represents 20% of the company's capital. Based on this offering, stc
group seeks to diversify the Saudi stock market and raise its value. Solutions attracts
a large number of the international and local investors who are interested in the
digital transformation, which represents stc Group’s vision to be the world's leading
digital company. The successful IPO reflected the diversity of the Saudi economy,
the investors’ high confidence and the external funds’ interests in the Kingdom’s
information technology sector and the emerging technologies.
stc has expanded to more than telecom service , tell us more about your
fintech experience with stcPay ?
An excellent example for one of our most successful digitised products is stc Pay,
our new fintech service. stc pay became the first unicorn in the Kingdom of Saudi
Arabia and the first fintech unicorn in the Middle East when Western Union acquired
15 percent stake for US$200 million this past November, creating a valuation of over
$. stc Pay is changing consumer behaviour regarding financial control and
making it easier and simper to use. Basically, we are enabling the customers to “simply
take control”. stc Pay enables customers to transfer funds from an app on their mobile
device, also through the Western Union partnership, users can now send money to
over 200 countries. stc Pay has already attracted more than 6 million registered users
in just two years, which is a great example of how our payment platform is evolving.
These kinds of figures will reduce dependence on cash as the economy becomes
increasingly digital. We’re already looking to roll out the service to other countries, with
stc Pay currently discussing with regulators to expand services into new territories.
Brand Finance Telecoms 150 2022 27
Top 10 Most Valuable Telecoms Infrastructure Brands © Brand Finance Plc 2022
In addition to ranking the 150 most valuable and
strongest telecoms operator brands, Brand Finance
also ranks the top 10 most valuable and strongest
telecoms infrastructure brands in the world in the Brand
Finance Telecoms Infrastructure 10 2022 ranking.
Huawei continues to dominate the ranking as
the world’s most valuable and strongest telecoms
infrastructure brand, with a brand value of US$ billion
and a Brand Strength Index score of out of 100.
Although its business was hit hard by US sanctions,
which saw numerous other countries around the world
follow suit, Huawei’s reach and global presence is still
strong. It operates in 170 countries and more than
3 billion of the world’s population use the brand’s
products and services. In reaction to the sanctions,
Huawei turned its focus to cloud services, and
stepped up its investment in both domestic technology
companies and R&D, with the brand planning to invest
US$100 billion in R&D over the next five years.
The fastest-growing brand in the Brand Finance
Telecoms Infrastructure 10 2022 ranking is Qualcomm,
with its brand value up 34% to US$ billion this year.
Qualcomm has been one of the driving forces behind
! 6
+5%
$
60 " 7
+10%
$
70 # 8
-1%
$
80 $ 9 90
$
-12%
% 10 112
$
-9%
& 1
+29%
$
10 ' 3
-4%
$
21 ( 4 40
$
+34%
) 5 50
$
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$
32
the adoption of 5G technology. Last year it expanded its
5G Radio Access Network Platforms portfolio through
the launch of the Qualcomm 5g DU X100 Accelerator
Card, which is designed to simplify 5G deployments
and forms part of the brand’s ambition to move the
industry to virtualised 5G networks.
Telecoms Infrastructure 10.
Brand Finance Telecoms 150 2022 28
As the saying goes, Etisalat’s performance has been an overnight success 45 years
in the making. This year the UAE based telecom operator has been crowned as the
strongest telecom brand in the world with a Brand Strength Index of . When
the carrier entered our analysis in 2009 it had a score of 61 but after many years of
investment and gradual improvement it has steadily climbed the rankings in both
Brand Strength and Brand Value.
In 2009 our Telecoms league table, like many of our rankings at the time, was
dominated by European and US brands in terms of both value and strength.
Vodafone topped the table with a value of US$ billion and a Brand Strength
score of 85 in the same year, which also made it the 7th most valuable brand in the
world. At the time, lessons and best practices were previously learned by looking
west, but now in 2022, the tide has turned, and brands are emerging from new
regions. Etisalat this year claimed the title of the Strongest Telecom Brand from Jio,
based in India, whom have each implemented different strategies for creating a
strong and valuable brand. Jio reached the top spot through competitive pricing to
gain customer attention, while Etisalat focused on excellent service provision and
cutting-edge technology.
Meanwhile, some of the largest telecoms businesses have been beset by
issues related to the consolidation of branded portfolios, the onset of the
‘fourth industrial revolution’ and the slow commoditisation of the industry that
have presented new challenges for brand managers. By 2009, when Brand
Finance published its first Telecoms league table, the telecom brands’ gilded
age of growth and optimism at the turn of the millennium was already fading
- the much-envied strapline of “The Future’s Bright, the Future’s Orange” had
been retired 2 years earlier. The smartphone, brought into the mainstream by
Blackberry and popularised by Apple, began the gradual erosion of interaction
between a consumer and their network operator. When all phones were capable
of was calls and SMS, consumers’ dependence on the network provider was
clear, but as phones have gained functionality, consumers spend far more time
developing deeper relationships with other brands during their screen time, be
that the handset’s manufacturer, the operating system, the app provider, or the
Wi-Fi network. It was in this challenging and tumultuous environment that Etisalat
began its climb up our ranking.
At around this time, one of Etisalat’s ongoing flagship investments began in the
form of its Manchester City partnership. As many brands have found, the prominent
association with a top league sports team helped not only to kickstart brand
recognition and awareness globally, but also to improve brand drivers as perceived
by its customers at home. Alongside its primary market research survey, the Global
Brand Equity Monitor, Brand Finance also conducts a Football Fan Survey, which
indicated that Etisalat benefits from improved perceptions, reflected in brand
attributes such as Cool, Open and Honest, Cares about the wider community, and
Promotes Togetherness, resulting in an implied uplift in consumer consideration of
4% among those aware of the partnership.
The achievement of being the strongest brand is also tied to both building and
benefiting from the growth of a nation. The UAE has made a name for itself as a
pioneer of technology, and one of the key elements of this is its connectivity.
Etisalat's Decade
of Brand Strength Growth.
Richard Haigh
Managing Director,
Brand Finance
Brand Finance Telecoms 150 2022 29
In the year of Expo 2020, following the UAE’s rapid
investment in 5G infrastructure, Etisalat was crowned
the fastest mobile network in the world by Ookla.
Late last year, we conducted brand equity tracking to
feed into our valuations, which revealed that 88% of
respondents were aware of Etisalat’s achievement,
and of those, 96% agreed that it represented their
experience with the carrier. This awareness helped to
increase other perception scores included in Brand
Finance’s research, such as innovation, quality, and
reputation, helping Etisalat to become the world’s
strongest telecom brand in 2022.
Etisalat has a vision to drive the digital future in the
UAE and beyond. As part of this vision, it has also
been developing tools to engage with its customer,
such as its Smiles app. Originally a loyalty scheme,
the app has now has a broader offering and has been
made available to anyone in the UAE. The acquisition
of e-Grocer is the latest example of how the Group
is finding ways to increase its touchpoints with
consumers to address the never-ending challenge of
retailing relevance. This evolution has been formalised
in a new brand identity e& for what was formerly
referred to as Etisalat Group.
Creating and maintaining the world’s strongest
telecoms brand requires a focus on both emotional
and functional attributes. Through its array of
investments, promotions and activations, Etisalat has
achieved this feat. Expo 2020 helped to showcase
the best of the brand in 2021, the challenge looking
forward will be to maintain the high standards its
customers have come to expect.
Etisalat's Decade of Brand Strength Growth.
Brand Finance Telecoms 150 2022 30
Telecoms 150 Ranking.
Top 150 most valuable telecoms brands 1-50
2022
Rank
2021
Rank Brand Country
2022
Brand
Value
Brand
Value
Change
2021
Brand
Value
2022
Brand
Rating
2021
Brand
Rating
1 1 0 Verizon United States $69,639 +% $68,890 AAA- AAA
2 3 2 Deutsche Telekom Germany $60,169 +% $51,107 AAA- AA+
3 2 1 AT&T United States $47,009 % $51,372 AA AA
4 4 0 China Mobile China $40,903 +% $37,559 AAA- AAA-
5 5 0 NTT Group Japan $40,691 +% $34,238 AA+ AA
6 6 0 Xfinity United States $31,263 +% $25,227 AA AA
7 7 0 Spectrum United States $24,083 +% $21,424 AA AA
8 8 0 Vodafone United Kingdom $19,506 +% $19,252 AA AA+
9 9 0 Orange France $18,735 % $19,092 AA AA+
10 11 2 China Telecom China $18,374 +% $13,322 AAA AAA-
11 12 2 SoftBank Japan
12 10 1 au Japan
13 14 2 Sky United Kingdom
14 13 1 STC Saudi Arabia
15 15 0 Etisalat UAE
16 16 0 China Unicom China
17 24 2 Viettel Vietnam
18 22 2 Telus Canada
19 18 1 Bell Canada
20 23 2 Airtel India
21 20 1 Telstra Australia
22 25 2 TIM Italy
23 17 1 Movistar Spain
24 29 2 Swisscom Switzerland
25 21 1 3 United Kingdom
26 26 0 BT United Kingdom
27 34 2 Claro Mexico
28 19 1 Telenor Norway
29 33 2 Rogers Canada
30 27 1 O2 United Kingdom
31 35 2 Telia Sweden
32 31 1 Jio India
33 30 1 SK Telecoms South Korea
34 28 1 SFR France
35 36 2 Telkom Indonesia Indonesia
36 38 2 Chunghwa China
37 44 2 Bouygues Telecom France
38 39 2 UQ Communications Japan
39 49 2 MTN South Africa
40 43 2 Singtel Singapore
41 37 1 KT South Korea
42 45 2 kpn Netherlands
43 51 2 EE United Kingdom
44 40 1 Ooredoo Qatar
45 41 1 AIS Thailand
46 47 2 Optus Australia
47 42 1 Free France
48 48 0 VNPT Vietnam
49 46 1 Telcel Mexico
50 58 2 A1 Austria
Brand Finance Telecoms 150 2022 31
Brand Value Ranking.
Top 150 most valuable telecoms brands 51-100
2022
Rank
2021
Rank Brand Country
2022
Brand
Value
Brand
Value
Change
2021
Brand
Value
2022
Brand
Rating
2021
Brand
Rating
51 50 1 Tracfone United States
52 52 0 PLDT Philippines
53 - 3 Lumen United States
54 53 1 Virgin Media United Kingdom
55 61 2 Openreach United Kingdom
56 54 1 Zain Kuwait
57 56 1 Wind Tre Italy
58 60 2 Taiwan Mobile China
59 67 2 Shaw Canada
60 55 1 Globe Telecom Philippines
61 57 1 LG U+ South Korea
62 62 0 Du UAE
63 70 2 HKT China
64 63 1 MTS Russia
65 59 1 KDDI Japan
66 66 0 Vodacom South Africa
67 65 1 Proximus Belgium
68 71 2 1&1 Drillisch Germany
69 73 2 Tele2 Sweden
70 74 2 Vivo Brazil
71 76 2 Mobily Saudi Arabia
72 64 1 Optimum United States
73 72 1 Maxis Malaysia
74 68 1 TRUE Thailand
75 95 2 Elisa Finland
76 69 1 Telefonica Spain
77 79 2 Telenet Belgium
78 82 2 Vodafone ziggo Netherlands
79 78 1 TIgo United States
80 77 1 Videotron Canada
81 75 1 Suddenlink United States
82 87 2 Fastweb Italy
83 88 2 TM Malaysia
84 86 2 Sunrise Switzerland
85 90 2 Starhub Singapore
86 94 2 Far EasTone China
87 111 2 Plus Poland
88 89 2 Rostelecom Russia
89 85 1 Windstream United States
90 80 1 Megafon Russia
91 83 1 Telmex Mexico
92 102 2 Cogeco Canada
93 84 1 DiGi Malaysia
94 91 1 Beeline Russia
95 99 2 Vinaphone Vietnam
96 104 2 Indosat Ooredoo Indonesia
97 109 2 Play Poland
98 101 2 Maroc telecom Morocco
99 106 2 Entel Chile
100 97 1 US Cellular United States
Brand Finance Telecoms 150 2022 32
Brand Value Ranking.
Top 150 most valuable telecoms brands 101-150
2022
Rank
2021
Rank Brand Country
2022
Brand
Value
Brand
Value
Change
2021
Brand
Value
2022
Brand
Rating
2021
Brand
Rating
101 - 3 HKBN China
102 93 1 VI India
103 123 2 Cellnex Telecom Spain
104 110 2 Spark New Zealand
105 100 1 Altice Netherlands
106 92 1 Celcom Malaysia
107 81 1 Turkcell Turkey
108 118 2 Safaricom Kenya
109 - 3 Quantum Fiber United States
110 103 1 Axiata Malaysia
111 96 1 Mobifone Vietnam
112 32 1 CenturyLink United States
113 120 2 Bezeq Israel
114 115 2 Hughes United States
115 107 1 Freenet Germany
116 112 1 Meo Portugal
117 108 1 UPC Switzerland
118 122 2 Oi Brazil
119 114 1 Yoigo Spain
120 105 1 eir Ireland
121 119 1 XL Indonesia
122 113 1 DNA Finland
123 121 1 Cincinnati Bell United States
124 98 1 Türk Telekom Turkey
125 124 1 Nos Portugal
126 116 1 Izzi Mexico
127 127 0 Frontier Communication United States
128 128 0 M1 Singapore
129 - 3 Moov Ivory Coast
130 - 3 Iliad Italia Italy
131 117 1 Nuuday Denmark
132 130 1 Tata Communications India
133 138 2 Vonage United States
134 125 1 Sonatel Senegal
135 126 1 Digicel Jamaica
136 133 1 DIGI/ RCS & RDS Romania
137 139 2 T STAR China
138 - 3 TPG Telecom Australia
139 134 1 Bics Belgium
140 148 2 OTE Greece
141 136 1 TalkTalk United Kingdom
142 135 1 U Mobile Malaysia
143 147 2 VTR Chile
144 - 3 Citic Telecoms China
145 142 1 Cellcom Israel
146 143 1 Cyfrowy Polsat Poland
147 131 1 OmanTel Oman
148 140 1 SES Luxembourg
149 - 3 Cosmote Group Greece
150 132 1 BSNL India
Methodology.
Brand Finance Telecoms 150 2022 34
Enterprise Value
Branded Business Value
Brand Contribution
Definitions.
[Telefónica]
[Movistar]
[Movistar]
[Movistar]
Brand Value
+ Enterprise Value
The value of the entire enterprise, made
up of multiple branded businesses.
Where a company has a purely mono-
branded architecture, the ‘enterprise value’
is the same as ‘branded business value’.
+ Branded Business Value
The value of a single branded business
operating under the subject brand.
A brand should be viewed in the context
of the business in which it operates.
Brand Finance always conducts a branded
business valuation as part of any brand
valuation. We evaluate the full brand value
chain in order to understand the links
between marketing investment, brand-
tracking data, and stakeholder behaviour.
+ Brand Contribution
The overall uplift in shareholder value
that the business derives from owning
the brand rather than operating
a generic brand.
The brand values contained in our league
tables are those of the potentially
transferable brand assets only, making
‘brand contribution’ a wider concept.
An assessment of overall ‘brand contribution’
to a business provides additional insights
to help optimise performance.
+ Brand Value
The value of the trade mark
and associated marketing IP within
the branded business.
Brand Finance helped to craft the
internationally recognised standard on
Brand Valuation – ISO 10668. It defines
brand as a marketing-related intangible
asset including, but not limited to, names,
terms, signs, symbols, logos, and designs,
intended to identify goods, services
or entities, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits.
Brand
Value
Brand Finance Telecoms 150 2022 35
Brand Valuation Methodology.
1
3
2
4
Definition of Brand
Brand is defined as a marketing-related intangible
asset including, but not limited to, names, terms,
signs, symbols, logos, and designs, intended
to identify goods, services, or entities, creating
distinctive images and associations in the minds
of stakeholders, thereby generating economic
benefits.
Brand Value
Brand value refers to the present value of
earnings specifically related to brand reputation.
Organisations own and control these earnings by
owning trademark rights.
All brand valuation methodologies are essentially
trying to identify this, although the approach and
assumptions differ. As a result published brand
values can be different.
These differences are similar to the way equity
analysts provide business valuations that are different
to one another. The only way you find out the “real”
value is by looking at what people really pay.
As a result, Brand Finance always incorporates
a review of what users of brands actually pay for
the use of brands in the form of brand royalty
agreements, which are found in more or less every
sector in the world.
This is sometimes known as the “Royalty Relief”
methodology and is by far the most widely used
approach for brand valuations since it is grounded
in reality.
It is the basis for a public rankings but we always
augment it with a real understanding of people’s
perceptions and their effects on demand – from
our database of market research on over 3000
brands in over 30 markets.
Disclaimer
Brand Finance has produced this study with an independent and unbiased analysis. The
values derived and opinions produced in this study are based only on publicly available
information and certain assumptions that Brand Finance used where such data was deficient
or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the
publicly available information relied upon is subsequently found to be inaccurate. The
opinions and financial analysis expressed in the report are not to be construed as providing
investment or business advice. Brand Finance does not intend the report to be relied upon for
any reason and excludes all liability to any body, government or organisation.
We review what brands already pay in royalty
agreements. This is augmented by an analysis
of how brands impact profitability in the sector
versus generic brands.
This results in a range of possible royalties that
could be charged in the sector for brands (for
example a range of 0% to 2% of revenue)
The BSI score is applied to the royalty range to
arrive at a royalty rate. For example, if the royalty
range in a sector is 0-5% and a brand has a BSI
score of 80 out of 100, then an appropriate royalty
rate for the use of this brand in the given sector
will be 4%.
We adjust the rate higher or lower for brands by
analysing Brand Strength. We analyse brand
strength by looking at three core pillars: “Inputs”
which are activities supporting the future strength
of the brand; “Equity” which are real current
perceptions sourced from our market research and
other data partners; “Output” which are brand-related
performance measures such as market share.
Each brand is assigned a Brand Strength Index
(BSI) score out of 100, which feeds into the brand
value calculation. Based on the score, each brand
is assigned a corresponding Brand Rating up to
AAA+ in a format similar to a credit rating.
We determine brand-specific revenues as a
proportion of parent company revenues attributable
to the brand in question and forecast those
revenues by analysing historic revenues, equity
analyst forecasts, and economic growth rates.
We then apply the royalty rate to the forecast revenues
to derive brand revenues and apply the relevant
valuation assumptions to arrive at a discounted, post-
tax present value which equals the brand value.
Brand Impact
Brand Impact × Brand Strength
Brand Strength
Forecast Brand Value Calculation
Brand Finance Telecoms 150 2022 36
Brand Strength
Analytical rigour and transparency are at the heart of our
approach to brand measurement at Brand Finance. Therefore,
in order to adequately understand the strength of brands we
conduct a structured, quantitative review of data that reflect
the ‘Brand Value Chain’ of brand-building activities, leading to
brand awareness, perceptions and onwards to brand-influenced
customer behaviour.
To manage the ‘Brand Value Chain’ process effectively we create
and use the “Brand Strength Index” (BSI). This index is essentially
a modified Balanced Scorecard split between the three core pillars
of the ‘Brand Value Chain’: Brand Inputs, Brand Equity and
Brand Performance.
B
ra
n
d
S
tr
e
n
g
th
I
n
d
e
x
Widely recognised factors deployed
by marketers to create brand loyalty
and market share.
Perceptions of the brand among
different stakeholder groups, with
customers being the most important.
Quantitative market and financial
measures representing the success
of the brand in achieving price and
volume premium.
Stakeholder
Equity
Business
Performance
Marketing
Investment
Brand Strength.
1
3
2
Although we follow a general structure incorporating the three pillars (Brand Inputs, Brand Equity and Brand
Performance), the attributes included are different depending on the sector. A brand strength index for a luxury
apparel brand will differ in structure from an index designed for a telecommunications brand. An index for luxury
apparel brand may emphasize the exclusiveness, word of mouth recommendation, and price premium, whereas
an index for a telecommunications company may emphasis customer service and ARPU as important metrics.
These attributes are weighted according to their perceived importance in driving the following pillar: Brand
Investment measures in driving Brand Equity; Brand Equity measures for Brand-Related Business Performance
measures; and finally the relevance of Brand-Related Business Performance measures for driving business value.
Attribute Selection and Weighting
Brand’s ability to influence purchase depends primarily on people’s perceptions. Therefore, the majority of
the Brand Strength Index is derived from Brand Finance’s proprietary Global Brand Equity Research Monitor
research, a quantitative study of a sample of over 100,000 people from the general public on their perceptions
of over 4,000 brands in over 25 sectors and 37 countries.
However, at Brand Finance we also believe that there are other measures that can be used to fill gaps that survey
research may not capture. These include total investment levels – for example in marketing, R&D, innovation
expenditure, that can a better guide to future performance than surveys. They also include online measures –
such as ratings by review sites and social media engagement that can give a more granular understanding of
marketing effectiveness. Finally they also include real behaviour – for example net additions, customer churn and
market share, to overcome the tendency for surveys to incorporate intended behaviour rather than real.
Over a period of 3 to 4 months each year, we collect all this data across all the brands in our study in order to
accurately measure their comparative strength.
Data Collection
In order to convert raw data in to scores out of 10 that are comparable between attributes within the scorecard,
we then have to benchmark each attribute. We do this by reviewing the distribution of the underlying data and
creating a floor and ceiling based on that distribution.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value
calculation. Based on the score, each brand is assigned a corresponding rating up to AAA+ in a format similar
to a credit rating.
Analysing the three brand strength measures helps inform managers of a brand’s potential for future success.
Benchmarking and Final Scoring
Brand Finance Telecoms 150 2022 37
Global Brand Equity Monitor.
Original market research in 36 countries and across more than 29 sectors
with approximately 100,000 consumers rating over 5,000 brands.
Brand KPIs and Diagnostics
1. Brand Funnel
2. Brand Usage
3. Quality
4. Reputation
5. Loyalty
6. Closeness
9. Brand Imagery
7. Recommendation (NPS)
10. Advertising Awareness
8. Word of Mouth
11. Brand Momentum
Awareness
Have heard of your brand
Familiarity
Know something about your brand
Consideration
Would consider buying/using your brand
Apparel
Automobiles
Luxury Automobiles
Banks
Cosmetics & Personal Care
Food
Insurance
Oil & Gas
Restaurants
Retail & E-Commerce
Telecoms
Utilities
Airlines
Luxury Apparel
Appliances
Beers
Luxury Cosmetics
General Retail
Healthcare Services
Hotels
Household Products
Logistics
Media
Pharma
Real Estate
Soft Drinks
Spirits & Wine
Technology
Tyres
T
ie
r
1
T
ie
r
2
Brand Finance Telecoms 150 2022 38
Highlights from the
Global Brand Equity Monitor.
Brand Finance’s proprietary market research
provides a robust assessment of brand health on
key equity measures, allowing comparison both
within and across product and service categories.
Benchmarking against brands outside your sector
is especially helpful in assessing the real strength
of brand – not just the ‘best of a bad bunch’ in a
category where brands are generally weaker.
What makes a brand great?
Amazon is undoubtedly one of the world’s strongest
brands, one of just a handful achieving the highest
AAA+ rating. It has an extremely strong brand funnel,
with near-universal familiarity, and consideration, and
while its reputation score is not best-in-class, it is
stronger than many of its critics might think.
Every strong brand has its own winning formula,
and our research highlights Amazon’s particular
advantages. Top of that list is the outstanding value
which shoppers believe Amazon delivers. Amazon
ranks on this measure in big markets such as Brazil,
USA, UK, and is #1 among retailers in many more.
Value has always been a big driver of consumer
behaviour, but Amazon also delivers a slick shopping
experience (“excellent website/apps”), and this
powerful combination is irresistible for many
consumers, even those who question Amazon’s
values and broader corporate reputation.
Does brand purpose deliver?
Argument rages among CMOs and marketing
gurus over this issue. The jury is out – our data
suggests that being seen to “care about the wider
community” does correlate somewhat with higher
Consideration levels, and is an asset particularly for
local favourites such as Jio (India) or Bunnings
(Australia). But brands like McDonald's and Nike
(as well as Amazon) are liked and desired despite
somewhat moderate reputations on sustainability
and values.
Who's the coolest cat?
In categories like apparel, tech and automotive,
sustainability can make you cool, but it’s not the
only way. Porsche wins relatively few plaudits for
sustainability, but its übercoolness is very apparent.
Great value for
money
Excellent
website/apps
+ 5 5
, 1 1
- 8 1
. 6 1
Selected Rankings for Amazon – All
Non-Luxury Brands
© Brand Finance Plc 2022
43% Care about the wider
community (Rank #1)
88% Consideration Conversion
/
8% Care about the wider
community (Rank #86)
92% Consideration Conversion
0
Brand Finance Telecoms 150 2022 39
Highlights from the Global Brand Equity Monitor.
Similarly in the apparel category (especially footwear),
the correlation between coolness and sustainability is
not especially high.
Meanwhile in France, the epitome of chic, the 2nd-
highest highest scorer among non-luxury brands is….
Burger King.
Get your brand talked-about
Cool brands get talked about, and word-of-mouth
(WOM) is another key asset some brands possess. It
has proven impact on brand growth, hence WOM’s
inclusion in our Brand Strength Index model.
In an absolute sense, big brands get talked about a lot
more than small ones – their sheer mass presence and
relevance ensures that. But deeper analysis reveals
a number of challenger brands who look set to profit
from above-expectation WOM levels and positive
consumer sentiment. Keep an eye on Tim Horton’s in
Spain, Peros Garment Factory (Canada), SAIC in,
yes, the USA and iinet in Singapore.
1st 2nd 3rd
1
2
3
4
Top-ranked brands for being “Cool” (Among Category Users) © Brand Finance Plc 2022
Our Services.
Brand Finance Telecoms 150 2022 41
Consulting Services.
Brand Valuation
Make your brand's business
case
Brand valuations are used for a
variety of purposes, including tax,
finance, and marketing. Being the
interpreter between the language of
marketers and finance teams they
provide structure for both to work
together to maximise returns.
Brand Strategy
Make branding decisions
with your eyes wide open
Once you understand the value of
your brand, you can use it as tool
to understand the business impacts
of strategic branding decisions in
terms of real financial returns.
Make branding decisions using hard data
Brand Research
What gets measured
Brand evaluations are essential for
understanding the strength of your
brand against your competitors.
Brand Strength is a key indicator of
future brand value growth whether
identifying the drivers of value or
avoiding the areas of weakness,
measuring your brand is the only
way to manage it effectively.
+ Brand Audits
+ Primary Research
+ Syndicated Studies
+ Brand Scorecards
+ Brand Drivers & Conjoint Analysis
+ Soft Power
+ Brand Impact Analysis
+ Tax & Transfer Pricing
+ Litigation Support
+ M&A Due Diligence
+ Fair Value Exercises
+ Investor Reporting
+ Brand Positioning
+ Brand Architecture
+ Franchising & Licensing
+ Brand Transition
+ Marketing Mix Modelling
+ Sponsorship Strategy
+ Are we building our brands’ strength effectively?
+ How do I track and develop my brand equity?
+ How strong are my competitors’ brands?
+ Are there any holes in my existing brand tracker?
+ What do different stakeholders think of my brand?
+ How much is my brand worth?
+ How much should I invest in marketing?
+ How much damage does brand misuse cause?
+ Am I tax compliant with the latest transfer pricing?
+ How do I unlock value in a brand acquisition?
+Which brand positioning do customers value most?
+What are our best brand extension opportunities
in other categories and markets?
+Am I licensing my brand effectively?
+Have I fully optimised my brand portfolio?
+Am I carrying dead weight?
+Should I transfer my brand immediately?
+Is a Masterbrand strategy the right choice for my business?
Brand Finance Telecoms 150 2022 42
Brand Evaluation Services.
How are brands perceived
in my category?
Brand Finance tracks brand fame and perceptions
across 30 markets in 10 consumer categories. Clear,
insightful signals of brand performance, with data
mining options for those who want to dig deeper – all at
an accessible price.
What if I need more depth
or coverage of a more
specialised sector?
Our bespoke brand scorecards help with market
planning and can be designed to track multiple brands
over time, against competitors, between market
segments and against budgets. Our 30-country
database of brand KPIs enables us to benchmark
performance appropriately.
Do I have the right brand
architecture or strategy in place?
Research is conducted in addition to strategic
analysis to provide a robust understanding
of the current positioning. The effectiveness
of alternative architectures is tested
through drivers analysis, to determine which option(s)
will stimulate the most favourable customer behaviour
and financial results.
How can I improve return
on marketing investment?
Using sophisticated analytics, we have a proven track
record of developing comprehensive brand scorecard
and brand investment frameworks to improve return on
marketing investment.
What about the social dimension?
Does my brand get talked about?
Social interactions have a proven commercial impact
on brands. We measure actual brand conversation and
advocacy, both real-world word of mouth and online
buzz and sentiment, by combining traditional survey
measures with best-in-class social listening.
Brand Finance Telecoms 150 2022 43
Communications Services.
How we can help communicate your brand’s performance
in brand value rankings
TOP 150
TELECOMS
BRAND
MOST VALUABLE
TELECOMS
BRAND
STRONGEST
TELECOMS
BRAND
Bespoke Events – organise an award ceremony or celebratory event,
coordinate event opportunities and spearhead communications to make
the most of them.
Digital Infographics – design infographics visualising your brand’s
performance for use across social media platforms.
Trophies & Certificates – provide a trophy and/or hand-written certificate
personally signed by Brand Finance CEO to recognise your brand’s
performance.
Media Support – provide editorial support in reviewing or copywriting
your press release, pitching your content to top journalists, and monitoring
media coverage.
Sponsored Content – publish contributed articles, advertorials,
and interviews with your brand leader in the relevant Brand Finance report
offered to the press.
Video Endorsement – record video with Brand Finance CEO or Director
speaking about the performance of your brand, for use in both internal
and external communications.
Brand Accolade – create a digital endorsement stamp for use in marketing
materials, communications, annual reports, social media and website.
Advertising use subject to terms and conditions.
With strategic planning and creative thinking, we develop communications plans to create dialogue
with stakeholders that drives brand value.
Our approach is integrated, employing tailored solutions for our clients across PR and marketing
activations, to deliver strategic campaigns, helping us to establish and sustain strong client
relationships. We also have a specific focus on geographic branding, including supporting nation
brands and brands with a geographical indication (GI).
Brand Dialogue Limited is a member of the Brand Finance Plc Group
Research, Strategy
& Measurement
Brand
& Communications
Strategy
Campaign Planning
Market Research
& Insights
Media Analysis
Public Relations
& Communications
Media Relations
Press Trips & Events
Strategic Partnerships
& Influencer Outreach
Social Media
Management
Marketing
& Events
Promotional Events
Conference
Management
Native Advertising
Retail Marketing
Content
Creation
Bespoke
Publications, Blogs &
Newsletters
Press Releases
Marketing Collateral
Design
Social Media Content
Strategic
Communications
Crisis
Communications
Brand Positioning &
Reputation
Geographic Branding
Corporate Social
Responsibility (CSR)
Brand Finance Institute
Learn how to build, protect and measure brand value
The Brand Finance Institute is the educational division of Brand Finance, offering expert training on
brand evaluation, management and strategy.
Our in-house training and workshops, online learning offer and webinars will help you answer key
strategic questions about your brand for different levels of seniority and development needs:
• How can I grow brand value?
• How can I build a business case to show the return on my marketing investment?
• How can I set up my marketing budget using brand research and analytics?
For more information, contact enquiries@ or visit
Brand Finance Institute is a member of the Brand Finance plc group of companies
Brand Finance Telecoms 150 2022 46
Brand Finance Network.
For further information on our services and valuation experience, please contact your local representative:
Market Contact Email
Africa Jeremy Sampson @brandfi
Asia Pacifi c Samir Dixit @brandfi
Australia Mark Crowe @brandfi
Brazil Eduardo Chaves @brandfi
Canada Charles Scarlett-Smith -smith@brandfi
China Scott Chen @brandfi
East Africa Walter Serem @brandfi
France Bertrand Chovet @brandfi
Germany/Austria/Switzerland Ulf-Brun Drechsel @brandfi
India Ajimon Francis @brandfi
Indonesia Sutan Banuara @brandfi
Ireland Declan Ahern @brandfi
Italy Massimo Pizzo @brandfi
Mexico & LatAm Laurence Newell @brandfi
Middle East Andrew Campbell @brandfi
Nigeria Tunde Odumeru @brandfi
Romania Mihai Bogdan @brandfi
Spain Teresa de Lemus @brandfi
Sri Lanka Ruchi Gunewardene @brandfi
Sweden Anna Brolin @brandfi
Turkey Muhterem Ilgüner @brandfi
UK Richard Haigh @brandfi
USA Laurence Newell @brandfi
Vietnam Lai Tien Manh @brandfi
Contact us.
The World’s Leading Brand Valuation Consultancy
T: +44 (0)20 7389 9400
E: enquiries@
About Brand Finance.
Foreword.
Executive Summary.
Regional Analysis.
Brand Guardianship Index.
Brand Spotlights.
Etisalat.
stc.
Telecoms Infrastructure 10 Ranking
Etisalat's Decade of Brand Strength Growth.
Telecoms 150 Ranking.
Methodology.
Our Services.
