品牌金融-加拿大100强2023-关于最有价值和最强大的加拿大品牌的年度报告

BrandFinance

Canada100

2023

TheannualreportonthemostvaluableandstrongestCanadianbrands

March2023

BrandFinanceCanada1002023/canada2

Contents.

AboutBrandFinance3

Foreword7

DavidHaigh,Chairman&CEO,BrandFinance

AlexandreSt-Amour,ClientServicesManager,BrandFinanceCanada

RankingAnalysis11

BrandValueRanking(CADm)19

BrandSpotlights21

TD

BetseyChung,ExecutiveVicePresident,GlobalChief

MarketingOfficerTD22

Methodology25

OurServices32

©2023Allrightsreserved.BrandFinancePlc.

BrandFinanceCanada1002023/canada3

AboutBrandFinance.

BrandFinanceistheworld'sleadingbrand

valuationconsultancy.

Webridgethegapbetweenmarketingandfinance

BrandFinancewassetupin1996withtheaimof'bridging

thegapbetweenmarketingandfinance'.Formorethan25

years,wehavehelpedcompaniesandorganisationsofall

typestoconnecttheirbrandstothebottomline.

Wequantifythefinancialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothe

testeveryyear.Rankingbrandsacrossallsectorsand

countries,wepublishover100reportsannually.

Weofferauniquecombinationofexpertise

Ourteamshaveexperienceacrossawiderangeof

disciplinesfrommarketingandmarketresearch,to

brandstrategyandvisualidentity,totaxandaccounting.

Weprideourselvesontechnicalcredibility

BrandFinanceisacharteredaccountancyfirmregulated

bytheInstituteofCharteredAccountantsinEnglandand

Wales,andthefirstbrandvaluationconsultancytojoin

theInternationalValuationStandardsCouncil.

Ourexpertshelpedcrafttheinternationallyrecognised

standardsonBrandValuation–ISO10668andBrand

Evaluation–ISO20671.Ourmethodologyhasbeen

certifiedbyglobalindependentauditors–Austrian

Standards–ascompliantwithboth,andreceived

theofficialapprovaloftheMarketingAccountability

StandardsBoard.

GetinTouch.

Forbusinessenquiries,pleasecontact:

AlexandreSt-Amour

ClientServicesManager

a.amour@

Formediaenquiries,pleasecontact:

MichaelJosem

AssociateCommunicationsDirector

m.josem@

Forallotherenquiries:

enquiries@

+1(647)370-3167

/offices/canada

in

/company/brand-finance

/brandfinance

/brandfinance

/brandfinance

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B

BrandValuationSummary

RoyaltyRates

Competitor

Costof

CapitalAnalysis

Customer

ResearchFindings

Brand

StrengthTracking

Benchmarking

Understanding

Communication

enquiries@

Benchmarking

Education

Requestyourown

BrandValueReport

ABrandValueReportprovidesa

completebreakdownoftheassumptions,

datasources,andcalculationsused

toarriveatyourbrand’svalue.

Eachreportincludesexpert

recommendationsforgrowingbrand

valuetodriveperformanceandoffers

acost-effectivewaytogainingabetter

Insight

understandingofyourpositionagainstpeers.

Strategy

Visit/request-a-valuation

oremailenquiries@brandfi

BrandFinanceCanada1002023/canada5

B

Brandirectory

istheworld’slargestdatabaseofcurrentandhistoricalbrandvalues,providingeasyaccesstoallBrandFinancerankings,reports,whitepapers,andconsumerresearchpublishedsince2007.

+Browsethousandsofpublishedbrandvalues

+Trackbrandvalue,strength,andratingacrosspublicationsandovertime

+Useinteractivechartstocomparebrandvaluesacrosscountries,sectors,andglobalrankings

+Purchaseandinstantlyunlockpremiumdata,

completebrandrankings,andresearch

Visit

tofindoutmore.

BrandFinanceGroup.

BrandFinance

Institute

BrandFinanceInstitute

BrandFinanceInstituteistheeducationaldivisionof

BrandFinance,whosepurposeistocreateandfoster

aprofessionalenvironmentforknowledge-sharingandnetworkingamongpractitionersandexpertsinthe

market.BFIorganisesevents,in-companytraining,andcorporateeducationalinitiativesaroundtheworld.Inthequestformarketingexcellenceandwiththepurpose

toequipthebrandvaluationandstrategypractitionerswiththenecessaryskillsandtools,wehavedevelopedawiderangeofprogrammesandcertificationsin

collaborationwiththemostcovetedbusinessschools,universitiesandthoughtleadersinthefield.

BrandDialogue

BrandDialogueisapublicrelationsagencydeveloping

communicationsstrategiestocreatedialoguethatdrives

brandvalue.BrandDialoguehasover25yearsofexperienceindeliveringcampaignsdrivenbyresearch,measurement,andstrategicthinkingforavarietyofclients,withastrong

backgroundingeographicbranding,includingsupportingnationbrandsandbrandswithageographicalindication(GI).BrandDialoguemanagescommunicationsactivitiesacrossBrandFinanceGroup'scompaniesandnetwork.

VI360

VI360isabrandidentitymanagementconsultancy

workingforclientsofallsizesonbrandcompliance,brandtransition,andbrandidentitymanagement.VI360providestraightforwardandpracticalbrandmanagementthat

resultsintangiblebenefitsforyourbusiness.

GlobalBrand

EquityMonitor

Originalmarketresearchonover5,000brands

38countriesand31sectorscovered

Morethan150,000respondentssurveyedannually

Wearenowinour7thconsecutiveyearconductingthestudy

Visit/consumer-research

oremailenquiries@brandfi

enquiries@

BrandFinanceCanada1002023/canada7

Foreword.

DavidHaigh

Chairman&CEO,

BrandFinance

Brandvaluationhelpscompaniesunderstandthevalueoftheirbrandandhowit

contributestotheoverallvalueofthecompany.Thisimportantunderstandingcan

informdecision-makingrelatedtomarketingandbrandingefforts,aswellasprovideabenchmarkforfutureperformance.Itcanalsobeusedtohelpattractinvestorsandsecurefinancing,asastrongbrandisavaluableasset.

Additionally,brandvaluationcanbeusefulintheeventofamergeroracquisition,asitcanhelpdeterminethevalueofthebrandbeingacquired.Overall,brandvaluationhelpsorganisationsunderstandtheworthoftheirbrandandhowitfitsintotheiroverallbusinessstrategy.

Astrongbrandcanleadtoimprovedbusinessreturnsinseveralways.First,astrongbrandcanhelpacompanydifferentiateitselffromitscompetitorsandestablisha

uniqueidentityinthemarket,whichcanleadtoincreasedcustomerloyaltyand

retention.This,inturn,canleadtohighersalesandrevenue.Astrongbrandcanalsohelpacompanycommandahigherpriceforitsproductsorservices,asconsumersarewillingtopaymoreforabrandtheyperceiveashigh-qualityandtrustworthy.In

addition,astrongbrandcanhelpacompanyattracttoptalent,asemployeesmaybemoreattractedtoworkforawell-knownandreputablebrand.Finally,astrongbrandcanprovideacompanywithacompetitiveadvantageandhelpitweathereconomicdownturnsorindustrydisruptions.

Thisyear,BrandFinancehasinvestedmoreinresearchingandunderstanding

customerperceptionofbrandsacrosstheworldthaneverbefore,withoriginal

researchtakingplaceindozensofjurisdictionsglobally.Thereportyouarereadingisbasedonthisextensiveoriginalresearch,withthefindingsrepresentingacatalystforfurtherconversations.

AsCanadacontinuestomovetowardsasustainedandinclusiverecovery,therehasneverbeenamoreimportanttimetoacquiredeepandactionableinsightsbasedonrigorousresearchandinternationallyrecognisedbestpractices.

Ifyouwanttohelpbuildastrongerbrand,orifyouwanttobetterunderstandthevalueofyourbrand,pleasecontacttheBrandFinanceteamandIanytime.Ilookforwardtotheconversationandhelpingtobuildamoreprofitablefutureforyourbrand.

BrandFinanceCanada1002023/canada8

Foreword.

AlexandreSt-Amour

ClientServicesManager,BrandFinanceCanada

ThepastyearhasbeenbothtransitoryandtransformativeforCanadaandourbrandeconomy.Althoughmacroeconomicmetricshavebegunpointingtowardsaslow,

butwelcomerecoverytopre-pandemicfigures,Canadiansremainuneasyaboutthecurrentstateandmoreimportantlythefutureofourfederaleconomy.

Fromatop-levelview,brandvaluegrowthhassloweddown,asanaverage,forthe

top100brandsinthecountry,buttotalbrandvalueisaround10%higherthanitwaslastyear,pointingtowardsahealthierstateandincreasedconfidenceinCanada’s

recovery.

AstheBankofCanada’scontinued,althoughnowpaused,aggressiveincreases

ofthekeyinterestratehavenotyetfullybeenfeltandassuchreportingfiguresdo

notentirelyrepresentthecurrentstateoftheeconomy,itwillbeimperativeforbrandmanagersandtheirfinancialcolleaguestocontinueshakingthingsupandinnovatingtocreategrowthanddynamisminthemonthsandyearstocome.

HeavilydebatedbillssuchasC-11andC-18,regulatingthedigitaleconomy,mayalsobegintohaveaknock-oneffectonCanadianbrandsthatworkcloselyandinsome

casesrelyonMetaandAlphabet’sservicesandaccesstobillonsofusers.Thetwoproposedbillshaveevokeddramaticreactions,bothforandagainst,andhavealsoangeredmanyofourcolleaguesacrossoursouthernborderinthemostimportantmarketforCanadianexports.Whetherthebillswillbepassedintheircurrentstateisunclear,butCanada’sbrandeconomyandtechsectormaytakeahitasaresult.

Additionally,hikinginterestratespairedwithinflationhaveleftconsumerswithdollarsthatdonotgoasfarastheydidpre-pandemic.Certainbrandsinthebankingand

servicessectormaybenefit,intermsofbrandvalue,fromhigherinterestrates,but

consumersfaceaseriouschallengeoftryingtostretchtheirpaychecksasfarastheyusedtoandassuch,certainconsumer-facingsectorsmaysuffer.

AsthestateoftheCanadianeconomyremainsinflux,thecaseforunderstandingtheintrinsicmonetaryvalueofbrandisevenstronger.Tofinanciallynavigatespeculation,uncertainty,andrisk,onemusthavethemostcompleteandup-to-datetoolbox.At

BrandFinance,ourresearchmapsoutbothquantitativeandqualitativeattributesofyourbrandwhilegivingyouanextensiveandholisticapproachtomeasurereturnsonbrandinvestmentandtheimpactofstrategiccampaigns.

OntopofourISOcertifiedmethodology,ourteamofin-houseexpertswithcombinedcenturies’worthofindustryexperiencewillprovideyouwithactionableinsightsandnewperspectivestobettermanageyourbrand,growitsreach,anddefenditsvalue.

BrandFinanceCanada1002023/canada9

TDontherise

asitovertakes

RBCtoclaimtitleasCanada’smostvaluablebrand.

+TDdethronesRBCasthemostvaluablebrandin

Canada

+AgnicoEaglesoarshigherasCanadianmining&

mineralbrandsgrow

+Bombardierbeginsrecoveryafterhavingfoundits

footing

+RogersandShawbrandvaluesslip

+CanadianTechslumps

+Oil&Gasbrandvaluesstillontherise

+A&WbecomesthestrongestCanadianbrand,

earningAAArating

+CGIhashighestSustainabilityPerceptionsScore,

rated5.89outof10

+TDhasthehighestSustainabilityPerceptionsValue

atCAD1.9billion

Ranking

Analysis.

RankingAnalysis.

TDdethronesRBCasthemostvaluablebrandinCanada

WhiletheCanadianeconomyhascontinuedtopointtowardsuncertaintythroughoutthepastyear,TD

(brandvalueup27%toCAD27.5billion)hasremainedresilienttowidespreadchallengesandachieved

impressivebrandvaluegrowth.

TD’spositivere-evaluationofrevenuesandforecasts,incomparisontolastyear’sleader,RBC’s(brandvaluedown15%toCAD19.9billion)dampenedoutlookandforecastedrevenues,havehelpeddriveTD’sbrand

valueincreaseandallowedittoreclaimthethroneasCanada’smostvaluablebrand,apositionitpreviouslyheldin2013,2020,and2021.

AsthefifthlargestbankinNorthAmerica,byassets,andthemostvaluablebrandinCanada,every

moveTDmakesmatters.In2022,TDreiteratedits

commitmenttoitsTDReadyCommitment,promisingCAD1billionofinvestmentinCanadiancommunitiesby2030infourkeyareas:financialsecurity,vibrant

planet,connectedcommunitiesandbetterhealth.

Followingpandemicinducedeconomicchallenges

whichhavewidelyaffectedCanadianssince2020,

thebank’sbrandidentityasapersonableinstitutionwitheducationalresourcesandabroadinternationalreachcouldleadtoawideningofthebrandvaluegapbetweenTDanditscompetitorsinthecomingyears.

BrandFinanceCanada1002023/canada11

RankingAnalysis.

Top10MostValuableCanadianBrands

122

g

CAD27.5bn

+27%

211

g

CAD19.9bn

-15%

303g

scotiabank

CAD16.1bn

+9%

©BrandFinancePlc2023

404t

TM

CAD14.7bn

+10%

g

505

BMO

CAD14.6bn

+19%

606

D

TM

CAD14.3bn

+29%

729g

Brookfield

CAD12.1bn

+22%

817g

CIBC》

CAD11.2bn

+9%

9210H

Bell

CAD11.0bn

+12%

1018H

TELUS·

CAD10.3bn

+2%

Additionally,TD’simportantM&Aactivityinthe

UnitedStates,pairedwithimportantinvestmentsin

variousrealestateprojectsacrossthecountry,have

successfullyextendedtheTDbrandandincreased

brandawarenessandfamiliarityacrossNorthAmerica.

AlthoughamorediversifiedportfolioaidsTD’sfinancialsecurity,recentnewssurroundingAmericanbank

SVB’scollapsehasexposedthefragilityofthebankingsystem.

CanadianbanksmaybeknownfortheirconservativestylewhichprotectsCanadianassetsfrominternational

crises,however,increasedinterconnectedness

betweenCanadianandAmericanbankingsectorswilltiethefateoftheCanadianeconomyandbanking

closertothatofitsAmericanneighbours’.

BrandFinanceCanada1002023/canada12

RankingAnalysis.

AgnicoEaglesoarshigheras

CanadianMining&Mineralbrandsgrow

AgnicoEaglewinsthetitleofthefastestgrowing

Canadianbrand.Itsbrandvaluehasincreased115%

toCAD738.8million.AlthoughOctober2022sawglobalgoldpricesfall,priceshavemorerecentlystabilised

andcontinuetogrowinthenewyear.

Additionally,2022’simpressivefinancialperformancefromCanadianminingbrandsbuildsonthecoattailsofanequallysuccessful2021.Ascontinuedsupply

chaindisruptionscommandhigherpricesforgoldandotherminerals,Canadianminingbrandsacrossthe

boardareseeingincreasesinbrandvalue,accordingtotheBrandFinanceannualGlobalBrandEquity

Monitorstudy.

Althoughitisgenerallyexpectedforindustry

regulationstotighten,assumingnochangein

government,Canadianminingbrandsarepoisedto

continuetogrowbrandvalueinthenextfewyears.AsourceofnationalprideformanyCanadians,Canada’sabundantnaturalresourcesallowitsminingbrandstogloballypunchwellabovetheweightofitspopulationsizebothfinanciallyandintermsofbrandvalue.

BrandValueChange2022-2023(%)

©BrandFinancePlc2023

115%

76%

69%

62%

51%

49%

45%45%42%40%

-25%

-24%

-23%

-18%

-15%

-14%

-13%

PEMBINA

-12%

-9%

-8%

BrandFinanceCanada1002023/canada13

BrandFinanceCanada1002023/canada14

RankingAnalysis.

Bombardierbeginsrecoveryafterre-findingitsfooting

Followingdifficultresultsin2021,Bombardieris

seeminglybackupandrunning,seeinganincreaseof38%inbrandvaluetooverCAD1.4billionin2023.

Corporateconsolidationaswellasmovingpast

thesaleofvariousbusinessunitstoEuropean

andJapanesebrandshaveallowedBombardiertorecalibrateitsbusinessfocustowhatitdoesbest:highqualityprivateaircraft.

Inthatvein,Bombardierhasrecentlyreleasedthe

Global8000,dubbeda“flagshipforanewera”.

Highlymediatised,thereleaseoftheaircraftfeaturedabreakingofthesoundbarrier,showingoffthat

Quebec-basedaerospaceengineeringisstillaliveandwell.

Ontopoftheimpressivereleaseandsigningofa

purchaseorderwithNetJets,Bombardier’sfinancial

metricshaveimprovedsignificantlyinthepastyear.

Notonlyhasgrossmarginincreasedoverthepreviousyear,butthebrandistrackingaheadofits2025

targets.Thisspectacularturnaroundisalsopairedwithimportantexpansionoftheservicesideofthebusinesswithnewandexpandedmaintenancecentresbeing

investedinfromLondontoMiami,andtheUAE.

AlthoughBombardierhasnotyetreachedpre-

pandemicbrandvaluelevels,thislastyear’sgrowthinbothfinancialperformanceandbrandvaluepointstowardsafullrecoveryandeventuallyapotential

surpassingofitsrecentpeakin2019.

RogersandShawbrandvaluesslip

AsthecontroversialmergerbetweenRogersand

Shawstillawaitsapprovalbyfederalregulators

becauseofdeadlinepushbacks,bothbrandshave

takenaconsiderablehittobrandvalueandbrand

strengthaccordingtothe2023editionoftheBrand

FinanceCanada100Report.

BrandFinanceCanada1002023/canada15

RankingAnalysis.

Rogers(brandvaluedown8%toCAD6billion)took

asignificanthitfromthefulldaynetworkoutage

itsnetworkexperiencedinmid-July.Indeed,aloss

of10pointsinbrandstrength,accordingtoBrand

Financeresearch,isattributabletothelossofservicebyRogers’customersandtheeffectsthishadonthe

widerCanadianeconomy,grindingInteracpaymentstoahaltandpreventingsomefromcontactingemergencyserviceswhenneeded.Estimatesoftheeffectofthis

outagedescribethatclosetoaquarteroftheCanadianpopulationlostaccesstotheinternetandcellular

serviceonthatday.

Shaw(brandvaluedown24%toCAD2.1billion)foritsparthasseenitsrevenuescontinuetodeclineinthe

finalquarterof2022.Althoughtheorganisation’ssaleoffFreedomMobiletoQuebecorthisyearmaybeseenasasignofstress,manyanalystsestimatethatthesaleofthisbusinessunitwilldonothingbutaid

thecaseoftheRogers-Shawmergerintheeyesofthenecessaryregulators.

Thequestionremainswhetheraneventualmerger

betweenRogersandShawwillallowbothbrands

todevelopsynergiesandseebothbrandsreturnto

growth,orwillRogersscraptheShawbrandentirely?Therearestillmanyquestionsunansweredinthecaseoftheseeminglyendlessmergerprocedure,butbothRogersandShawstillhaveanumberoftricksleftuptheirsleevetoturnthetideonthisdownwardtrend.

Impressivefamiliarityandawarenessmetricsforbothbrandsallowthemaplatformtocommunicatetheir

brandmessageclearlyandtactically,butithasstillyettobeseenwhetherthenetworkoutagewillhavelonglastingeffectsontheRogersbusiness.

CanadianTechslumps

AlthoughShopifycontinuestodominatethe

e-commercespaceandopensmallandmedium

businessestoglobalconsumers,adaptivebusiness

insights,andmanagementtools,theOttawa-based

giantsawslightlyover23%ofitsbrandvaluewipedoff,bringingthebrandtoavalueofCAD1.1billion.

Asaresultoflowerforecasts,Shopify’sstockpricehasrecentlydroppedinvalue,leadingtoadropinboth

brandstrengthandvalueaccordingtooriginalBrandFinancemarketresearchandanalysis.

UnmetexpectationsintermsofgrowthandweakEBITmarginshavealsocontributednegatively

tothebrand’svalue.

Thisslumpinthevalueofmanytechbrandsisnot

uniquetoCanada,asbothbrandvaluesandstock

pricesformanybrandsacrosstheindustryhavebeenbroughtdown.Whetherthisisaresultofprevious

enterprisevaluationsbeingperceivedtodayas

overinflatedorwhethertheexpectationofcontinuedaggressivegrowthatanypriceisnowseenas

unrealisticisunclear.

However,itisexpectedthatthedropinbrandvalueforShopifyaswellasotherCanadiantechbrandssuchasOpenText(brandvaluedown1%toCAD2.1billion)willstabiliseshortlyandexposeperhapsmorerealisticandlessspeculation-basedenterprisevaluesinthe

techsectorbothinCanadaandabroad.

Oil&Gasbrandvaluesstillontherise

ExcludingPembinaPipeline(brandvaluedown12%toCAD718.5million)andCanadianhouseholdname

Petro-Canada(brandvaluedown9%toCAD1.9

billion),2023hasbeenanimpressivelysuccessfulyearforOil&GasbrandsinCanada.Thanks,inpart,tothecontinuedconflictinUkraineandtensionsbetweentheUnitedStatesandGulfstates,oilprices,althoughlowerthantheirpandemicpeak,remainrelativelyhigh.

ThishasdirectlybenefittedCanadianbrandswhich,onaverage,seehigherlabourcosts,regulatorypressuresandincreasedcomplexityofextractionincomparisontotheirinternationalcompetitors.Asaresultofthis,

higherrevenuesandforecastshavepermittedbrandvaluestogoupformanyCanadianOil&Gasbrandsbydoubledigits.

Cenovus(brandvalueup69%toCAD3.1billion)

isthefastestgrowingOil&GasbrandinCanada,

augmentingthevalueofitsbrandbyoverabilliondollars.AlthoughCenovusrecentlysoldoffHusky’sretailbusiness,followinganamalgamationin2021,revenueforecastsnearlytripledoverfiveyears.

MEGEnergy(brandvalueup49%toCAD521.8

million)hasre-enteredthetop100Canadianranking,followinganumberofyearsout.

BrandFinanceCanada1002023/canada16

RankingAnalysis.

Top10StrongestCanadianBrands

122

C

87.2+1.9AAA

227t

TM

86.0+3.1AAA

3212

t

83.0+2.1

AAA-

©BrandFinancePlc2023

411g

scotiabank

82.0-3.7

AAA-

526

C

81.6-2.0AAA-

614D

81.5-2.1

AAA-

715

g

80.8-2.8

AAA-

8216D

DRUGMART

SHOPPERS

80.3+1.2AAA-

9230t

80.3+7.3AAA-

10“10

o

TM/MC

80.0-2.1AAA-

Higherrevenues,pairedwithincreasesinvariousbrandstrengthmetrics,havemeanttheCalgary-basedbrandhasre-enteredtherankingatarespectable95th.

AlthoughCanadianOil&Gasbrandshavehad

agoodyearintermsofbrandvalue,demandfor

transitionfuelssuchasnaturalgasorLNGshavealsobeenfuellingtheindustryandencouragingfurther

exploration,discoveries,andinnovation.These

developmentsareleavingroomforlargebrandsto

furtherincreasebrandvalueorfornewentrantstofindtheirfootingandworktheirwayuptheranking.

A&Wbecomesthestrongest

Canadianbrand,earningAAArating

Inadditiontocalculatingbrandvalue,BrandFinance

alsodeterminestherelativestrengthofbrands

throughabalancedscorecardofmetricsevaluating

marketinginvestment,stakeholderequity,andbusinessperformance.CompliantwithISO20671,BrandFinance’sassessmentofstakeholderequityincorporatesoriginalmarketresearchdatafromover100,000respondentsin38countriesandacross31sectors.

Fast-foodrestaurantchain,A&W(brandvaluedown2%toCAD647.3million),hasbecomeCanada’s

strongestbrandwithaBrandStrengthIndexscoreof87outof100,withacorrespondingAAArating.

Thisisa2-pointyear-on-yearincreaseand

meansthatithasovertakenlastyear’sstrongest

brand,Scotiabank(brandvalueup9%toCAD16.1billion),whichnowsitsinfourthwithaBrandStrengthIndexscoreof82/100.CanadaLife(brandvalueup10%toCAD14.7billion)hasalsorisen5placesto

becomeCanada’ssecondstrongestbrandwithaBrandStrengthIndexscoreof86/100.

A&Wnowhasover1,025restaurantsacross

North-AmericaandisthesecondlargesthamburgerrestaurantchaininCanadaandoneofCanada's

leadingfranchisors.Thishasallowedittosustainahigh-levelawarenessandfamiliarityamongstCanadianconsumers.

Whilestillinapost-pandemicrecoverystage,A&W

haslookedtofocusonitskeyinitiativesofdevelopingitsdigitalofferingsandincreasingtheefficiencyofitscustomerservice.Itspositionatthetopoftherankingforbrandstrengthsuggeststhatthefast-foodchainissucceedinginbuildingastronglevelofbrandequity,whichmayfurtheraiditsrecoveryandseeitreturntobrandvaluegrowthinthecomingyears.

BrandFinanceCanada1002023/canada17

Ran