品牌如何影响股价 How Brand Impacts Share Price

Interbrand

HowBrandImpactsSharePrice

Interbrand

HowBrandImpactsSharePrice

02

67%ofcompaniesintheS&P500maybe

inaccuratelyvaluedduetothemisunderstandingofonekeybusinessasset.

UnderstandingtheDisconnect

Complementingaquarterofacenturyofproprietarybrand

valuationdatawithnewresearch,Interbranddemonstratesthat67%ofcompaniesintheS&P500maybeinaccuratelyvalued.

Thisnewfindingbeganwithasimpleobservation:business

brandgrowthandearningspotentialaren’talwaysreflectedinacompany’spublicshareprice.Individualbrands’price-to-earnings(P/E)ratiosarenotconsistentlyperformingagainstpeers–orareexperiencinghighvolatility,signalingstockmaybeimproperly

valued.

Adisconnectexistsbetweenthecompanies'performanceand

theinvestmentcommunity’sanalysisoftheirbrands.However,

wehaven’tjustidentifiedtheproblem.Throughanalysisofover

500companies’P/Eratiooverafive-yearaverageandprimary

researchwithintheinvestmentcommunity,we’veidentifieda

powerfuldriverthatcanpotentiallyshiftthebalance,changing

investorunderstanding,andtherebybringingearnedvaluebacktoacompany’sshareprice.Bestofall,it’sanassetthatcompaniesalreadyhavethepowertoleverageorstrengthen:theirbrand.

Interbrand,theworld’sleadingbrandconsultancy,progressed

businessvaluationbybringingatangiblenumbertotheseeminglyintangibleassetofbrandvalue,definedbythecombinationof

financialperformance,theroleofbrandindrivingchoiceand

brandstrength,whichmeasurestheabilityofthebrandincreatingdemandandreducingrisk.Whatwasonceanunknownisnowarecognizedstrength,andweareagainbringingournewfindings

tothebusinessworld.Theinvestmentcommunityofanalysts

andjournaliststodayseestheinfluenceofbrandonvaluation,

withbrandbeingthesecondmostimportantconsiderationto

investmentanalystsandjournalistswhenevaluatingacompany’sprospects.76%agreethatbrandhasameaningfulimpacton

valuation.However,brandunderstandingamongstthisaudienceislow,withthemajoritylackingadeepunderstanding.

Whenwefirstrecognizedthatsharepricewaslaggingbehind

growthformanycompanies,ourteamofbrandeconomicsexpertshypothesizedthatthisapparentdisconnectcouldbebecausethebranditselfwasnoteffectivelycommunicatedtotheinvestmentcommunity.

Toinvestigateandinterrogatethishypothesis,Interbrand

partneredwithB2BmarketresearchleaderNewtonXand

integratedcommunicationsagencyBrodeurPartnerstodetermineifbrandcouldhaveastrongconnectiontoshareprice.Theresultofourpartnershipeffortsisthebasisofthisreportthatconnectsbrand,investorcommunicationsandadvancedAI-basedresearch.

Clarifyingawinningbrandstrategytoinvestorscanshiftthebalanceonexpectationoffuturebrandperformance,boostingshareprice.Perceivedbrandvaluecanbeimproved—and

Interbrandandourteamofpowerfulpartnerscanhelpmaketheleap.

03Interbrand

VisualizingtheRelationship

Afterdeterminingthiswasanareathatwouldbenefitfrom

furtheranalysis,theteamsoughttodeterminethedepthof

thedisconnectbetweenbrandstrengthandshareprice.We

developedadatasetconsistingofU.S.publiclytradedS&P500companiesandtheInterbrandBestGlobalBrands2023cohortoftheworld’smostvaluablebrandsthatweren’talreadyincludedintheS&P.WethenanalyzedtheP/Eratioofeachcompany

overthepastfiveyears(2018–2023),specificallylookingattheabsolutelevelofP/Eratioandthevarianceoftheratioitself.

Ourresultingfindingsarethat67%ofallcompaniesinthe

datasetarenotoverperformers—henceimplyingthateithertheirstockisundervalued,orthesharepriceismorevolatilethanitsunderlyingperformance.Throughthisanalysis,wewereabletoplacecompanyoutcomesinfourdistinctcategories:

1.ConsistentOverperformer

AcompanythathasahigheraverageP/Eratiothanitssectorcompetitorsandislessvolatilethanitssectoraverage.

2.ConsistentUnderperformer

AcompanythathasaloweraverageP/Eratiothanitssectorcompetitorsandislessvolatilethanitssector.

3.InconsistentOverperformer

AcompanythathasahigheraverageP/Eratiothanitssectorcompetitorsandismorevolatilethanitssector.

4.InconsistentUnderperformer

AcompanythathasaloweraverageP/Eratiothanitssectorcompetitorsandismorevolatilethanitssector.

87

Inconsistent

Underperformer

175

Consistent

106

InconsistentOverperformer

164

Consistent

Underperformer

Companiesineachcategoryoverall

Overperformer

04Interbrand

BrandandValuationinContext

ThefollowingquadrantchartscomparingP/Eaveragetovariance

servedasimportanttoolsaswesoughttounderstandthe

comparativerelationshipofthebrandswithinourdatasetinrelationtoothersintheirsector.Wedividedbrandsinto51sectors,basedontheBestGlobalBrandsmethodologyandYahooFinancesectordefinitions.

Todemonstratethefourwaysacompanycouldbecategorized

basedonitsP/Eratioandvolatilityrelativetoothercompaniesinitssector,weassessedcompaniesinthetechnology,medicaldeviceandfinancesectorstoshowhowtheresearchandanalysismay

leadtostockvalueincreasesthroughbetterbrandcommunicationandunderstanding.

Dataonallsectorsisavailableuponrequest.

05

TechnologyHighlyValued,butUndervalued

Inthetechsector,weseeconsistentperformanceamongthe

topcompanies.However,theresultsareoftenduemoretothe

productmarketfitthatthecompanyachievedratherthanits

brand.Anotableexampleofthisperformancethroughscaleis

Oracle.Formanyyears,InterbrandrankedOracleasaBestGlobalBrand,yetOraclelefttherankingbecauseitwastooproduct-

centricandbrandperformancefellbelowtherequirements.

Duringthosefewyears,Oraclereworkeditscustomer,

partnershipandproductstrategiestobecomecustomer-centric.Itaccomplishedthisnotonlybyreorganizinginternally,butalso

byopeningitsdoorstoabroaderecosystemofpartnerships.Itssuccessisnowrecognized,andOraclehasreturnedtotheBestGlobalBrandsranking,butclearerandearliercommunication

ofthetransitionmayhavehelpedOracleenjoyahighershare

priceforlonger.Notsurprisingly,Applehasbeenundervalued

relativetoitspeersoverthepastfiveyears,asithasrepeatedlysurpassedearningsexpectations.Currentanalysisfocusestoo

muchonindividualproductorserviceperformance(iPhonesalesinChinamostrecently)ratherthantheresilientpowerofitsbrandecosystem,whichcontinuestodeliverearnings.

HighPEVolatilityLow

Technology

SectorQuadrants

ABCDEFGHIJK

SamsungElectronicsCo.,Ltd

CiscoSystems,Inc.

OracleCorporation

SonyGroupCorporationIntelCorporation

MicrosoftCorporationAppleInc.

AdobeInc.

PayPalHoldings,Inc.AlphabetInc.

IntuitInc.

LowPEAverageHigh

A

Consistent

Underperformers

B

C

F

G

I

H I

Consistent

Overperformers

J

E

D

K

Inconsistent

Overperformers

Inconsistent

Underperformers

InterbrandanalysisofdailystockpricesandquarterlyP/E2018-2023

06Interbrand

MedicalDeviceBrandMattersforB2BBusinesses

Belowisarepresentativesetofcompaniesfromthemedical

devicesector.Theanalysisofthesecompaniesshowhow

brandsareundervalued.Inthissector,twoleverstendtocauseinaccuratevaluations:earningscallsanddomesticnews.Whenreviewingtheearningscallsofthesebrands,leadershipofthecompaniesfailtoincludetheirbrandstrategyandhowitmightimpacttheirrevenueandearnings.Thisoversightislikelya

causeforHenryScheintobeundervalued.ItsearningshaverecoveredwellfromCoviddisruptions,butanalystsseemingly

underestimatedthepaceofrecoveryforitsstrongbrand.

Combinemissingbrandinformationanddomesticnewsand

brandsmaysuffermoredistortions.AlignTechnology,Inc.maybeinconsistentlyvaluedbecauseitsbrandisunclear.AThas

earningsgrowth,butanalysts’expectationsdroppedinQ1of

2024.Managementisshowinghighexpectations,with$1.2Bauthorizedforrepurchase.Thesplitinexpectationsislikelya

misunderstandingofAlignTechnology,Inc.’sbrandstrengthwithyoungcustomersthatisdrivingearnings.

MedicalDevice

SectorQuadrants

ASterisplc

HighPEVolatilityLow

BAbbottLaboratoriesCMedtronicplc

DBostonScientificCorporation

EStrykerCorporationFHenrySchein,Inc.GResMedInc.

HBio-RadLaboratories,Inc.IEdwardsLifesciences

Corporation

JAlignTechnology,Inc.

LowPEAverageHigh

A

Consistent

Underperformers

Consistent

Overperformers

G

B

I

D

E

H

C

Inconsistent

Underperformers

Inconsistent

Overperformers

J

F

InterbrandanalysisofdailystockpricesandquarterlyP/E2018-2023

07Interbrand

Finance

BetterCommunicationsCreateStableValuations

Inthissector,weseehowbrandsthatcreateaclear

understandingoftheirbrandenjoygreaterstability.Wenote

thatcomparedtotechnologyandmedicaldevicesectors,

virtuallyallofthecompaniesselectedenjoygreaterstabilityintheirvaluations.Thisislargelyowingtotheclaritybywhichthecompanyisunderstood.MostfamouslyistheannualBerkshireHathawayletterfromWarrenBuffetandamulti-channel

weekendeventinOmahaprovidingbusinessestheopportunitytoexplaintheirstrategies.Also,recenteffortsfromcompanieslikeAmericanExpressshowhowclearerunderstandingof

thebusinesscandramaticallyimproveshareprice.Whilethe

manyregulationsfordisclosureexistinginthisindustryhelp

understanding,almostallthebrandsgobeyondthemust-havestoshowhowtheirbrandsaredifferentiated.

HighPEVolatilityLow

Finance

SectorQuadrants

APrudentialFinancial,Inc.

BTruistFinancialCorporationCBankofAmericaCorporationDCitigroupInc.

ETheGoldmanSachsGroup,Inc.FJPMorganChase&Co.

GTheAllstateCorporation

HT.RowePriceGroupInc.

ICharlesSchwabCorporationJBerkshireHathawayInc.

KAmericanExpressCompanyLProgressiveCorporation

LowPEAverageHigh

Consistent

A

B

C

I

H

Consistent

-Underperformers

I

Overperformers

D

E

F

J

G

K

L

Inconsistent

Overperformers

Inconsistent

Underperformers

InterbrandanalysisofdailystockpricesandquarterlyP/E2018-2023

08Interbrand

InvestorRelationsandBrandComprehension

Despitecompaniesnaturallywantingtoincreasetheirshareprice,ourresearchfoundthatfewcompanieshaveoptimizedtheirbrandcommunicationstogetanaccurateP/Eevaluation.Qualitativeandquantitativesurveyresultsfrom241investorrelationsprofessionals,analystsandjournalistsrepresenting27industrysectorsrevealedanimportantlearning:whiletheinvestmentcommunityvaluesbrand,theydonothaveadeepunderstandingofit.

09

Brandwasrecognizedasthesecondmostimportantconsiderationtovaluationbythissampleofanalystsandjournalists,fallingonlybehindfinancialforecast.

Thisaudienceisalsoawareofthesignificantimpactbrandhasonvaluation,with76%statingthatbrandhasamoderatetolargeimpactonchangestoP/Eratio.

Whenevaluatingacompany’sprospects,howmuchvaluedoyouplaceoneachofthefollowing?[0—100]InvestmentAnalystsandJournalists

14.7%

Senior

Management

29.1%

FinancialForecast

17.9%

Macroeconomic

19.8%

Brand

Positioning

18.6%

CompetitiveThreats

ThinkingaboutthePricetoEarningsRatio,howmuchimpactdoyouthinkthebrandhasonchangestothePERatio?

InvestmentAnalystsandJournalists

60%

40%-

22%

20%-

1%

0%

NoimpactatallSlightimpactModerateimpactLargeimpact

Interbrand-NewtonXPERatioSurveybetweenDecember1,2023-January10,2024

54%

23%

10Interbrand

However,understandingofbrandislowamongstthiskeyaudience,withjust10%ofsurveyed

analystsandjournalistssayingthattheyhaveadeepunderstandingofthepositioningandstrategyofthecompaniesintheirportfolio.Theactualnumberofanalystsandjournaliststhatactuallydeeplyunderstandthispositioningcouldbeevenlowerthanreported,asonly3%ofinvestorrelations

professionalsbelievethatinvestmentanalystshaveadeepunderstanding.Adeepunderstandingofbrandanditsimpactonfutureearningsisanimportantfactorofwhetherornotacompanyisproperlyvaluated.Mostcompaniesarenotgettingfullcreditfortheirbrandingeffortsaspartofinvestmentcommunityvaluations.

Towhatextentdoyouunderstandthebrandpositioning/strategyofyourtarget/portfoliocompanies?

1%

11%

20%

10%

InvestmentAnalystsandJournalists

1—Donotunderstandit

2—Understanditslightly

3—Understanditsomewhat4—Understandit

5—Deepunderstandingofit

1

2

3

4

5

57%

Towhatextentdoyouthinkthatinvestorsandinvestmentanalystsunderstandyourbrandpositioning/strategy?

10%

42%

45%

3%

InvestorRelations

1—Understanditslightly

2—Understanditsomewhat3—Understandit

4—Deepunderstandingofit

1

2

3

4

Interbrand-NewtonXPERatioSurveybetweenDecember1,2023-January10,2024

11Interbrand

ASolutionontheHorizon

Whiletheinvestmentcommunitycurrentlylacksthedeepunderstandingofbrandthatisneededtocreateanaccuratevaluation,theyareseekingtolearnmore.Whilelessthanhalfofanalystsandjournalistssaidthattheyoftenoralmostalwaysreceiveabriefingfromthecompanythey’reevaluating,64%saidtheywouldliketobebriefedatthatfrequency.

Howoften,ifever,haveyoubeenbriefedHowoftenwouldyouliketobebriefedbythe

bythecompanyyouareevaluating?companyaspartofyourevaluationprocess?

InvestmentAnalysts,andJournalistsInvestmentAnalysts,andJournalists

40%-

35%

30%-

28%

20%-

18%

10%-

11%

7%

0%

NeverRarelySometimesOftenAlmostAlways/

Always

36%

40%-

28%

30%-

25%

20%-

7%

10%-

3%

NeverRarelySometimesOftenAlmostAlways/

Always

0%

Interbrand-NewtonXPERatioSurveybetweenDecember1,2023-January10,2024

12Interbrand

Additionally,thisvitalaudiencehasthetimetodedicatetocuratingthatdeepunderstanding.Journalistsandanalystshaveboththetimeandthewillingnesstounderstandbrandin-depth.

Howmuchtimedoessomeoneinyourroletypicallyspendevaluatingacompanybeforewritingareportoranalysis?

InvestmentAnalysts,andJournalists

Howmuchtimedoessomeoneinyourroletypicallyspendevaluatingacompanybeforewritingareportoranalysis?

InvestmentAnalysts,andJournalists

50%

40%

38%

32%

30%

20%

20%

10%

0%

10%

20

14.6

15

10

5.2

3.1

2.8

5

0

HoursDaysWeeksMonthsAvg.HoursAvg.DaysAvg.WeeksAvg.Months

Interbrand-NewtonXPERatioSurveybetweenDecember1,2023-January10,2024

13Interbrand

FourStepstoImprovement

We’veidentifiedthecurrentshortcomingsanddisconnectbetweensharepriceandunderstandingofbrand,buthowdowebridge

thegap?Theanswermaycomefromthesameestablished

techniquesthatinformedthisresearch.Inordertopotentiallyboostunderstandingaroundyourbrandandincreaseshareprice,therearefourkeystepsthatcreateabasisforimprovement:

1.Developabrandvaluationmodel

Showinghowbrandstrength,roleofbrandandfinancial

performanceworktogether,abrandvaluationmodelhelpsstrengthenunderstandingofhowwellabrandisworkingtodelivershareholderreturns.

2.Conductfinancialcommunityresearch

Developafoundationalunderstandingofhowtheinvestment

communitycurrentlyperceivesyourbrand.Howalignedaretheseperceptionswiththeactualbrand—andwhatdifferencesarethemostdetrimentaltoyourvaluation?

3.Analyzecommunicationeffectiveness

Conductareviewofyourcurrentinvestorrelationsandpublic

relationsplanstodeterminewhichofyourtouchpointsandassetsneedtobeimproved.Thiscanrangefromincrementalchangetoatruetransformation.

4.Reviseyourbrandstrategy

Determinewhatisn’tworkingforyourbrandinordertochangeperceptions,suchasensuringyouhaveaPurposethatguidesactionagainstatime-bound,measurableAmbition.ThiswillhelpbuildanunderstandingofwhatdrivesperformanceandwhereyourbrandhasthepotentialforIconicMoves.Asthestrategy

evolves,theteamwillneedtoprovidecontinuousupdatestocontinuallyshiftperceptionsinyourbrand’sfavor.

14Interbrand

Readytotakethefirststepsto

potentiallyboostyourshareprice?

Powerfulbrandsneedapowerfulnetworkofpartners.Reachouttoourteamofexpertstogetstarted.

GregSilverman

GlobalDirectorBrandEconomicsGreg.Silverman@I

DaniellaGiavina-Bianchi

ChiefStrategyOfficer

Daniella.Bianchi@I

AndrewMiller

ChiefGrowthOfficer

Andrew.Miller@I

15

Learnmore

I

Interbrandhasbeenaworldleadingbrandconsultancyforover5

decades–havingpioneerediconicworkandforgedmanyofthebrandbuildingtoolsthatarecommonplaceacrosstheindustrytoday.

Incollaborationwiththeworld’sleadingbrands,Interbrand’sglobal

teamofthinkersandmakersarepioneeringthefutureofbrandbuilding.Byturningcustomersintoactiveparticipants,Interbrandhelpsclients

strengthentheirbrandsonanongoingbasis–itsapproachgivesthemtheconfidencetomakeIconicMovesthatsparkdesireandcreateutility,drivingextraordinaryresults.

InterbrandisapartofOmnicom’s(NYSE:OMC)BrandConsultingGroup.

NewtonXistheworld’sleadingB2Bresearchcompanyenabling

enterprisestomakemoreconfidentdecisions.Theydeliverprimary

researchatscalebyfieldinglarge-scalequantitativesurveys,facilitatingqualitativeinterviews,engaginginlong-termconsultationsandcreatingcustomizedresearchplans.

Visittolearnmore.

BrodeurPartnersisastrategiccommunicationscompanythathelps

organizationsbecomeandremainrelevantinacomplicatedworld.Itisdifferentiatedbyitsfocusonrelevance,behavioralchangeandabilitytobringadiscipline-agnosticapproachtoitsbusiness-to-business,non-profit,consumerandhighereducationclients.

Interbrand

OurPartners

Jackie.Cutrone@NewtonX.com

CLangton@B

Visittolearnmore.

ReportMethodology

InterbrandanalystsimporteddailystockpricesandquarterlyP/EfortheS&P500fromAlphaX,calculatingP/Eastheclosing

daystockpricedividedbyacompany’searningspershareon

earningsreleaseday.Anadditional32companiespresentin

Interbrand’s2023BestGlobalBrandsrankingthatarenotpartoftheS&P500werealsoanalyzedusingsimilarcalculations.P/Eratioswereaveragedtoyieldarangeof-200,200.

The51sectorspresentinthisstudyweresetbyInterbrand’s

BestGlobalBrands2023sectorallocationsandYahooFinancesectordefinitions