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Apple, overseas firms lead in value creation
Tech, media, and telecom companies in emerging markets and
those considered "digital innovators" are among the world's
tops in providing value to their investors, according to a new
Out today, the report "Swimming Against the Tide: How
Technology, Media, and Telecommunications Companies Can
Prosper in the New Economic Reality" found that seven of the
top 10 telecom performers, five of the top 10 media performers,
and four of the top 10 technology performers are in India, Taiwan, Mexico, China, and other emerging markets. But
global companies tuned into the digital revolution, such as
Apple and Google, are also tops in rewarding their investors.
Covering the period from 2005 through 2009, the report
examined the total shareholder return (TSR) of 126 different
companies throughout the world. Of these, 81 percent were
found in emerging economies, adding up to 64 percent of the
overall total, according to Boston Consulting.
The top media performers included Tencent Holdings, Naspers, and Net Servicos de Comunicacao. Tops in telecom were
America Movil, China Mobile, and Bharti Airtel. And the best
performers in the technology sector were Apple, MediaTek, and
Infosys Technologies.
"Emerging-market companies are spreading their wings to play
larger roles on a global stage," David Dean, a senior partner at
Boston Consulting and co-author of the study, said in a
statement. "Many of these countries have moved beyond being
primarily a source of cheap labor to become important centers
of technical innovation."
Overall, the tech, media, and telecom sectors posted mediocre
performance, according to the consultancy. Where the sample
of 712 companies in all industries yielded a 6.6 percent average
annual TSR, the technology sector came closest (6.2 percent), followed by telecom (5.3 percent), and media companies (2.5
percent).
The Boston Consulting Group based total shareholder return
on six different factors: revenue growth, changes in profit
margins, the valuation multiple (the value of the business), cash
dividends, share repurchases, and debt repayments. Among
these, revenue growth typically added up to 70 percent or 80
percent of the overall shareholder value among most companies,
according to the report.
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