Professional Documents
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November 2014
PwC Capital
Markets
Europe Top 100 from 2008 to 2014
Top 100 companies Europe and Germany Data source: Bloomberg, 2014
November 2014
PwC Slide 3
Top 100 European companies, by industry
• Financial Services, Healthcare & Pharma, Retail & Consumer were the rising industries between 2008 and 2014.
• Stable and even increasing private consumption and the rise of the middle class in a number of emerging
countries are two of the global mega trends that helped companies lifting their market cap to new heights.
• Despite the financial crisis the Financial Services could not only keep their total market cap but even increase it by
18 %.
387 Healthcare
Industrial Production 10 946 8 490
& Pharma
260
Automotive Industrial
10 387 11 472
Production
68
Transportation & Logistics
Automotive 5 260 3 124
0 500 1000 1500 2000
Germany 18
France 17
Switzerland 10
Netherlands 4
Russia 4
Spain 5
Sweden 4
Ireland 4
Italy 4
Denmark 2
Norway 2
Belgium 1
Luxembourg 0
Finland 0
Czech Republic 0
0 5 10 15 20 25
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Rank Market Rank Market
Cap €m Cap €m Cap €m
ROCHE Switzerland Healthcare & Pharma +2 1 201.613 3 159.804 8 103.799
NOVARTIS Switzerland Healthcare & Pharma +3 2 200.408 5 146.285 9 101.149
NESTLE Switzerland Retail & Concumer -2 3 188.269 1 164.111 7 110.972
SHELL Netherlands Energy 0 4 184.063 4 158.531 2 140.542
HSBC United Kingdom Financial Services -3 5 156.996 2 160.636 3 127.605
ANHEUSER-BUSCH Belgium Retail & Consumer +1 6 141.702 7 117.439 75 26.144
TOTAL France Energy +4 7 113.052 11 95.889 6 117.116
BP United Kingdom Energy +2 8 104.820 10 98.385 4 124.120
SANOFI France Healthcare & Pharma 0 9 97.745 9 99.774 25 59.926
NOVO NORDISK Denmark Healthcare & Pharma +9 10 95.660 19 71.232 74 26.841
UNILEVER United Kingdom Retail & Consumer +2 11 94.365 13 92.511 28 51.959
BAYER Germany Healthcare & Pharma +6 12 93.261 18 72.953 46 41.939
GLAXOSMITHKLINE United Kingdom Healthcare & Pharma -1 13 87.954 12 95.336 17 77.894
BR. AM. TOBACCO United Kingdom Retail & Consumer +1 14 84.591 15 77.573 37 46.142
BANCO SANTAND. Spain Financial Services +16 15 84.252 31 58.750 19 75.364
VOLKSWAGEN Germany Automotive -2 16 80.798 14 81.551 22 67.759
SIEMENS Germany TMT 0 17 79.131 17 73.704 20 70.366
ASTRAZENECA United Kingdom Healthcare & Pharma +21 18 73.404 39 47.580 39 44.920
SABMILLER United Kingdom Retail & Consumer +9 19 72.752 28 59.763 new 19.856
RIO TINTO United Kingdom Energy +3 20 72.009 23 65.508 11 97.027
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Rank Market Rank Market
Cap €m Cap €m Cap €m
LLOYDS BANKING United Kingdom Financial Services +8 21 70.632 29 59.670 91 21.936
VODAFONE United Kingdom TMT -16 22 70.296 8 110.220 12 92.585
L'OREAL France Retail & Consumer -7 23 69.880 16 76.396 47 40.709
INDITEX Spain Retail & Consumer 0 24 69.860 24 63.081 new 18.613
LVMH France Retail & Consumer -4 25 68.728 21 70.361 59 34.122
SAP Germany TMT -4 26 66.610 22 68.305 35 46.423
DAIMLER Germany Automotive +7 27 66.383 34 56.714 57 35.409
BASF Germany Industrial Prod. -3 28 64.378 25 61.795 51 38.097
BNP PARIBAS France Financial Services -2 29 62.490 27 61.228 26 55.727
GAZPROM Russia Energy -10 30 62.399 20 70.511 1 169.712
ENI Italy Energy -5 31 61.781 26 61.454 14 85.234
ALLIED IRISH BANKS Ireland Financial Services +34 32 60.195 66 31.276 n/a n/a
DIAEGO United Kingdom Retail & Consumer -3 33 59.099 30 59.416 70 28.140
ALLIANZ Germany Financial Services +1 34 57.811 35 53.574 30 49.143
STATOIL Norway Energy +1 35 57.717 36 51.216 24 62.712
ROYAL BANK SCOT. United Kingdom Financial Services +11 36 56.818 47 41.803 40 44.077
BMW Germany Automotive +4 37 54.803 41 46.338 new 17.667
TELEFONICA Spain TMT -1 38 54.590 37 48.832 18 77.821
DEUTSCHE TELEKOM Germany TMT +9 39 54.168 48 40.924 32 47.844
GLENCORE XSTRATA Switzerland Industrial Prod. +3 40 54.002 43 42.910 Merger n/a
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Rank Market Rank Market
Cap €m Cap €m Cap €m
UBS Switzerland Financial Services -8 41 53.208 33 56.806 54 36.617
BBVA Spain Financial Services +8 42 52.815 50 40.637 42 43.214
HENNES & MAURITZ Sweden Retail & Consumer -1 43 52.632 42 46.279 71 27.829
BARCLAYS United Kingdom Financial Services 0 44 50.689 44 42.777 58 35.274
RECKITT BENCKISER United Kingdom Retail & Consumer +9 45 48.363 54 38.545 81 24.510
PRUDENTIAL United Kingdom Financial Services +16 46 47.368 62 34.528 new 17.437
ROSNEFT Russia Energy -15 47 47.361 32 57.532 21 69.876
GDF SUEZ France Energy +4 48 46.700 52 39.824 13 86.719
BG GROUP United Kingdom Energy -9 49 45.419 40 46.511 33 47.102
NATIONAL GRID United Kingdom Energy +15 50 44.620 65 33.221 98 20.418
AXA France Financial Services 0 51 44.599 51 39.969 50 38.835
ING Netherlands Financial Services +20 52 44.026 72 29.785 41 43.866
ELECTR. DE FRANCE France Energy -4 53 43.803 49 40.906 10 98.762
ACCENTURE Ireland TMT +2 54 43.283 56 38.308 97 20.441
NORDEA BANK Sweden Financial Services -2 55 41.527 53 38.881 83 23.637
ABB Switzerland Industrial Prod. -1 56 40.426 55 38.402 49 39.504
AP MOELLER Denmark Industrial Prod. +32 57 40.347 89 25.389 62 31.612
RICHEMONT Switzerland Retail & Consumer -12 58 38.546 46 42.224 88 22.181
BT GROUP United Kingdom TMT +9 59 38.300 68 31.054 new 16.645
ENEL Italy Energy +36 60 38.272 96 23.922 52 37.677
Company name Industry Ran 3 November 2014 1 August 2013 1 August 2008
k +/- Rank Market Rank Market Rank Market
Cap €m Cap €m Cap €m
INTESA SANPAOLO Italy Financial Services +41 61 38.176 102 23.502 36 46.314
AIRBUS (EADS)* France Industrial Prod. -3 62 37.356 59 35.675 new 9.891
SCHNEIDER ELECTRIC France Industrial Prod. 0 63 36.697 63 34.355 new 16.403
ZURICH INSURANCE Switzerland Financial Services +7 64 36.038 71 29.984 79 24.716
IBERDROLA Spain Energy +19 65 35.579 84 25.865 45 41.997
DANONE France Retail & Consumer -8 66 34.906 58 37.748 82 24.385
ASML Netherlands TMT +3 67 34.764 70 30.414 new 6.409
DEUTSCHE BANK Germany Financial Services -7 68 34.402 61 34.719 64 31.265
HEINEKEN Netherlands Retail & Consumer 0 69 34.324 69 30.442 new 14.567
CREDIT SUISSE Switzerland Financial Services -10 70 34.093 60 34.820 53 37.569
UNICREDIT Italy Financial Services +24 71 33.792 95 24.101 29 51.081
ORANGE France TMT +47 72 33.681 119 19.623 27 52.797
LUKOIL Russia Energy -16 73 33.589 57 38.219 38 45.320
COVIDIEN Ireland Healthc. & Pharma +39 74 33.518 113 21.903 132 15.877
IMPERIAL TOBACCO United Kingdom Retail & Consumer +16 75 33.197 91 24.767 78 25.300
AIR LIQUIDE France Industrial Prod. -9 76 33.173 67 31.253 94 21.558
HENKEL Germany Retail & Consumer -4 77 32.838 73 29.441 new 12.164
SHIRE Ireland Healthc. & Pharma n/a 78 31.882 n/a n/a n/a n/a
CONTINENTAL Germany Automotive +28 79 31.345 107 23.081 n/a n/a
MERCK Germany Healthc. & Pharma -3 80 31.318 77 27.326 new 17.141
Company name Industry Ran 3 November 2014 1 August 2013 1 August 2008
k +/- Rank Market Rank Market Rank Market
Cap €m Cap €m Cap €m
ERICSSON Sweden TMT -6 81 30.991 75 29.358 92 21.896
SOCIETE GENERALE France Financial Services +1 82 30.733 83 25.896 56 35.467
SBERBANK OF RUSSIA Russia Financial Services -45 83 30.653 38 47.607 48 39.991
DEUTSCHE POST Germany Transp. & Logistics +1 84 30.427 85 25.764 new 18.039
CREDIT AGRICOLE France Financial Services +45 85 30.388 130 18.093 67 30.167
STAND. CHARTERED United Kingdom Financial Services -41 86 29.720 45 42.553 73 26.928
ACE Switzerland Financial Services +16 87 29.047 103 23.478 n/a n/a
REED ELSEVIER United Kingdom TMT n/a 88 28.493 n/a n/a n/a n/a
LIBERTY GLOBAL United Kingdom TMT n/a 89 27.904 n/a n/a n/a n/a
ASS. BRITISH FOODS United Kingdom Retail & Consumer +46 90 27.895 136 17.638 n/a n/a
ATLAS COPCO Sweden Industrial Prod. +13 91 27.606 104 23.418 n/a n/a
LINDE Germany Industrial Prod. -12 92 27.408 80 26.858 new 15.024
E.ON Germany Energy -6 93 27.376 87 25.633 15 81.107
AUDI Germany Automotive -13 94 27.096 81 26.703 100 20.307
MUNICH RE Germany Financial Services -16 95 27.078 79 26.883 89 22.069
TELENOR Norway TMT -14 96 26.929 82 25.990 new 16.765
VINCI France Industrial Prod. -3 97 26.829 94 24.347 new 17.815
VIVENDI France TMT +17 98 26.262 115 21.424 66 31.019
HERMES INTERNAT. France Retail & Consumer -21 99 26.086 78 27.131 n/a n/a
CHRISTIAN DIOR France Retail & Consumer -8 100 25.651 92 24.688 n/a n/a
Company name Country Ran 3 November 2014 1 August 2013 1 August 2008
k +/- Rank Market Rank Market Rank Market
Cap €m Cap €m Cap €m
ROCHE Switzerland +2 1 201.613 3 159.804 8 103.799
NOVARTIS Switzerland +3 2 200.408 5 146.285 9 101.149
SANOFI France -2 11 97.745 9 99.774 25 59.926
NOVO NORDISK Denmark +7 12 95.660 19 71.232 74 26.841
BAYER Germany +4 14 93.261 18 72.953 46 41.939
GLAXOSMITHKLINE United Kingdom -3 15 87.954 12 95.336 17 77.894
ASTRAZENECA United Kingdom +19 20 73.404 39 47.580 39 44.920
COVIDIEN Ireland +37 76 33.518 113 21.903 132 15.877
SHIRE Ireland n/a 80 31.882 n/a n/a n/a n/a
MERCK Germany -5 82 31.318 77 27.326 new 17.141
400
200
0
2014 2013 2008
44 Energy 8 61 8 149
Transp. & Logistics
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Cap Rank Market Cap Rank Market Cap
€m €m €m
BAYER Healthcare & Pharma +2 1 93.261 3 72.953 8 41.939
VOLKSWAGEN Automotive -1 2 80.798 1 81.551 3 67.759
SIEMENS TMT -1 3 79.131 2 73.704 2 70.366
SAP TMT 0 4 66.610 4 68.305 6 46.423
DAIMLER Automotive +1 5 66.383 6 56.714 10 35.409
BASF SE Industrial Production -1 6 64.378 5 61.795 9 38.097
ALLIANZ Financial Services 0 7 57.810 7 53.574 4 49.143
BMW Automotive 0 8 54.802 8 46.338 18 17.667
DEUTSCHE TELEKOM TMT 0 9 54.168 9 40.924 5 47.844
DEUTSCHE BANK Financial Services 0 10 34.402 10 34.719 12 31.265
HENKEL Retail & Consumer 0 11 32.838 11 29.441 29 10.579
CONTINENTAL Automotive +6 12 31.345 18 23.081 26 11.758
MERCK Healthcare & Pharma -1 13 31.318 12 27.326 19 17.141
DEUTSCHE POST Transports & Logistics +2 14 30.427 16 25.764 17 18.039
LINDE Industrial Production -1 15 27.408 14 26.858 21 15.024
E.ON Energy +1 16 27.376 17 25.633 1 81.107
AUDI Automotive -2 17 27.096 15 26.703 14 20.307
MUENCHENER RUECK Financial Services -5 18 27.078 13 26.883 13 22.069
FRESENIUS SE Healthcare & Pharma +3 19 22.181 22 17.043 34 8.529
PORSCHE Automotive -1 20 20.039 19 19.594 20 16.067
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Cap Rank Market Cap Rank Market Cap
€m €m €m
FRESENIUS MEDICAL Healthcare & Pharma +2 21 18.150 23 14.904 28 10.663
RWE Energy +2 22 17.055 24 13.772 7 42.085
BEIERSDORF Retail & Consumer -2 23 16.267 21 17.648 30 10.357
COMMERZBANK Financial Services +9 24 13.639 33 7.409 23 13.787
MAN SE Automotive 0 25 13.375 25 12.615 32 9.447
EVONIK INDUSTRIES Industrial Production 0 26 12.353 26 12.060 IPO n/a
ADIDAS Retail & Consumer -7 27 12.096 20 17.737 36 7.779
TELEFONICA TMT +16 28 11.625 44 5.858 IPO n/a
THYSSENKRUPP Industrial Production +1 29 10.861 30 8.605 16 18.105
DEUTSCHE BOERSE Financial Services -2 30 10.521 28 10.451 22 13.884
HEIDELBERGCEMENT Industrial Production -4 31 10.197 27 10.793 33 9.211
KABEL DEUTSCHLAND TMT 0 32 9.550 32 7.514 IPO n/a
INFINEON TMT +1 33 8.751 34 7.241 51 3.606
METRO Retail & Consumer -5 34 8.327 29 8.895 25 11.935
HANNOVER RUECK Financial Services +3 35 8.015 38 6.756 50 3.624
DEUTSCHE POSTBANK Financial Services 36 7.847
HUGO BOSS Retail & Consumer +3 37 7.442 40 6.209 78 1.654
ENBW Energy -7 38 7.344 31 7.537 27 11.265
GEA Industrial Production +2 39 7.031 41 6.147 45 3.858
PROSIEBENSAT1. TMT -4 40 7.017 36 7.062 101 1.195
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Cap Rank Market Cap Rank Market Cap
€m €m €m
TALANX Financial Services +1 41 6.496 42 6.030 IPO n/a
ROCKET INTERNET Retail & Consumer IPO 42 6.485 n/a n/a n/a n/a
UNITED INTERNET TMT +4 43 6.369 47 4.765 57 3.037
SKY DEUTSCHLAND TMT +1 44 6.272 45 5.254 97 1.316
BRENNTAG Transportation & Logistics -6 45 5.946 39 6.329 IPO n/a
SYMRISE Industrial Production +7 46 5.847 53 3.856 98 1.262
DT. ANNINGTON Financial Services +3 47 5.815 50 4.040 IPO n/a
DT. LUFTHANSA Transportation & Logistics -11 48 5.472 37 6.950 38 6.777
CELESIO Retail & Consumer +13 49 5.335 62 2.899 46 3.710
DEUTSCHE WOHNEN Financial Services +20 50 5.203 70 2.255 new 208
WACKER CHEMIE Industrial Production +3 51 5.004 54 3.846 40 6.733
FRAPORT Transportation & Logistics -4 52 4.546 48 4.519 52 3.582
ZALANDO Retail & Consumer IPO 53 4.470 n/a n/a n/a n/a
FIELMANN Retail & Consumer +5 54 4.346 59 3.312 66 2.161
AXEL SPRINGER TMT -3 55 4.330 52 3.924 63 2.527
K+S Industrial Production +1 56 4.255 57 3.399 24 12.622
FUCHS PETROLUB Industrial Production -2 57 4.227 55 3.754 89 1.434
HOCHTIEF Industrial Production -11 58 4.080 49 4.386 54 3.466
LANXESS Industrial Production -8 59 3.780 51 3.926 69 2.068
MTU AERO ENGINES Industrial Production -4 60 3.629 56 3.573 new 994
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Cap Rank Market Cap Rank Market Cap
€m €m €m
WIRECARD Financial Services +2 61 3.521 63 2.599 new 490
TUI Transport. & Logistics +5 62 3.519 67 2.412 48 3.643
RHOEN KLINIKUM Healthcare & Pharma +1 63 3.283 64 2.537 68 2.131
LEG IMMOBILIEN Financial Services +13 64 3.132 77 2.016 IPO n/a
OSRAM LICHT Retail & Consumer -4 65 2.919 61 3.054 IPO n/a
KION Industrial Production 0 66 2.855 66 2.481 IPO n/a
RATIONAL Industrial Production -2 67 2.841 65 2.489 95 1.364
FREENET TMT +1 68 2.677 69 2.315 86 1.479
HSBC Financial Services -1 69 2.557 68 2.361 60 2.767
PUMA Retail & Consumer -10 70 2.523 60 3.207 55 3.351
KRONES Industrial Production +5 71 2.408 76 2.017 81 1.590
GSW IMMOBILIEN Financial Services +21 72 2.395 93 1.547 IPO n/a
LECHWERKE Energy -2 73 2.375 71 2.127 71 2.038
BILFINGER Industrial Production -16 74 2.357 58 3.354 80 1.631
SUEDZUCKER Retail & Consumer -29 75 2.265 46 5.002 67 2.157
AAREAL BANK Financial Services +27 76 2.037 103 1.249 136 655
CTS EVENTIM TMT +11 77 2.014 88 1.618 new 526
MORPHOSYS Healthcare & Pharma +26 78 2.005 104 1.248 new n/a
DIALOG SEMICOND. TMT +14 79 1.930 93 858 new n/a
DUERR Industrial Production +3 80 1.929 83 1.766 new 411
Company name Industry Rank 3 November 2014 1 August 2013 1 August 2008
+/- Rank Market Cap Rank Market Cap Rank Market Cap
€m €m €m
DT. EUROSHOP Financial Services +4 81 1.921 85 1.718 new 793
MAINOVA Energy -8 82 1.919 74 2.041 72 1.946
AURUBIS Industrial Production -3 83 1.866 80 1.923 94 1.365
STADA ARZNEIM. Healthcare & Pharma +8 84 1.859 72 2.123 75 1.833
GELSENWASSER Energy -6 85 1.843 79 1.946 83 1.564
CARL ZEISS MEDITEC Healthcare & Pharma -13 86 1.744 73 2.073 new 810
SOFTWARE AG TMT -9 87 1.734 78 1.992 96 1.350
SARTORIUS Industrial Production +3 88 1.718 91 1.558 new 330
KWS SAAT Retail & Consumer -2 89 1.718 87 1.647 new 828
KUKA Industrial Production +21 90 1.683 111 1.150 new n/a
Wuestenr& Wuerttemb. Financial Services +11 91 1.605 102 1.279 84 1.514
DMG MORI SEIKI Industrial Production n/a 92 1.602 new n/a new n/a
MVV ENERGIE Energy +2 93 1.568 95 1.461 70 2.063
ELRINGKLINGER AG Automotive -13 94 1.545 81 1.786 new 1.007
JUNGHEINRICH Industrial Production +12 95 1.534 107 1.231 new n/a
LEONI Industrial Production +12 96 1.487 106 858 126 784
DRILLISCH TMT +41 97 1.470 138 735 new n/a
GERRY WEBER Retail & Consumer -8 98 1.465 90 1.559 new n/a
SALZGITTER Industrial Production -13 99 1.438 86 1.685 41 6.436
GERRESHEIMER Industrial Production -3 100 1.391 97 1.390 new 1.063
Nadja Picard
Partner
Head of Capital Markets, PwC Germany
Email: nadja.picard@de.pwc.com
Tel.: +49 (0) 211 981 2978
Michael Burkhart