Corporate Finance, 4th Edition

Top 20 Largest Listed Companies

Benelux (in €bn)
Group		Market Capitalisation	Beta	Price to book ratio(PBR) 2013	P/E ratio 2014	Revenues or Net Banking Income 2013	Net income 2013	Headcount 2013
1	AB Inbev	126	0.93	3.4	20.3	31.2	5.7	154 587
2	Unilever	87	0.67	6.0	18.8	49.8	4.6	174 000
3	ING Group	39	1.76	0.8	9.7	15.3	3.3	83 690
4	Heineken	29	0.66	2.5	16.9	19.2	1.6	80 933
5	ASML	27	0.80	3.8	21.6	5.2	1.0	10 360
6	Reed	23	0.78	6.1	14.4	7.1	1.4	nm
7	Philips	22	1.06	1.9	15.0	23.3	1.3	114 689
8	Arcelor Mittal	20	1.47	0.6	20.0	57.4	–0.8	232 000
9	Unibail-Rodamco	19	0.97	1.2	17.7	1.6	1.0	1 538
10	KBC	18	1.83	1.5	10.9	7.2	1.0	nm
11	Aegon	14	1.45	0.8	9.2	20.4	1.5	23 474
12	Robeco	13	0.56	12.0	n.s.	0.0	0.0	nm
13	Ahold	13	0.94	1.9	13.0	32.6	0.9	123 000
14	Akzo Nobel	13	1.31	2.2	17.1	14.6	0.6	49 561
15	RTL	13	0.45	3.5	16.8	5.9	0.7	9 807
16	GBL	12	0.69	0.9	17.5	3.9	0.6	nm
17	UCB	12	0.85	2.3	29.4	3.4	0.4	8 732
18	SES	11	0.55	4.7	18.0	1.9	0.6	nm
19	KPN	11	1.08	2.0	31.2	8.5	0.3	23 451
20	Solvay	10	1.16	1.4	16.4	10.4	0.4	29 389

Source: Datastream, Exane BNP Paribas, April 2014

Brazil (in €bn)
Group		Market Capitalisation	Beta	Price to book ratio(PBR) 2013	P/E ratio 2014	Revenues or Net Banking Income 2013	Net income 2013	Headcount 2013
1	Ambev	87	0.18	2.0	20.6	11.3	3.7	51 299
2	Petrobas	65	1.14	0.6	7.3	98.6	7.6	86 108
3	Itau Unibanco	58	0.98	2.3	10.2	22.6	5.1	100 000
4	Vale	51	0.80	1.0	5.0	34.7	8.9	80 000
5	Bradesco	46	1.01 ...