Corporate Finance, 6th Edition

Top 20 Largest Listed Companies

Benelux (in €bn)
Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	ASML	Electronics	227	1.27	7.1	44.0	14.0	3.6	28,073
2	Prosus	Internet	146	0.90	4.6	38.1	3.0	3.4	20,524
3	Shell	Oil & gas	120	1.57	1.2	9.7	149.1	(19.0)	87,000
4	AB InBev	Beverage	99	1.31	2.5	23.7	41.1	(0.6)	163,695
5	Airbus	Aviation	78	1.67	12.9	42.6	49.9	(1.1)	131,349
6	Adyen	Fintech	62	0.70	37.3	144.9	3.6	0.3	1,747
7	Heineken	Beverage	56	0.72	3.5	30.5	19.7	(0.2)	84,394
8	NXP Semiconductors	Electronics	44	1.42	3.1	20.0	7.6	0.0	29,000
9	Stellantis	Automotive	43	1.18	1.1	6.3	86.7	0.0	189,512
10	Philips	Consumer goods	43	0.87	2.8	25.0	19.5	1.2	81,592
11	ING	Bank	42	1.55	0.9	10.8	28.2	2.5	91,411
12	Spotify	Media	40	0.75	33.3	EPS < 0	7.9	(0.6)	5,584
13	ArcelorMittal	Steel	27	1.87	0.6	5.3	46.7	(0.6)	167,743
14	KBC	Bank	27	1.44	1.5	13.9	12.0	1.4	37,137
15	DSM	Retail	26	0.71	2.3	30.5	8.1	0.5	23,127
16	Heineken Holding	Beverage	24	0.76	3.3	24.5	19.7	(0.1)	84,394
17	Ahold Delhaize	Consumer goods	23	0.40	1.7	11.9	74.7	1.4	414,000
18	Wolters Kluwer	Publishing	20	0.59	6.4	24.1	4.6	0.7	19,169
19	Akzo Nobel	Chemicals	19	0.79	2.7	21.1	8.5	0.6	32,200
20	Yandex	Retail	17	1.00	5.5	69.9	2.6	0.3	11,864

Source: FactSet, may 2021

Brazil (in €bn)
Group	Industry	Market cap	Beta	Price ...