Telecoms

500
2015
The annual report on the world’s most valuable telecoms brands
June 2015
Foreword.
The boardroom can sometimes feel like the tower of
Babel, with CMOs and CFOs speaking mutually
unintelligible languages, damaging the prospects
for what should be their shared goals. Brand Finance
bridges the gap between marketing and finance.

David Haigh, CEO

Brand Finance What is the purpose of a strong brand; to attract importance of design, advertising and marketing, but we
customers, to build loyalty, to motivate staff? All true, also believe that the ultimate and overriding purpose of
but for a commercial brand at least, the first answer brands is to make money.
must always be ‘to make money’.
That is why we connect brands to the bottom line. By
Huge investments are made in the design, launch and valuing brands we provide a mutually intelligible language
ongoing promotion of brands. Given their potential for marketers and finance teams. Marketers then have the
financial value, this makes sense. Unfortunately most ability to communicate the significance of what they do
organisations fail to go beyond that, missing huge and boards can use the information to chart a course that
opportunities to effectively make use of what are often maximizes profits.
their most important assets.
Of course not all non-marketers need to be convinced that
Monitoring of brand performance should be brands are valuable. Warren Buffet, renowned for his
the next step, but is often sporadic. Where it does take financial nous and stock picking ability, is famously keen
place it frequently lacks financial rigour and is heavily on investing in some of the world’s biggest and best-loved
reliant on qualitative measures poorly understood by brands such as Heinz and Coca-Cola. The sage of Omaha
non-marketers. As a result, marketing teams struggle to certainly does extremely well from most of his investments,
communicate the value of their work and boards then but could he be doing better?
underestimate the significance of their brands to the
business. It is all well and good to want a strong brand that
customers connect with, but as with any asset, without
Sceptical finance teams, unconvinced by what they knowing the precise, financial value, how can you know if
perceive as marketing mumbo jumbo may fail to agree you are maximising your returns? If you are intending to
necessary investments. What marketing spend there is license a brand, how can you know you are getting a fair
can end up poorly directed as marketers are left to operate price? If you are intending to sell, how do you know what
with insufficient financial guidance or accountability. The the right time is?
end result can be a slow but steady downward spiral of
poor communication, wasted resources and a negative Brand Finance has conducted hundreds of brand and
impact on the bottom line. branded-business valuations to help answer these
questions. The following report is a first step to
Brand Finance bridges the gap between the marketing understanding more about brands, how to value them
and financial worlds. Our teams have experience across a and how to use that information to benefit the business.
wide range of disciplines from market research and visual The team and I look forward to continuing the conversation
identity to tax and accounting. We understand the with you.

2. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 3.
Contents About Brand Finance
About Brand Finance 5 Brand Finance is the world’s leading independent Transparency
brand valuation and strategy consultancy. Brand There are no black boxes. Our approach is to work
Methodology 6 Finance was set up in 1996 with the aim of ‘bridging the openly, collaboratively and flexibly with clients and we will
gap between marketing and finance’. For almost 20 years always reveal the details of our modelling and analysis.
Sector Analysis 8 we have helped companies to connect their brands to the This means our clients always understand what lies behind
bottom line, building robust business cases for brand ‘the number’.
Understand Your Brand’s Value 20
decisions, strategies and investments. In doing so, we have
How We Can Help 22 helped finance people to evaluate marketing programmes Expertise
and marketing people to present their case in the Board We possess a unique combination of skills and
Contact Details 23 Room. experience. We employ functional experts with
marketing, research and financial backgrounds, as well as
Independence ex-client-side senior management who are used to
Brand Finance is impartial and independent. We ‘making things happen’. This gives us the mindset to think
assess and help to manage brands, but we do not create beyond the analysis and to consider the likely impact on
or own them. We are therefore able to give objective, day-to-day operations. We like to think this differentiates
unbiased advice because we have no vested interest in us because our team has real operational experience.
particular outcomes of a project and our recommendations
are entirely independent. We are agency agnostic and For more information, please visit our website:
work collaboratively with many other agencies and brandfinance.com
consultancies.

Technical credibility
Brand Finance has high technical standards. Our
work is frequently peer-reviewed by the big four audit
practices and our work has been accepted by tax
authorities and regulatory bodies around the world. We
are one of the few companies certified to provide brand
valuations that are fully compliant with ISO 10668, the
global standard on monetary brand valuations.

Brand Finance puts thousands of the world’s biggest brands to the test every year, evaluating which are
the most powerful and most valuable. The Global 500 covers the top 500 from all sectors and is just one
of many annual reports produced by Brand Finance. Visit www.brandfinance.com to discover more.

Global
500
2015
The annual report on the world’s most valuable global brands
February 2015

4. Brand Finance Global 500500

Telecoms February 2015
February 2015 Brand Finance Telecoms 500 February 2015 5.
Methodology
What do we mean by ‘brand’? Brand strength index Brand Brand revenues Brand value
(BSI) ‘Royalty rate’
Definitions
+ Enterprise Value – the value of the entire
E.g. enterprise, made up of multiple branded
‘Branded Telefonica
Group
businesses
Brand Strong brand
Enterprise’
investment
‘Branded
Business’
Brand
+ Branded Business Value – the value of a equity
single branded business operating under
‘Brand’ E.g. the subject brand
Movistar Brand
Weak brand
performance Forecast revenues

+ Brand Value – the value of the trade Brand strength expressed BSI score applied to an Royalty rate applied to Post-tax brand revenues
marks (and relating marketing IP and as a BSI score out of 100. appropriate sector royalty forecast revenues to derive are discounted to a net
Movistar ‘goodwill’ attached to it) within the rate range. brand values. present value (NPV) which
Brand
branded business equals the brand value.

Definition of ‘Brand’ Brand Strength Brand Finance calculates the values of the brands in 3 
Calculate royalty rate. The brand strength score is
its league tables using the ‘Royalty Relief approach’. applied to the royalty rate range to arrive at a royalty rate.
In the very broadest sense, a brand is the focus for all the Brand Strength is the part of our analysis most directly and This approach involves estimating the likely future sales For example, if the royalty rate range in a brand’s sector
expectations and opinions held by customers, staff and easily influenced by those responsible for marketing and that are attributable to a brand and calculating a royalty is 1-5% and a brand has a brand strength score of 80 out
other stakeholders about an organisation and its products brand management. In order to determine the strength of rate that would be charged for the use of the brand, i.e. of 100, then an appropriate royalty rate for the use of this
and services. However when looking at brands as business a brand we have developed the Brand Strength Index what the owner would have to pay for the use of the brand in the given sector will be 4.2%.
assets that can be bought, sold and licensed, a more (BSI). We analyse marketing investment, brand equity (the brand—assuming it were not already owned. 4 
Determine brand specific revenues estimating a
technical definition is required. Brand Finance helped to goodwill accumulated with customers, staff and other proportion of parent company revenues attributable to a
craft the internationally recognised standard on Brand stakeholders) and finally the impact of those on business specific brand.
Valuation, ISO 10668. That defines a brand as “a marketing- performance. Following this analysis, each brand is 5 
Determine forecast brand specific revenues using a
The steps in this process are as follows:
related intangible asset including, but not limited to, names, assigned a BSI score out of 100, which is fed into the function of historic revenues, equity analyst forecasts and
terms, signs, symbols, logos and designs, or a combination brand value calculation. Based on the score, each brand 1 
Calculate brand strength on a scale of 0 to 100 based on economic growth rates.
of these, intended to identify goods, services or entities, or in the league table is assigned a rating between AAA+ a number of attributes such as emotional connection, 6 
Apply the royalty rate to the forecast revenues to derive
a combination of these, creating distinctive images and and D in a format similar to a credit rating. AAA+ brands financial performance and sustainability, among others. brand revenues.
associations in the minds of stakeholders, thereby are exceptionally strong and well managed while a failing This score is known as the Brand Strength Index. 7 
Brand revenues are discounted post tax to a net present
generating economic benefits/value” brand would be assigned a D grade. 2 
Determine the royalty rate range for the respective brand value which equals the brand value.
sectors. This is done by reviewing comparable licensing
agreements sourced from Brand Finance’s extensive
database of license agreements and other online
databases.

6. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 7.
Sector Analysis – Telecoms

Telecoms
Top 10 Most Valuable Operator Brands customer payment relationships and generate their own
advertising revenues.

1 Rank 2015: 1 2014: 1

BV 2015: $59,843m
BV 2014: $53,466m
+12% However, these new brand relationships are often
Brand Rating: AAA- symbiotic, with the telecom brands needing the content
brand services to retain customers and the content

500
2 Rank 2015: 2 2014: 2 brands needing fast reliable networks to deliver a high
BV 2015: $58,820m quality entertainment experience. When service standards
+30%
BV 2014: $45,410m slip, brands may suffer – witness the public spat in the US
Brand Rating: AA+ where Netflix faces legal action from Verizon for airing
on-screen messages blaming the broadband provider
3 Rank 2015: 3 2014: 3
BV 2015: $47,916m
BV 2014: $31,845m
+50%
when films run slowly or are interrupted in progress.

Brand Rating: AAA- Nevertheless, topping the Brand Finance Telecoms table
for 2015 is the US-based Verizon brand, which

4 Rank 2015: 4 2014: 4

BV 2015: $31,108m
BV 2014: $30,607m
+2%
experienced a brand value growth of 12% to US$59.9
billion. However, second placed AT&T came very close to
knocking Verizon from top spot this year, registering an
Brand Rating: AA+
impressive brand value growth of 30% to US$58.8 billion.
Its bumper performance in 2014 may also translate into
5 Rank 2015: 5 2014: 5
BV 2015: $27,287m
BV 2014: $29,612m
-8%
further growth throughout 2015, as its acquisition of
American TV broadcaster DirecTV gives it a much
Brand Rating: AA+ stronger presence in the entertainment industry – good
evidence perhaps that quadplay is here to stay.

After years of comparative inactivity, 2014 saw the successful brands will be those that can stretch into
6 Rank 2015: 6 2014: 6
BV 2015: $19,867m
BV 2014: $19,851m
+0% However, progress of these top two brands was dwarfed
by that of Chinese state-owned brand China Mobile. This
telecom sector come alive through the twin forces of adjacent product areas – consider mobile brands which Brand Rating: AA+
year’s biggest riser by value, it increased its brand value
consolidation and convergence, with profound grew up being ‘anti-fixed’, but now find themselves
by 50% to US$47.9 billion. Successful negotiations with
implications for brands. applied to the very fixed line services they grew up
competing against. 7 Rank 2015: 7 2014: 10
BV 2015: $17,514m
BV 2014: $15,329m
+14%
Apple to sell the iPhone in China and a market-leading
4G rollout programme means China Mobile compares
Low subscriber growth and price erosion has forced
Brand Rating: AA+ particularly favourably this year with its two main
carriers to seek cost efficiencies and scale, so driving a The key growth area is of course data, driven by the
competitors, China Telecom (up 1%) and China Unicom

8
desire for consolidation. And with the European insatiable appetite of consumers for apps and video, Rank 2015: 8 2014: 11 (down 13%). While Verizon may have the opportunity to
Commission accepting the acquisition of O2 in Ireland by particularly mobile services. Whilst welcome, carriers BV 2015: $16,175m
+6% build value by extending its strong brand into other
Hutchison Whampoa and E-Plus in Germany by now need to invest heavily in increased capacity and BV 2014: $15,261m
Brand Rating: AAA- markets, as the successful European operators such as
Telefonica, more consolidation activity seems inevitable. faster networks, in particular the accelerated delivery of
Vodafone, ‘T’ and Orange have done, it will be very
The resulting mergers and acquisitions will lead to the fibre optic and 4G-LTE mobile networks. It has also led to

9 Rank 2015: 9 2014: 7 difficult for ‘China’ Mobile to expand in that way. With the
elimination of some brands, and the need for acquired the need for operator brands to co-exist in close ‘co-
BV 2015: $16,039m easing of Chinese government regulation on joint
customers to live with a different brand to the one they branded’ partnerships with powerful internet, device and -11%
BV 2014: $18,008m ventures between Chinese and overseas investors, it will
bought into. app brands such as Google, Apple and Skype. Some of Brand Rating: AA be interesting to see whether competition between the
the most popular ‘over-the-top’ (OTT) content brands
current local telecom brands intensifies, especially given
More positively, consumers have at last embraced the
concept of bundled services, resulting in a flurry of
such as Facebook and Netflix have become more
attractive than the telco carrier brands which deliver 10 Rank 2015: 10 2014: 9
BV 2015: $14,734m
BV 2014: $15,697m
-6%
that there are only three brands currently vying for over a
billion potential customers. Maybe we will see non-
convergence activity to deliver triple or quadplay mobile, them. And in some cases the telecom carriers are being
Brand Rating: AA Chinese telecom brands presenting themselves more to
fixed line, broadband and TV services. The most completely by-passed as OTT brands establish end-user
exert more influence?
8. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 9.
Sector Analysis – Telecoms
Top 10 Most Valuable Infrastructure Brands Brand Finance has separately analysed the brand values
of the top 10 infrastructure providers and the Huawei

60
Verizon
1 Rank 2015: 1 2014: 1
BV 2015: $23,217m
BV 2014: $20,784m
+12%
brand is the fastest growing of the set. An expanding list
of sponsorships including come of Europe’s biggest
football clubs such as Atletico Madrid, Arsenal, PSG, AC
Brand Rating: AAA-
Milan and Ajax is rapidly building a public profile to
50 match Huawei’s commercial success. Its US$11.6 billion
AT&T
2 Rank 2015: 2 2014:
BV 2015: $11,621m
BV 2014: $8,721m
+33%
brand value puts it second on the list behind Cisco
(US$23.2 billion). Qualcomm’s brand value is up 15% to
40 Brand Rating: AA US$ billion, in part thanks to the unprecedented success
China Mobile
Brand value (US$bn)

of the iPhone 6, for which it supplies chips. Though the

30
T
3 Rank 2015: 3 2014: 2
BV 2015: $9,157m
BV 2014: $7,406m
+24%
recent US$975 million fine from the Chinese government
for antitrust violations is significant, it could have been far
more punitive. Qualcomm is still well placed to profit
Brand Rating: AA+
from China’s booming smart phone market.
20 Vodafone
4 Rank 2015: 4 2014: 3
BV 2015: $4,994m
BV 2014: $4,337m
+15%
For telecom brands, this is a crucial moment: can
established network brands successfully embrace
Orange Brand Rating: AA+ content and entertainment services to forge stronger
10
bonds with their customers and re-gain momentum

5 Rank 2015: 5 2014: 4

BV 2015: $3,881m
BV 2014: $4,331m
-10%
against the OTT internet-based players? For those that
succeed, the rewards could be very significant as, after
0 10 years of telecom operators waiting for the more
Brand Rating: AA
2007 2008 2009 2010 2011 2012 2013 2014 2015 profitable data services to take off, three sources of

In Europe, the key battleground for 2015 appears to be put BT at the heart of the nation, and BT Sport continues
6 Rank 2015: 6 2014:
BV 2015: $3,437m
BV 2014: $3,515m
-2%
growth may now have come along at once: increased
take-up of data-hungry ‘Phablet’ devices (smartphones
with tablet-like 5-7 inch screens), tapping into a newly-
the UK. With BT Sport, BT has successfully extended its to accelerate our brand relevance and momentum. It’s a Brand Rating: AA educated over-55 year old smartphone generation gap
core fixed-broadband offer brand, a key contributor to a real testament to a bold vision consistently executed, and
and the upsurge in demand for mobile payments.
7
very big increase in brand value last year. This year, brand to a committed and tenacious team.” Rank 2015: 7 2014: 6
value for BT has increased by a more modest 6% but BV 2015: $2,212m
+9% As a once-prominent brand in the UK used to say, ‘The
enough to see it enter the Top 10 of global telecom It remains to be seen whether Sky, having just paid BV 2014: $2,032m
Brand Rating: AA- future looks bright’... although it could never have
brands at no. 8. Next year could see another large jump if hugely to retain Premier League football TV rights up to
imagined it would look quite like it does now.
it rebrands the recent acquisition of EE, which has the 2019, can find a way to expand its current triple-play offer
most 4G customers in the UK, so creating a quadplay
powerhouse. That could also lead to the disappearance
into mobile – the Sky brand is strong but also strongly
associated with TV. However, competition in the mobile
8 Rank 2015: 8 2014: 9
BV 2015: $1,503m
BV 2014: $1,339m
+12% Worth noting is that it’s not just the brands with the biggest
brand value figures which will win – it’s the ones who
of both the Orange and T-Mobile brands from the UK. space for BT may come more from Three, which has just Brand Rating: AA
understand how that value is created and from where in
agreed to buy its much larger competitor, O2 – a rebrand
the business (or in potential businesses) value resides.
Commenting on Brand Finance’s research, Suzi Williams,
BT Group marketing and brand director, said: “In 2008/9,
of that acquisition would require careful evaluation. Which
leaves the original mobile mega-brand Vodafone as the 9 Rank 2015: 9 2014: 12
BV 2015: $988m
BV 2014: $905m
+9%
Brands need to be measured with growth targets set; they
need to be not only managed for optimal performance but
people compared the BT brand challenge to turning smallest operator in the UK. However, after a period of
Brand Rating: AA+ maximised in terms of being used to grow the business
around an oil tanker. Five years later and not only has BT’s transition, it appears to be using cash from a canny
itself; and then of course progress needs to be monitored
brand value doubled, but BT has entered the top ten divestment of its stake in Verizon, along with a strong,
global telco brand list for the first time. The steps we took
to build the brand have really paid off – first our investment
versatile brand, to build a successful business which is
increasingly embracing quadplay services.
10 Rank 2015: 10 2014: 8
BV 2015: $963m
BV 2014: $1,530m
-37%
and course-corrected along the way. The opportunities for
telcos are huge, but the challenges for the management
of their brand assets have never been greater
in fibre set a new course for the business, London 2012 Brand Rating: AA

10. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 11.
 Quad play bundle and the effect on
Telecoms 500 by Region brand value
Europe Broadening service portfolio offers huge potential for
BV 2015: $31,108m brand value growth.
Brand Rating: AA-
+2%
Telecom carriers are increasingly moving toward the
so called quad play bundle - mobile, fixed line,
broadband and TV services. Brands that can stretch to
adjacent product areas are likely to experience further
Asia growth in brand value, even if rebranding doesn’t take
North America place. Companies such as BT & AT&T have managed to
BV 2015: $47,946m
BV 2015: $59,843m Brand Rating: AAA- improve brands in recent years, despite weaker margins
Brand Rating: AAA- +50% and diminishing sales growth.
+12%

Middle East Pacific

BV 2015: $5,695m BV 2015: $8,708m
Brand Rating: AA- Brand Rating: AAA-
South America
+14% +5%
BV 2015: $5,079m Africa
Brand Rating: AAA-
BV 2015: $4,672m BT Brand Value (USDm)
+38%
Brand Rating: AA+
BT has successfully extended its core fixed-broadband 16,175
-13% offer brand with launch of BT Sport and BT Mobile.This 15,261
contributed to the BT brand increasing by 6% in value, +6%
Regional Brand Value Analysis
despite the weak growth in the UK. 8,977
+70%
+13% -1% +18%
Next year it could see another large jump if it rebrands the
249.8
221.1
recent acquisition of EE, which has the most 4G
217.8 216.5
186.7 customers in the UK, thus creating a quad play
157.7 powerhouse. 2013 2014 2015
-1% +8% +16% +0%
AT&T Brand Value (USDm)

22.2 23.9 18.1 21.0 AT&T has built upon its telecoms base with the recent 58,820
11.1 10.9 11.6 11.6
acquisition of the satellite TV provider DirecTV. 45,410
North America Europe Asia Africa Pacific Middle East South America
Aggregate BV 2014 Aggregate BV 2015 The acquisition has also allowed AT&T to expand its 30,407
brand beyond the U.S. market into Mexico or Latin +30%
North America remains top by total brand value, up 13% year-on-year, driven by the improving US economy and America.
increases to the value of some major brands following significant M&As. Asia is the fastest growing region, up 18% +49%
($30bn). Chinese brands lead the way benefitting from an expanding customer base and government support. Middle
Eastern brands grew almost as quickly, by 16%. Local carriers are now increasingly looking for opportunities to expand
brand overseas. Europe and Africa are the only regions to experience a decline in brand value 2013 2014 2015

12. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 13.
The Importance of a Fast 4G Mobile
Network
New generation 4G mobile networks help carriers build Markets with well established 4G services require
stronger brands constant upgrades of traffic speed

The key growth area for telecom carriers is data. As the telecom market prepares for faster new
Customers no longer see high speed data traffic as an generation of smartphones telecoms carriers need to
additional service, but rather as a necessity. constantly upgrade data speeds on their 4G networks.
Developing a profitable and efficient 4G mobile network is Telecom services market in Singapore is yet another
a challenge that only a small number of telecoms example how small differences in data traffic speed help
worldwide have addressed successfully. The huge companies build strong telecom brands. This comes
amount of funding required for Capital Expenditure has largely as a result of the proliferation of 4G compatible
grown debt levels of some carriers, consequently leading devices and data heavy mobile applications such as
to instability and financial difficulties. Different licences Netflix.
needed and slow 4G mobile spectrum auctions further
impede telecoms efforts in developing their new
generation mobile networks. In this case the slow
adoption of 4G services and lack of coverage have
resulted in lower expected sales growth and larger Brand
Strength Index gap between China Mobile.

China Mobile Brand Value (USDm) Singel Brand Value (USDm)

China Mobile is the current leader in 4G coverage in the 47,916 SingTel is a pioneer in ramping up commercial 4G mobile
Chinese market. By the end of 2014 China Mobile 4G services in Singapore. Despite its huge success as the
customer base exceeded 100 million and is expected to first carrier to locally roll out 4G service SingTel has
2,045
31,845
continue its growth momentum. +50% continued to invest heavily in upgrading its mobile
23,296
network.
+37% 1,902
The large portfolio of more than 200 4G-compatible +8%
handsets, including iPhone 6, has helped China Mobile to Currently SingTel offers 97% 4G coverage in Singapore,
capitalize on its 4G networks and boost growth in including indoor coverage in shopping malls, hotels and
customer base. 2013 2014 2015 other commercial properties. 2014 2015
China Unicom Brand Value (USDm)
Starhub Brand Value (USDm)
Despite the huge growth in revenues over the last few
15,851 Unlike China Unicom in China StarHub has a well-
years China Unicom brand value has dropped by 13% to 13,791 769
established 4G-LTE network with a nationwide coverage in
$13,791m in 2015 as margins (and therefore the royalty
-13% Singapore.
rates applicable) have come under pressure. 9,507
+67%
679
However StarHub has only recently joined rival telecoms
-12%
SingTel and M1 in upgrading its 4G network. Relatively
slower data traffic speed had a significant negative impact
both on revenues and brand value.
2013 2014 2015 2014 2015

14. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 15.
Full Table Telecoms 500
Most valuable telecoms brands 1-50. Most valuable telecoms brands 51-100.
Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating
2015 2014 2015 2015 change 2014 2014 2015 2014 2015 2015 change 2014 2014
1 1 Verizon United States 59,843 AAA- 12% 53,466 AAA- 51 59 Telkomsel Indonesia 2,808 AA+ 46% 1,921 AAA-
2 2 AT&T United States 58,820 AA+ 30% 45,410 AA 52 52 Vivo Brazil 2,806 AA 7% 2,616 AA
3 3 China Mobile China 47,916 AAA- 50% 31,845 AA+ 53 51 KDDI Japan 2,755 AA- -2% 2,809 AA-
4 4 T (Deutsche Telekom in Germany) Germany 31,108 AA+ 2% 30,607 AA 54 44 Beeline Russia 2,638 AA+ -24% 3,493 AA
5 5 Vodafone UK 27,287 AA+ -8% 29,612 AAA- 55 56 Telmex Mexico 2,204 AA+ 1% 2,172 AA-
6 6 Orange France 19,867 AA+ 0% 19,851 AA 56 49 Mobily Saudi Arabia 2,190 AA- -27% 3,016 AA
7 10 Comcast United States 17,514 AA+ 14% 15,329 AA+ 57 58 LG U+ South Korea 2,165 AA 8% 2,004 AA-
8 11 BT UK 16,175 AAA- 6% 15,261 AAA- 58 54 Bouygues Telecom France 2,131 A+ -15% 2,506 AA
9 7 SoftBank Japan 16,039 AA -11% 18,008 AA 59 72 Tigo Luxembourg 2,099 AA+ 49% 1,413 AA+
10 9 NTT Japan 14,734 AA -6% 15,697 AA 60 55 Rostelecom Russia 2,080 A+ -6% 2,218 A+
11 12 China Telecom China 14,064 AA+ 1% 13,887 AA- 61 60 Singtel Singapore 2,045 AA- 8% 1,902 AA+
12 8 China Unicom China 13,791 AA+ -13% 15,851 AA+ 62 128 Proximus Belgium 2,045 AA 214% 651 AA-
13 14 au Japan 12,677 AA+ 21% 10,506 AA 63 57 Oi Brazil 1,898 AA -10% 2,117 AA+
14 New NTT Docomo Japan 12,641 AA+ 64 61 Free Mobile France 1,832 AA 0% 1,832 AA-
15 15 Time Warner Cable United States 11,822 AA+ 18% 9,998 AA 65 94 Ooredoo Qatar 1,740 AA 82% 958 AA
16 13 Movistar Spain 11,451 AAA- -11% 12,877 AAA- 66 84 Idea Cellular India 1,718 AA+ 50% 1,148 AA
17 17 DirecTV United States 10,334 AA+ 26% 8,226 AA- 67 67 TDC Denmark 1,705 AA- 17% 1,458 AA-
18 16 Telstra Australia 8,708 AAA- 5% 8,302 AA+ 68 74 Du Uae 1,699 AA 25% 1,357 AA-
19 18 Sky UK 8,697 AAA- 7% 8,157 AAA- 69 64 Tracfone United States 1,628 AA- 2% 1,598 AA-
20 20 O2 UK 8,359 AAA- 10% 7,630 AA+ 70 79 Turkcell Turkey 1,566 AAA- 25% 1,253 AAA-
21 22 Bell Canada 7,638 AA+ 9% 7,022 AAA- 71 62 Wind Italy 1,558 AA -9% 1,712 AA-
22 19 TIM Italy 7,515 AA+ -7% 8,044 AA 72 78 Telefonica Spain 1,529 AA+ 19% 1,287 AA+
23 24 Telenor Norway 7,047 AA 8% 6,511 AA+ 73 91 PLDT Philippines 1,510 AA- 48% 1,017 AA-
24 23 Sprint United States 6,866 AA 3% 6,634 AA 74 66 Frontier Communication United States 1,500 AA- 0% 1,505 AA
25 21 Centurylink United States 6,664 AA -9% 7,316 AA 75 75 Windstream United States 1,489 AA- 11% 1,338 AA-
26 33 SK South Korea 5,905 AA 30% 4,557 AA+ 76 76 HKT China 1,470 A+ 11% 1,325 A+
27 28 Swisscom Switzerland 5,883 AA+ 14% 5,168 AA 77 83 Zain Kuwait 1,434 AA 19% 1,206 AA
28 27 EE UK 5,807 AA 9% 5,344 AA 78 65 Turk Telekom Turkey 1,423 AA 12% 1,263 AAA-
29 29 STC Saudi Arabia 5,695 AA- 14% 4,975 AA- 79 105 Ziggo Netherlands 1,409 AA 63% 863 AA-
30 New TeliaSonera Sweden 5,151 AA -12% 5,879 AA+ 80 71 Maxis Malaysia 1,315 AA -7% 1,414 AA+
31 41 KPN Netherlands 4,994 AA+ 37% 3,634 AA 81 87 Level (3) United States 1,267 AA- 17% 1,080 AA-
32 40 Claro Mexico 4,957 AAA- 35% 3,675 AA 82 95 Telenet Belgium 1,257 AA+ 32% 950 AA-
33 32 Rogers Canada 4,814 AA 1% 4,752 AA 83 63 Optimum United States 1,206 AA- -30% 1,711 AA-
34 35 Telus Canada 4,798 AA 13% 4,261 AA+ 84 77 E - plus Germany 1,166 AA- -11% 1,314 AA
35 30 KT South Korea 4,795 AA+ -2% 4,912 AA+ 85 86 Taiwan Mobile Taiwan 1,125 AA- 3% 1,093 A+
36 31 Dish Network United States 4,791 AA+ 0% 4,792 AA 86 104 Entel Chile 1,120 AAA- 27% 882 AA+
37 36 3 Hong Kong 4,714 AA+ 11% 4,260 AA 87 103 DiGi Malaysia 1,108 AA 24% 895 AA
38 26 MTN South Africa 4,672 AA+ -13% 5,381 AAA- 88 88 TM Malaysia 1,094 AA 4% 1,051 AA
39 38 Airtel India 4,524 AAA- 18% 3,819 AA+ 89 98 Reliance Communications India 1,072 AA+ -21% 1,357 AA-
40 34 SFR France 4,466 AA -2% 4,547 AA+ 90 119 TalkTalk UK 1,055 AA 50% 701 AA
41 46 Etisalat Uae 4,381 AA 27% 3,452 AA- 91 150 Avea Turkey 1,052 AAA- 43% 737 AA-
42 25 Virgin Media United States 4,011 AA+ -15% 4,692 AAA- 92 89 True Thailand 1,043 A+ 1% 1,033 A+
43 42 MTS Russia 3,977 AA+ 10% 3,613 AA+ 93 112 PCCW China 1,022 AA- 29% 793 AA-
44 53 Charter United States 3,574 AAA- 39% 2,578 AA 94 73 A1 Telekom Austria 973 AA- -30% 1,393 AA
45 45 UPC United States 3,504 AA 1% 3,462 AA 95 99 Embratel Brazil 956 AA- 4% 922 A+
46 37 Telcel Mexico 3,231 AA -22% 4,165 AA+ 96 69 Tele2 Sweden 944 AA- -34% 1,425 AA-
47 47 Shaw Canada 3,222 AA 1% 3,176 AA- 97 82 Bell Alliant Canada 925 AA- -24% 1,222 AA
48 48 Megafon Russia 3,200 AA+ 1% 3,162 AA 98 92 Kabel Deutschland Germany 918 AA- -6% 976 AA-
49 43 Optus Australia 3,087 AA+ -13% 3,569 AA+ 99 109 Hutchison Telecom China 882 A 9% 806 A+
50 39 Chunghwa Taiwan 3,060 AA -19% 3,783 AA+ 100 90 US Cellular United States 862 A+ -16% 1,022 A+

16. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 17.
Full Table Telecoms 500
Most valuable telecoms brands 101-150. Most valuable telecoms brands 151-200.
Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating
2015 2014 2015 2015 change 2014 2014 2015 2014 2015 2015 change 2014 2014
101 111 BCE Canada 854 AA 8% 794 AA 151 277 MCI Iran 390 A- -3% 403 A
102 143 Maroc telecom Morocco 847 AAA- 61% 527 A+ 152 199 Nos Portugal 387 AA- 53% 254 AA+
103 97 Dtac (Total Access Communication Plc) Thailand 840 A+ -10% 937 A+ 153 209 Play Poland 382 A+ 74% 219 A
104 139 Celcom Malaysia 836 AA 45% 578 AA 154 180 Sonatel Senegal 379 A+ 22% 311 A+
105 100 Elisa Finland 802 AA -12% 915 AA 155 171 Safaricom Kenya 371 AA- 4% 357 AA-
106 110 Bezeq Israel 779 AA- -2% 795 AA 156 188 Telecom Egypt Egypt 371 A 25% 296 A
107 68 Sky Deutschland Germany 779 AA- -46% 1,440 AA 157 138 SKY PerfecTV! Japan 367 A+ -37% 582 A+
108 114 FASTWEB Switzerland 772 AA 4% 742 AA 158 181 BSNL India 360 A+ 17% 307 A-
109 129 Personal Argentina 767 AA+ 19% 644 AA 159 182 Unitel Angola 356 A- -42% 608 A
110 128 Proximus Belgium 765 AA 18% 651 AA- 160 156 Hellenic Telecom Greece 346 AA- -23% 448 AA
111 118 Globe Telecom Philippines 740 A+ 5% 704 AA- 161 192 TPG Telecom Australia 345 AA 21% 286 AA
112 102 EchoStar United States 720 A -20% 899 AA- 162 163 M1 Singapore 340 A+ -15% 402 A
113 136 Tata Communications India 715 AA- 20% 598 A+ 163 172 Meo Portugal 339 AA -3% 349 AA-
114 107 One-2-Call! Thailand 713 A+ -13% 816 AA 164 New CJ HelloVision South Korea 333 A+
115 123 Axiata Malaysia 681 AA 3% 660 AA- 165 190 Yoigo Spain 332 AA- 14% 291 AA
116 113 Starhub Singapore 679 AA- -12% 769 AA 166 New Aircel India 320 AA-
117 106 Far Eastone Telecommunications Taiwan 664 AA- -22% 849 A+ 167 85 Net Brazil 319 AA -72% 1,125 AA
118 108 Cogeco Canada 663 AA- -18% 809 AA- 168 178 PT Empresas Portugal 307 AA -2% 313 AA
119 New Spark New Zealand 654 A 169 207 Mobifone Vietnam 306 A- 48% 207 A-
120 New Digicel Jamaica 647 AA- 170 165 Cincinnati Bell United States 305 A+ -22% 393 AA-
121 96 West Corp United States 642 A+ -32% 940 A+ 171 141 Willcom Japan 303 A- -27% 412 A-
122 142 XL Indonesia 641 AA+ 19% 538 A+ 172 200 Djezzy Algeria 302 A 19% 253 AA-
123 137 Indosat Indonesia 633 AA 7% 594 AA- 173 159 HOT Israel 295 A -32% 433 A+
124 131 AIS Thailand 627 AA- 2% 612 AA- 174 184 Base Belgium 292 AA- -3% 301 A+
125 93 Videotron Canada 626 A- -35% 963 A 175 349 Citic China 291 AA- 18% 247 A
126 148 Mobistar Belgium 619 AA 20% 514 AA- 176 273 Glo Mobile Nigeria 289 A- -3% 298 A
127 127 Freenet Germany 580 A -11% 652 A+ 177 185 Manitoba Telecom Canada 278 AA -7% 298 AA+
128 125 Viettel Telecom Vietnam 580 A -4% 606 A 178 205 TDS United States 276 A+ 21% 229 AA-
129 New Ymobile Japan 579 A+ 179 117 Cricket United States 273 AA- 13% 242 A+
130 122 Plus Poland 571 A+ -8% 622 A 180 196 DNA Finland 267 A+ 3% 260 A
131 134 Sunrise Luxembourg 562 AA- -7% 607 A+ 181 169 Pelephone Israel 266 A+ -27% 363 A
132 157 Colt UK 521 A 17% 444 AA- 182 145 VTR United States 259 AA+ -51% 526 AA
133 135 Telkom South Africa 519 AA -13% 600 AA 183 161 Kyivstar Ukraine 256 A -38% 410 AA-
134 133 TW Telecom United States 514 A+ -16% 610 A+ 184 194 Netvigator Hong Kong 243 A+ -13% 278 A+
135 121 SK broadband South Korea 509 A+ -26% 690 A+ 185 195 GSM Advance Thailand 232 A+ -12% 263 AA
136 154 Cellcom Israel Israel 509 AA- 12% 454 AA 186 230 Moov Ivory Coast 228 A+ 39% 164 A+
137 149 UQ Communications Japan 497 A- -32% 730 A- 187 220 Dialog Sri Lanka 228 AAA- 27% 180 AAA-
138 115 SES Luxembourg 493 A+ -33% 735 AA- 188 167 SKY (New Zealand) New Zealand 227 AA -40% 380 AA-
139 166 Kazakhtelecom Kazakhstan 486 A+ 25% 389 A 189 212 Mobinil Egypt 226 A 8% 210 A+
140 140 Smartone China 483 A -14% 560 A+ 190 210 Vonage United States 223 AA- 2% 219 A+
141 New Telenet United States 480 AA 191 New m:ts Serbia 217 A- 95% 111 A-
142 177 OmanTel Oman 479 AA- 50% 319 AA- 192 197 Iusacell Mexico 217 A- -15% 256 A-
143 120 GVT Brazil 475 AA- -32% 700 AA 193 247 VIBO Telecom Taiwan 215 A- -24% 284 A-
144 146 Liberty Global United States 475 AA -9% 521 AA 194 162 Yousee Denmark 211 A+ -18% 258 AA-
145 130 Cosmote Greece 467 AA -24% 618 AA- 195 249 inwi Morocco 209 AA 47% 143 A
146 160 Inmarsat Plc UK 429 A+ 4% 413 AA- 196 202 GCI United States 207 A -17% 249 A
147 126 Hikari Tsushin Japan 424 A+ -35% 653 A+ 197 250 Drillisch Telecom Germany 199 A+ 41% 141 A
148 144 The Utility Warehouse UK 422 A -20% 527 A+ 198 201 Megacable Mexico 197 A+ -22% 253 A+
149 152 Asiacell Iraq 422 AA- -9% 463 AA- 199 173 FairPoint Communications United States 194 A -43% 342 A+
150 191 Telecom Argentina 400 AA+ 38% 291 AA+ 200 183 Vinaphone Vietnam 193 A- -31% 281 A-

18. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 19.
Full Table Telecoms 500
Most valuable telecoms brands 201-250. Most valuable telecoms brands 251-300.
Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating
2015 2014 2015 2015 change 2014 2014 2015 2014 2015 2015 change 2014 2014
201 260 Mobilink Pakistan 190 A 51% 126 AA- 251 284 Telekom Slovenia Slovenia 86 A -2% 88 A+
202 80 Belgacom Belgium 189 AA+ -85% 1,242 A+ 252 299 MetFone Cambodia 85 A- -3% 88 A
203 203 Asia Pacific Tel Taiwan 186 A -23% 242 A 253 216 Kcom UK 83 A -57% 192 AA-
204 256 Econet Wireless Zimbabwe 185 A+ 45% 127 A+ 254 228 Vip Croatia 82 A -50% 164 AA-
205 198 Batelco Bahrain 184 A -28% 255 A+ 255 283 Sri Lanka Telecom Sri Lanka 82 AA- -8% 88 A+
206 224 Cell C South Africa 183 A- 4% 175 A 256 383 Bakcell Azerbaijan 81 A- -22% 104 A
207 233 Cablevision United States 176 AA 8% 162 AA- 257 274 Ptcl Pakistan 79 AA- -18% 97 A+
208 208 Daisy Group United Kingdom 171 A+ -23% 222 A+ 258 168 T-Gaia Japan 77 A -80% 375 A+
209 468 Cubacel Cuba 168 A- 18% 142 A- 259 305 Ethio-Mobile Ethiopia 76 A- 15% 66 A-
210 New Movilnet Venezuela 166 A- 260 279 m:tel Serbia 76 A- -16% 90 A
211 187 Allstream Canada 162 A+ -45% 297 AA- 261 254 Rignet United States 76 A+ -43% 132 AA-
212 232 Robi Bangladesh 157 A+ -4% 163 A+ 262 221 banglalink Bangladesh 76 A -58% 179 AA-
213 262 Mobilis Algeria 156 A- -16% 186 A- 263 306 Time dotCom Malaysia 75 A+ 15% 65 A
214 223 kolbi Costa Rica 155 A- -11% 175 A- 264 475 Africell DRC 75 A- 52% 49 A
215 New DishTV India 154 AA 5% 147 A 265 259 Digitel Venezuela 74 BBB -41% 126 A-
216 255 Jasmine International Thailand 151 A+ 19% 127 A 266 296 Teo Lithuania 73 AA- -5% 77 A+
217 268 Meteor Ireland 150 A- 31% 114 A- 267 297 Tiscali Italy 73 A+ -2% 74 A+
218 164 Jazztel United Kingdom 149 A+ -63% 402 A+ 268 237 Vivacom Bulgaria 71 A -53% 151 A
219 222 Axtel Mexico 147 A+ -16% 175 AA- 269 314 Monaco Telecom France 70 A 28% 54 A+
220 153 Bics Belgium 147 A+ -68% 460 A+ 270 295 Mobitel Slovenia 70 A -11% 78 A+
221 287 Korek Telecom Iraq 142 A- -14% 166 A 271 328 Bite Lithuania 69 A- -26% 93 A-
222 229 U Mobile Malaysia 141 A- -36% 222 A- 272 300 MagtiCom Georgia 68 A- -6% 72 A
223 218 M-Tel Bulgaria 140 A -24% 184 AA- 273 288 Alaska Communication Systems United States 67 A 55% 43 A-
224 265 Meditel Morocco 139 AA- 17% 119 A- 274 281 MobiCom Mongolia 67 A- -21% 85 A
225 272 AAPT Australia 139 AA- 28% 108 AA- 275 231 Si.Mobil Slovenia 66 A -59% 164 AA-
226 304 Touch Lebanon 134 A- 2% 132 A- 276 309 hathw@y India 66 A 7% 62 A
227 234 SaskTel Canada 131 A- -16% 157 A- 277 332 DigiMobil Romania 66 A- 6% 62 A-
228 282 Tata Docomo India 131 AA- 48% 89 A 278 New Nowtv Hong Kong 65 A+ -32% 96 A+
229 238 Movicel Angola 128 A- -56% 287 A- 279 312 Net263 China 65 A+ 13% 57 A
230 176 GCI United States 127 A -60% 320 A+ 280 182 Unitel Laos 64 A- -26% 87 A
231 267 China All Access China 127 A+ 8% 118 A 281 315 Midas Sa Poland 64 A 21% 53 A
232 235 C Spire Wireless United States 125 A- -30% 178 A- 282 258 Telindus Belgium 64 A+ -49% 127 A+
233 215 Lime Jamaica 123 A+ -36% 193 A+ 283 285 Mas Movil Panama 64 A- -27% 87 A-
234 204 Consolidated United States 121 A+ -48% 232 AA- 284 320 Libyana Libya 63 A- -8% 69 A
235 293 Life:) Ukraine 120 A+ 51% 79 A+ 285 276 Thaicom Thailand 62 A+ -32% 91 A
236 285 MasMovil United Kingdom 118 A+ 35% 87 A- 286 New bmobile Trinidad And Tobago 61 A-
237 251 MPT Myanmar 115 A- -11% 130 A- 287 329 Yes Malaysia 61 A- 32% 46 A-
238 271 Nepal Telecom Nepal 114 A- 14% 100 A 288 356 POST Luxembourg Luxembourg 61 A- 0% 61 A-
239 227 Netia Poland 113 A+ -32% 167 A 289 303 Ancel Uruguay 60 A- -9% 66 A-
240 244 ETB Colombia 113 AA- -23% 145 AA- 290 337 Afghan Wireless Afghanistan 60 A- -31% 88 A
241 219 nTelos United States 109 A -40% 180 A+ 291 264 Umniah Bahrain 59 A -51% 119 A+
242 211 Okinawa Cellular Japan 107 A+ -50% 215 A 292 327 Outremer Telecom France 59 A 25% 47 A-
243 286 BH Telecom Bosnia And Herzegovina 106 A 22% 87 A- 293 257 Yemen Mobile Yemen 58 BBB -54% 127 A
244 239 Syriatel Syria 97 A- -35% 150 A- 294 278 Roshan Afghanistan 58 A- -36% 91 A
245 217 Premiere Global United States 94 A+ -51% 192 A+ 295 298 IDT United States 58 A -21% 73 AA-
246 241 Shenandoah Telecommunications United States 94 A+ -37% 149 AA- 296 313 BTC Bahamas 57 A+ 0% 57 A+
247 261 Velcom Belarus 92 A -26% 125 AA- 297 416 bemobile Papua New Guinea 57 A- -26% 76 A
248 463 Natcom Haiti 91 A- 24% 73 A- 298 422 Nar Mobile Azerbaijan 57 A- -20% 71 A-
249 242 Iridium United States 88 A+ -41% 148 A+ 299 345 Canar Sudan 56 A+ 41% 40 A+
250 301 Ufone Pakistan 88 AA- 26% 70 A+ 300 355 Smartfren Indonesia 55 A 56% 35 A

20. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 21.
Full Table Telecoms 500
Most valuable telecoms brands 301-350. Most valuable telecoms brands 351-400.
Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating
2015 2014 2015 2015 change 2014 2014 2015 2014 2015 2015 change 2014 2014
301 393 Public Mobile Canada 54 A- -21% 68 A- 351 361 P1 Malaysia 28 A -15% 33 A-
302 290 USA Mobility United States 53 A+ -35% 82 A+ 352 338 Bakrie Telecom Indonesia 28 A -35% 43 A+
303 206 Comverse United States 52 A -77% 226 A+ 353 326 Globalstar United States 28 A -41% 47 A+
304 333 Mobitel (SL) Sri Lanka 51 A+ 17% 44 AA- 354 372 Scarlet Belgium 27 A+ -5% 29 A+
305 403 TM-Cell Turkmenistan 51 A- 92% 27 A- 355 334 Vala Kosovo 27 A- -37% 44 A-
306 344 First International Telecom Taiwan 51 A- -35% 79 A- 356 346 Tricom Dominican Republic 27 A- -30% 39 A
307 310 DEN India 50 A+ -18% 61 A 357 390 Cellcard Cambodia 27 A- -3% 28 A-
308 225 Cable & Wireless UK 50 A+ -71% 173 A+ 358 405 Phonera Sweden 27 A+ 31% 20 A
309 245 Zong Pakistan 49 AA- -66% 145 AA 359 386 Togo Cellulaire Togo 26 A- 12% 24 A-
310 311 Sabafon Yemen 49 BBB -56% 110 A- 360 308 KC UK 26 A -58% 62 AA-
311 New Koryolink North Korea 49 A- 361 406 Almadar Aljadeed Libya 26 A- -7% 28 A-
312 189 Ukrtelecom Ukraine 49 A- -83% 292 A+ 362 408 Zantel Tanzania 26 A+ 30% 20 A
313 266 Jawwal Palestine 48 A- -59% 118 A- 363 New Link Net Indonesia 25 A+
314 363 MOTIV Russia 46 A- -18% 56 A- 364 414 NetOne Zimbabwe 25 A- -24% 34 A-
315 423 Lynx Mobility Canada 46 A- -7% 49 A- 365 399 Mauritel Mauritania 25 A- 15% 22 A
316 294 Enventis United States 46 A -42% 79 A+ 366 New O! Kyrgyzstan 25 A-
317 426 Japan Communication Japan 45 A 189% 16 A 367 454 Telma Madagascar 25 A- 47% 17 A-
318 331 GT&T United States 45 AA- 2% 44 A+ 368 373 Warid Telecom Pakistan 25 A- -56% 56 A
319 353 mcel Mozambique 45 A- 27% 36 A 369 New Dhiraagu Maldives 24 A
320 246 Hawaiian Telcom United States 45 A -69% 145 A+ 370 402 Egyptian Sat Egypt 24 A 17% 21 A-
321 417 Tunisie Telecom Tunisia 45 A- -24% 59 A- 371 472 Tusmobil Slovenia 23 A- 30% 18 A-
322 New Cytamobile-Vodafone Cyprus 45 A- -11% 50 A- 372 394 Y Yemen 23 BBB -45% 41 A-
323 389 Viva Dominican Republic 44 A- -31% 65 A 373 350 Newsat Australia 23 A -38% 37 A+
324 357 Malitel Mali 44 A- 27% 35 A- 374 420 yu Kenya 22 A- -31% 32 A-
325 240 Palestine Telecom Palestine 42 A -72% 149 A 375 437 Libertis Gabon 21 A- 63% 13 A-
326 381 Golan Telecom Israel 38 A- 15% 33 A- 376 374 Onmobile Global India 21 A -25% 28 A
327 366 Multiband United States 38 A- 27% 30 A+ 377 339 Tango Luxembourg 21 A+ -50% 42 A+
328 379 MTC Namibia 38 A- 47% 26 A 378 477 Worldcall Oman 21 A+ 143% 8 A
329 322 MegaCom Kyrgyzstan 37 A- -23% 49 A 379 186 Wataniya Palestine 20 AA -93% 297 AA
330 343 Hellas Online Greece 37 A- -7% 40 A 380 378 Mobitel, Kurdistan Iraq 20 A- -59% 50 A-
331 400 Go Saudi Arabia 37 A 70% 22 A- 381 433 Rrsat Global Com Israel 20 A 42% 14 A
332 347 GO Malta 36 A -3% 38 A 382 447 Telio Norway 20 A+ 67% 12 A
333 341 MTI Japan 36 A -13% 41 A 383 489 Visafone Nigeria 19 A- -6% 21 A-
334 335 Babilon-Mobile Tajikistan 35 A- -51% 73 A 384 409 Algar Telecom Brazil 19 A- -4% 20 A-
335 325 Tattelecom Russia 35 A- -26% 48 A 385 318 Sudani Sudan 19 A- -63% 52 A
336 368 Telmob Burkina Faso 35 A- 19% 29 A 386 495 Hormuud Telecom Somalia 18 A- 19% 15 A
337 397 Smart Cambodia 34 A+ 55% 22 AA 387 New UT Mobile Uganda 18 A-
338 421 Movitel Mozambique 34 A- 40% 24 A- 388 307 Kongzhong China 18 A -72% 64 A
339 280 Asia Satellite China 34 A+ -62% 89 AA- 389 425 Emtel Mauritius 18 A- 12% 16 A
340 342 Telsur Chile 34 A -18% 41 A 390 439 Bigair Group Australia 18 A+ 36% 13 A+
341 289 Lumos Networks C United States 33 A+ -61% 83 AA- 391 396 Onse telecom South Korea 17 A- -24% 22 A-
342 358 Skytel Mongolia 32 A- -5% 34 A- 392 226 M2 Australia 17 A 11% 15 A+
343 New Open Mobile Puerto Rico 31 A- 393 432 Ice.net Norway 17 A- 16% 14 A-
344 367 OPT New Caledonia 30 A- 3% 29 A- 394 New Tatem Telecom DRC 17 A-
345 369 Commnet United States 30 AA- 3% 29 A+ 395 419 SiOL Slovenia 17 A -9% 18 A+
346 370 M-Phone Laos 30 A- 2% 29 A- 396 371 Mni Poland 17 A -43% 29 A
347 434 Mobilicity Canada 30 A- -31% 43 A- 397 498 TBayTel Canada 17 A- -16% 20 A-
348 480 CenterNet/Mobyland/Aero2 Poland 29 A- 257% 8 A- 398 494 Fleetcom Canada 16 A- -21% 21 A-
349 324 Bashinformsvyaz Russia 29 A- -39% 48 A 399 New ALTEL Kazakhstan 16 A-
350 466 NextGenTel Norway 29 A+ 9% 26 A 400 461 Zamtel Zambia 16 A- 5% 15 A-

22. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 23.
Full Table Telecoms 500
Most valuable telecoms brands 401-450. Most valuable telecoms brands 451-500.
Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating Rank Rank Brand name Domicile Brand Value Brand Rating BV Brand Value Brand Rating
2015 2014 2015 2015 change 2014 2014 2015 2014 2015 2015 change 2014 2014
401 428 Vietnamobile Vietnam 16 A- 3% 15 A- 451 444 koZ Ivory Coast 8 A- -31% 12 A
402 362 Otelco United States 15 A -55% 33 A 452 410 NTS United States 8 A -57% 20 A
403 448 Telecel Burkina Faso 15 A- -20% 19 A- 453 486 Gmobile Vietnam 8 A- 12% 7 A-
404 New Taliya Iran 15 A- 454 491 U:fon Czech Republic 8 A- -18% 10 A-
405 451 KKTCell Cyprus 15 A+ 34% 11 A+ 455 395 Edatel Sa Esp Colombia 8 A- -64% 22 A
406 456 Quadrant Televen India 14 A 40% 10 A- 456 442 Adept Telecom Pl UK 8 A -35% 12 A
407 427 One Macedonia 14 A -8% 16 A+ 457 New Telesom, Somaliland Somalia 8 A-
408 470 MTNL India 14 AA- 57% 9 A 458 New WestNet Wireless Canada 8 A-
409 487 Teletalk Bangladesh 14 A- -34% 22 A 459 497 A-Mobile, Abkhazia Georgia 8 A- -5% 8 A-
410 387 Space Communications Israel 14 A -42% 24 A+ 460 New Triatel Latvia 8 A-
411 418 Loop Mobile India 13 A -27% 18 A- 461 New Citycell Bangladesh 7 A-
412 392 Timor Telecom Timor-Leste 13 A- -42% 23 A 462 496 Aquafon Russia 7 AA- 10% 7 A+
413 New Rightel Iran 13 A- 463 459 Smarts Russia 7 A- -28% 10 A-
414 431 Telesur Suriname 13 A- -11% 15 A 464 New Oni Communications Portugal 7 A-
415 449 TNM Malawi 13 A- 60% 8 A- 465 382 net-m Germany 7 A -72% 25 A
416 429 CVMovel Cape Verde 13 A- -13% 15 A 466 404 G-Mobile Mongolia 7 A- -63% 19 A-
417 490 TOT Thailand 13 A- 38% 9 A- 467 New Hutch Sri Lanka 7 A-
418 New Our Telekom Solomon Islands 12 A- 468 351 Beijing Bewinn China 7 A -80% 36 A
419 407 Tt&T Pcl Thailand 12 A- -38% 20 A 469 New PEOPLEnet Ukraine 7 A-
420 435 Ipko Kosovo 12 A -8% 14 A+ 470 479 Next Mobile Philippines 7 A- -20% 8 A-
421 398 Myline Japan 12 A- -43% 22 A 471 New One Horizon Group Switzerland 7 A-
422 424 Ecotel Communication Germany 12 A -23% 16 A 472 New Gamcel Gambia 7 A-
423 467 HT Eronet Bosnia And Herzegovina 12 A- -12% 14 A- 473 New Tph Poland 6 A
424 430 Videocon Telecom India 12 A- -17% 15 A- 474 462 Keyyo France 6 A -34% 10 A
425 401 Afone France 12 A- -42% 21 A 475 443 Eurotel Poland 6 A -49% 12 A
426 New Fonex Kyrgyzstan 12 A- 476 485 Mattel Mauritania 6 A- -47% 12 A
427 377 Kaztranscom Jsc Kazakhstan 12 A- -54% 26 A- 477 New Skynet Belgium 6 AA
428 New Chippie Curaçao 12 A- 478 New CNT Ecuador 6 A-
429 457 JT Jersey 12 A- 9% 11 A 479 New Red Guatemala 6 A-
430 452 IT CDMA Ukraine 11 A- -44% 20 A 480 New Tel Pacific Australia 6 A-
431 469 Primetel Plc Cyprus 11 A- 24% 9 A 481 New Nova Iceland 6 A-
432 411 Ot-Optima Teleko Croatia 11 A -42% 20 A 482 450 Eagle Mobile Albania 6 A- -48% 11 A
433 New Azur Congo 11 A- 483 New New Ulm Telecom United States 6 A
434 New Array Inc Taiwan 11 A+ 484 New MTML Mauritius 6 A-
435 458 Tele Greenland 11 A- 6% 10 A- 485 465 Alteva United States 6 A- -41% 9 A
436 352 Mox Telecom Germany 11 A- -70% 36 A 486 New Vivacell South Sudan 5 A-
437 483 ETL Laos 10 A- -24% 14 A- 487 464 DST Brunei Darussalam 5 A- -38% 9 A
438 New FastLink Iraq 10 A- 488 476 Expresso Senegal 5 A- -39% 8 A
439 446 Cellular One Bermuda 10 A- -16% 12 A- 489 New T-2 Slovenia 5 A-
440 500 Manx Telecom Isle Of Man 10 A- 10% 9 A- 490 New Hondutel Honduras 5 A-
441 348 Axia Netmedia Canada 10 A+ -74% 37 A 491 481 Glowpoint United States 5 A -44% 8 A
442 New Vox Paraguay 10 A- 492 453 my Thailand 5 A- -58% 11 A-
443 441 Siminn Iceland 10 A- -25% 13 A 493 New Melita Mobile Malta 4 A-
444 364 Toshin Japan 9 A- -71% 32 A- 494 499 Cellink Guyana 4 A- -28% 6 A-
445 New Smart Cell Nepal 9 A- 495 New Citifon Papua New Guinea 4 A-
446 340 Maxcom Mexico 9 A -78% 41 A 496 493 Chinguitel Mauritania 4 A- -39% 7 A
447 New Setar Aruba 9 A- 497 New Bdc United States 4 AA-
448 New Ice Wireless Canada 9 A- 498 New RuralCom Canada 4 A-
449 440 TriMob Ukraine 9 A- -32% 13 A 499 New Plus Albania 4 A-
450 New Net 1 Sweden 9 A- 500 New BOLT! Indonesia 4 A-

24. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 25.
Understand Your Brand’s Value Understand Your Brand’s Value

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26. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 27.
How we can help. Contact details.
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Experience Audit Reviews (IAS 36 / FAS 142) Valuations + Loss of Profits Calculations Middle East Anthony Kendall [email protected]
+ Brand Strength Analysis Brand Due Diligence + Transfer Pricing Analysis + Account of Profits Nigeria Tunde Odumeru [email protected]
+ Brand Equity Analysis + Information Memoranda + Royalty Rate Setting Calculations facebook.com/brandfinance New Zealand Jai Basrur [email protected]
+ Perception Mapping + Finance Raising + Brand Franchising & + Damages Assessment Portugal Pedro Taveres [email protected]
+ Conjoint & Brand/Price + Insolvency & Administration Licensing + Forensic Accounting Russia Alex Eremenko [email protected]
Trade-off Analysis + Market Research Design + BrandCo & IPCo Strategy + Royalty Rate Setting Singapore Samir Dixit [email protected]
+ Return on Investment and Management + Market Research Design + Brand Franchising & twitter.com/brandfinance South Africa Oliver Schmitz [email protected]
+ Sponsorship Evaluation + Return on Investment and Management Licensing Sri Lanka Ruchi Gunewardene [email protected]
+ Budget Setting + Franchising & Licensing + Brand Tracking + BrandCo & IPCo Strategy
Turkey Muhterem Ilguner [email protected]
+ Brand Architecture & + BrandCo & IPCo Strategy + Expert Witness Opinion + Market Research Design
UK Richard Yoxon [email protected]
Portfolio Evaluation + Scenario Modelling & and Management
+ Trademark Registration USA Bryn Anderson [email protected]
+ Brand Positioning & Planning
Extension Evaluation + Transfer Pricing Analysis + Trademark watching service
+ Brand Migration + Management KPIs and Disclaimer.
+ Franchising & Licensing Target-setting Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions produced
+ BrandCo Strategy + Competitor Benchmarking in this study are based only on publicly available information and certain assumptions that Brand Finance used where such data
was deficient or unclear . Brand Finance accepts no responsibility and will not be liable in the event that the publicly available
+ Brand Governance Process information relied upon is subsequently found to be inaccurate.
+ Brand Tracking
+ Management KPIs The opinions and financial analysis expressed in the report are not to be construed as providing investment or business advice.
Brand Finance does not intend the report to be relied upon for any reason and excludes all liability to any body, government or
+ Competitor Benchmarking organisation.

28. Brand Finance Telecoms 500 February 2015 Brand Finance Telecoms 500 February 2015 29.
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