品牌價(jià)值-最有價(jià)值和最強(qiáng)餐廳品牌25強(qiáng)的2023年度報(bào)告（英）-2023.3

Restaurants252023TheannualreportonthemostvaluableandstrongestRestaurantbrandsMarch2023Contents.About

Brand

Finance37ForewordDavid

Haigh,

Chairman&

CEO,

Brand

FinanceRanking

Analysis9BrandValue

&

BrandStrengthAnalysis10Brand

Value

RankingMethodology161724Our

Services?2023Allrightsreserved.BrandFinancePlc.BrandFinanceRestaurant252023/restaurants2AboutBrandFinance.BrandFinanceistheworld'sleadingbrandvaluationconsultancy.We

bridge

the

gap

between

marketing

and

financeBrandFinancewassetupin1996withtheaimof'bridgingthegapbetweenmarketingandfinance'.For

morethan25years,wehavehelpedcompaniesandorganisationsofalltypestoconnecttheirbrandstothebottomline.We

quantifythefinancialvalueofbrandsWe

putthousandsoftheworld’sbiggestbrandstothetesteveryyear.

Rankingbrandsacrossallsectorsandcountries,wepublishover100reportsannually.We

offerauniquecombinationofexpertiseOurteamshaveexperienceacrossa

widerangeofdisciplinesfrommarketingandmarketresearch,tobrandstrategyandvisualidentity,totaxandaccounting.We

prideourselvesontechnicalcredibilityBrandFinanceisa

charteredaccountancyfirmregulatedbytheInstituteofCharteredAccountantsinEnglandandWales,andthefirstbrandvaluationconsultancytojointheInternationalValuationStandardsCouncil.OurexpertshelpedcrafttheinternationallyrecognisedstandardsonBrandValuation–ISO10668andBrandEvaluation–ISO20671.Ourmethodologyhasbeencertifiedbyglobalindependentauditors–AustrianStandards–ascompliantwithboth,andreceivedtheofficialapprovaloftheMarketingAccountabilityStandardsBoard.Get

inTouch.For

business

enquiries,

please

contact:Savio

D'SouzaSeniorDirector/company/brand-finances.dsouza@/brandfinance/brandfinance/brandfinanceFor

media

enquiries,

please

contact:Michael

JosemAssociate

CommunicationsDirectorm.josem@Forallother

enquiries:enquiries@+44

207

389

9400BrandFinanceRestaurant252023/restaurants3RequestyourownBrandValue

ReportABrandValue

Reportprovidesacompletebreakdown

oftheassumptions,datasources,andcalculationsusedto

arrive

atyourbrand’svalue.Eachreportincludesexpertrecommendationsforgrowingbrandvalueto

drive

performanceandoffersacost-effectiveway

to

gainingabetterunderstandingofyourpositionagainstpeers.InsightVisit

/request-a-valuationoremailenquiries@brand?StrategyBenchmarkingEducationBrand

ValuationSummaryBrandStrength

TrackingRoyalty

RatesCost

ofCapital

AnalysisCommunicationCustomerResearch

FindingsUnderstandingCompetitorBenchmarkingBBrandirectoryistheworld’slargestdatabaseofcurrentandhistoricalbrandvalues,providingeasyaccesstoallBrandFinancerankings,reports,whitepapers,andconsumerresearchpublishedsince2007.+

Browsethousandsofpublishedbrandvalues+

Track

brandvalue,strength,andratingacrosspublicationsandovertime+

Useinteractivechartstocomparebrandvaluesacrosscountries,sectors,andglobalrankings+

Purchaseandinstantlyunlockpremiumdata,completebrandrankings,andresearchVisittofindoutmore.BrandFinanceGroup.BrandFinanceInstituteBrandFinanceInstituteis

theeducationaldivisionofBrandFinance,whose

purposeis

to

createandfostera

professionalenvironmentforknowledge-sharingandnetworkingamongpractitionersandexpertsin

themarket.BFIorganisesevents,in-companytraining,andcorporateeducationalinitiativesaroundtheworld.In

thequestformarketingexcellenceandwiththepurposeto

equipthebrandvaluationandstrategypractitionerswiththenecessaryskillsandtools,wehavedevelopeda

widerangeof

programmes

andcertificationsin

collaborationwiththemostcovetedbusinessschools,universitiesandthoughtleadersin

thefield.BrandDialogueBrand

Dialogue

is

a

public

relations

agency

developingcommunications

strategies

to

create

dialogue

that

drives

brandvalue.

Brand

Dialogue

has

over

25

years

of

experience

indelivering

campaigns

driven

by

research,

measurement,

andstrategic

thinkingfor

a

variety

of

clients,

with

a

strongbackgroundin

geographic

branding,

includingsupporting

nation

brandsand

brands

with

a

geographical

indication(GI).

Brand

Dialoguemanages

communications

activities

across

Brand

Finance

Group'scompanies

and

network.VI360VI360isa

brandidentitymanagementconsultancyworkingforclientsofallsizesonbrandcompliance,brandtransition,andbrandidentitymanagement.VI360providestraightforward

andpracticalbrandmanagementthatresultsintangiblebenefitsforyourbusiness.BrandFinanceRestaurant252023/restaurants5Global

BrandEquity

MonitorOriginalmarket

researchonover

5,000

brands38

countries

and

31

sectors

coveredMore

than

150,000

respondents

surveyed

annuallyWe

are

now

in

our

7thconsecutive

year

conducting

the

studyVisit/consumer-researchoremailenquiries@brand?Foreword.Brandvaluationhelpscompaniesunderstandthevalueoftheirbrandandhowitcontributestotheoverallvalueofthecompany.

Thisimportantunderstandingcaninformdecision-makingrelatedtomarketingandbrandingefforts,aswellasprovidea

benchmarkforfutureperformance.Itcanalsobeusedtohelpattractinvestorsandsecurefinancing,asa

strongbrandcanbea

valuableasset.Additionally,

brandvaluationcanbeusefulintheeventofa

mergeroracquisition,asitcanhelpdeterminethevalueofthebrandbeingacquired.Overall,brandvaluationhelpsorganisationsunderstandtheworthoftheirbrandandhowitfitsintotheiroverallbusinessstrategy.A

strongbrandcanleadtoimprovedbusinessreturnsinseveralways.First,a

strongbrandcanhelpa

companydifferentiateitselffromitscompetitorsandestablishauniqueidentityinthemarket,whichcanleadtoincreasedcustomerloyaltyandretention.This,inturn,canleadtohighersalesandrevenue.A

strongbrandcanalsohelpa

companycommanda

higherpriceforitsproductsorservices,asconsumersarewillingtopaymorefora

brandtheyperceiveashigh-qualityandtrustworthy.

Inaddition,a

strongbrandcanhelpa

companyattracttoptalent,asemployeesmaybemoreattractedtoworkfora

well-knownandreputablebrand.Finally,a

strongbrandcanprovidea

companywitha

competitiveadvantageandhelpitweathereconomicdownturnsorindustrydisruptions.DavidHaighChairman&CEO,BrandFinanceThisyear,

BrandFinancehasinvestedmoreinresearchingandunderstandingcustomerperceptionofbrandsacrosstheworldthaneverbefore,withoriginalresearchtakingplaceindozensofjurisdictionsglobally.

Thereportyouarereadingisbasedonthisextensiveoriginalresearch,withthefindingsrepresentinga

catalystforfurtherconversations.Ifyouwanttohelpbuilda

strongerbrand,orifyouwanttobetterunderstandthevalueofyourbrand,pleasecontacttheBrandFinanceteamandI

anytime.I

lookforwardtotheconversationandhelpingtobuilda

moreprofitablefutureforyourbrand.BrandFinanceRestaurant252023/restaurants7StarbucksandMcDonald’smaintaindominanceastheWorld’smostvaluablerestaurantbrands.+

Starbucks

extendslead,remainingmostvaluablerestaurantbrandfor7th

consecutiveyear+

McDonald’s

maintains2

positiondespitend7%

brandvaluereduction+

Americanbrandsmakeup93%

ofoverallrankingbrandvalue+

TexasRoadhouse

is

thefastest

growing

brand,up

56%,

Jollibee

and

Popeyes

follow

close

behind+

Greggs

isthestrongestbrandintherestaurantsectorwithAAArating+

Starbucks

hashighestSustainabilityPerceptionsValue

ofUS$3.1billionBrandFinanceRestaurant252023/restaurants8RankingAnalysis.RankingAnalysis.Starbucksextendslead,remainingStarbucks’brandvalueisnow30%higherthanitspre-mostvaluablerestaurantbrandforpandemicvalue.Thissuccesshighlightsthepositiveimpactthatthebrand’sUSReinventionPlanhashadsinceitslaunchin2022.7th

consecutiveyearStarbucks

(brandvalueup17%to$53.4billion)hascementeditspositionastheworld’smostvaluablerestaurantbrandatthetopoftheglobalrestaurantranking.TheAmericanmultinationalcoffeehousechainhasheldthispositionforsevenconsecutiveyearsandhassignificantlywideneditsleadoverthesecondmostvaluablerestaurantsbrand,McDonald’s

(brandvaluedown7%toUS$36.9billion).Thisthree-yearbrandroadmapwillincludetargetedinvestmentsinpartners,customers,andstoresthatareexpectedtoacceleratethecompany’slong-termgrowthandprogressivelyexpandoperatingmargins.Thiswillalsofocusonanincreaseddigitalisationofthecustomerexperiencetodelivera

morepersonalisedexperientialconvenience–

ineffect,allowingtheStarbucksbrandtoexpandfromitsiconiccoffeeshopstothehome,office,andjobsite.ThisisbygrowingitsStarbucksDeliversprogramintheU.S.

withanewpartnershipwithDoorDash,whichwillexpandtoa

nationalscalealongsideUberEatsin2023.Starbucksgeneratedacceleratingdemandforitsproductsthroughout2022followingacontinuedreturntonormalityaspandemic-relatedrestrictionsreducedglobally.BrandFinanceRestaurant252023/restaurants

10Ranking

Analysis.Top

10MostValuableRestaurantBrands?BrandFinancePlc20231020304905051234US$53.4

bn+17%US$36.9

bn-7%US$17.7

bn+0%US$7.4

bn+1%US$7.1

bn+0%60728221017611912US$7.1

bn+11%US$6.1

bn+38%US$6.1

bn+27%US$6

bn+39%US$5.9

bn+0%McDonald’smaintains2nd

positiondespite7%brandvaluereductionThebrand’sdigitalofferingsnowaccountforoverone-thirdofMcDonald’senterprise-widesales,highlightingitsvitalimportancetothebrand.Thishasfurthergrowthpotential,andwillofferamorepersonalisedandconvenientexperience,therebymakingcustomersfeelmoreconnectedtotheMcDonald’sbrand,potentiallyincreasingvisits,engagement,andbrandequity.Despitea7%brandvaluereduction,McDonald’s

maintainsitspositionasthesecondmostvaluablerestaurantsbrandforthe7th

consecutiveyear,

withabrandvalueofUS$36.9billion.Likemanylargeglobalenterprises,McDonald’shasfacedissuesinrelationtosupplychainsandrisinginflation.Becauseofthemacro-economicdifficultiesfacedbythebrandandmarketinstability,McDonald’shasraisedpricesonseveralpopularmenuitemsoverthelasttwelvemonths.Americanbrandsmakeup93%ofoverallrankingbrandvalueFor

arestaurantbrandwhoseidentityhasrelieduponlow-pricedproducts,thisdecisionhasnotbeentakenlightlyamongstconsumers.Thebrand’sforecastrevenuesandbusinessvaluehavealsogonedownin2023,andallhavelikelycontributedtoMcDonald’sbrandstrengthandvaluereduction.Americanbrandsmakeup93%oftheoverallbrandvalueoftheranking,alsoaccountingfor21outofthe25brandsincluded.Theseincludewellknownglobalfast-foodchainssuchasKFC

(brandvaluesteadyatUS$17.1billion),Domino’s

Pizza

(brandvalueup1%to7.4billion),andSubway

(brandvaluesteadyatUS$7.1billion),whichroundoutthetopfive.However,

McDonald’s‘AcceleratingtheArches’strategyhaslookedtotryandcounterthisandputthebrandbackontrackforfuturebrandvalueandbrandstrengthgrowth.Thisgrowthstrategyisfocusedonstayingaheadofthecurveoncustomerdesiresandrealisingfuturegrowthpotential.Thisincludesabigfocusonitsdigital,deliveryanddrivethruofferings.CanadianbrandTim

Hortons

(brandvalueup38%toUS$6.1billion)andChina’sHaidilao

(brandvaluedown14%toUS$4billion)aretheonlynon-Americanbrandstoplaceinthetop15oftheranking.Therelativelackofnon-USbrandshighlightsthenation’scontinueddominancewithinthesector,withfewsignsofchange.BrandFinanceRestaurant252023/restaurants

11Ranking

Analysis.BrandValue

Change2022-2023(%)56.0%52.9%49.1%39.3%-0.2%-7.2%-24.8%-14.3%?BrandFinancePlc2023Texas

Roadhouseisthefastestgrowingbrand,up56%,JollibeeandPopeyesfollowclosebehindThebrand’spost-pandemicgrowthplanshaveseenitexpandfurtherintotheUSmarket,planningtoopen500storesinthecomingyearsandrivalotherfast-foodgiantssuchasMcDonald’s

andKFC.TexasRoadhouse

hasachieveda56%brandvalueincreasein2023,toabrandvalueofUS$2.3billion,makingitthefastestgrowingrestaurantbrandintheranking.Thisbrandvalueincreasecomesprimarilyasaresultofthebrand’sstrongexpansionstrategy.Thebrandnowoperates700restaurantsandhasfurtherraiseditsexpansiontargetsforthecomingyears,hopingtoreach900units.ItisalsolookingtobreakintotheChinesemarket.Thisaggressivegrowthstrategyhasalreadyreapedrewardsforthebrand,highlightedbyitssignificantbrandvalueincrease,andiftargetsaremetitmaycontinuetodosointheyearstofollow.Americanfriedchickenfastfoodrestaurantbrand,Popeyes

(brandvalueup49%toUS$1.8billion),hasalsoseensignificantgrowth.Itsbrandvalueisnowup96%fromitspre-pandemiclevels.Thebrandhasfocusedparticularlyonitssocialmediaoutreach,provingextremelypopularamongstcustomers,andincreasingitstalkabilityandbrandawareness.Texas

Roadhousehasbeguntoexpandintosmallermarkets,whichitseesasregionswithpopulationsbetween40,000and60,000,inwhichithasbeenreceivedwellbyreceptiveconsumers.Thisgrowthtrajectoryhasresultedinanincreaseinrevenueforecast,andcontinuedprojectionofauthenticbrandvalues.Popeyesisre-enteringtheChinesemarkettocapitaliseonareboundinpost-covidfastfoodconsumptionandcheaprentalsinthecountry.

BothhavecontributedtoPopeyesrisingbrandvalueandhavehelpedsustainastronglevelofbrandequityamongststakeholders.FilipinobrandJollibee

(brandvalueup53%toUS$1.6billion)followedcloselybehindasthesecondfastestgrowingbrandintheranking.BrandFinanceRestaurant252023/restaurants

12Ranking

Analysis.Top

10StrongestRestaurantBrands?BrandFinancePlc2023102232492514195688.6-0.887.1+3.986.9+1.985.9+1.084.9-0.6AAAAAAAAAAAAAAA6172812101821031684.6-3.383.7+0.8AAA-83.4AAA--3.482.3+4.1AAA-81.6AAA--2.0AAAGreggsisthestrongestbrandintherestaurantsectorwithAAAratingGreggstotalsalesfor2022werebetter-than-expectedasthebrandhascommunicateditsvalue-for-moneyofferingofproductstoconsumerswhoareincreasinglylookingtomanagebudgetswithoutcompromisingonqualityandtaste.Thebrandhasalsocontinuedtoopennewshopsfurtherincreasingitsreachacrossitsmarkets.Inadditiontocalculatingbrandvalue,BrandFinancealsodeterminestherelativestrengthofbrandsthroughabalancedscorecardofmetricsevaluatingmarketinginvestment,stakeholderequity,

andbusinessperformance.CompliantwithISO20671,BrandFinance’sassessmentofstakeholderequityincorporatesoriginalmarketresearchdatafromover150,000respondentsin38countriesandacross31sectors.Britishbakedgoodsinstitution,Greggs

(brandvalueup17%toUS$1billion),isthestrongestbrandintherankingwithaBrandStrengthIndexScoreof89/100andcorrespondingAAArating.Greggsremainsthestrongestbranddespiteraisingthepricesofitsproductsinthefaceofrisingoperatingcost,inflation,andsupplychainissues.IncomparisontobrandssuchasMcDonald’s,whichhaveseenbrandvalueandstrengthreductionspartlyinconnectionwithpriceincreases,Greggshasremainedremarkablyresilient.Itspriceincreaseshaveseeminglynothadaslargeanimpactoncustomerchoice.BrandFinanceRestaurant252023/restaurants

13Ranking

Analysis.LargestSustainabilityPerceptionsValue?BrandFinancePlc2023123495US$3.1

bn4.30US$1.9

bn3.93US$0.9

bn3.76US$0.4

bn4.38US$0.4

bn4.5667810US$0.4

bn3.73US$0.3

bn3.53US$0.3

bn3.97US$0.3

bn3.93US$0.3

bn3.80Starbucks

has

highest

Sustainability

Thisincludesnewinvestmentsineco-friendlyoperations,regenerativeagriculturalpractices,andanenvironmentallyPerceptions

Value

of

US$3.1

billionfriendlymenu.Ithasalsocommittedtobecomingaresourcepositivecompanybystoringmorecarbonthanitemits,Aspartofitsanalysis,BrandFinanceassessestherolethatspecificbrandattributesplayindrivingoverallbrandvalue.Onesuchattribute,growingrapidlyinitssignificance,issustainability.BrandFinanceassesseshowsustainablespecificbrandsareperceivedtobe,representedbya‘SustainabilityPerceptionsScore’.Thevaluethatislinkedtosustainabilityperceptions,the‘SustainabilityPerceptionsValue’,isthencalculatedforeachbrand.eliminatingwaste,andreplenishingmorefreshwaterthanituses.Theseinitiatives,andsuccessfulcommunicationofthistostakeholdershascontributedtoitsindustry-leadingSustainabilityPerceptionsValue.Aswellasbeingtheworld’smostvaluablerestaurantbrand,Starbucks

alsohasthehighestSustainabilityPerceptionValueofUS$3.1billion.Thebrand’spositionatthetopoftheSustainabilityPerceptionsValuetableisnotanassessmentofitsoverallsustainabilityperformance,butratherindicateshowmuchbrandvaluethebrandhastiedupinsustainabilityperceptions.Consumersareincreasinglydemandinghigherstandardsforsustainabilitywhenitcomestothefoodtheyeatanddrink.CoffeeisoneofStarbucksprimaryproductofferings,andthecoffeetradeinparticularhasbeenquestionedoveritsimpactontheenvironmentthroughdeforestation,relianceonpesticides,andunfairworkingconditions.However,Starbuckshastakenanactiveefforttoreduceitsimpactandcommunicatethistoconsumers.BrandFinanceRestaurant252023/restaurants

14Ranking

Analysis.BrandValue

byCountry?BrandFinancePlc2023BrandValue(USDm)%oftotalNumberofBrandsCountry●●●●UnitedStatesCanada177,8566,08793%3%2%1%211China3,9881Philippines1,5531●UnitedKingdom1,0211%1Total190,505100.0%

25BrandFinanceRestaurant252023/restaurants

15BrandValue

Ranking(USDm).To

p

25mostvaluableRestaurantbrands1-252023BrandValueBrandValueChange2022BrandValue2023BrandRating2022BrandRating2023

2022Rank

RankBrandCountry000000222153,43236,86317,6627,3527,0537,0506,0876,0585,9925,88345,69939,72117,6237,2577,0546,3314,3994,7614,3025,89611StarbucksMcDonald'sKFCUnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedStatesCanada+17%-7%AAAAAAAAAAAA-AAA-AA22AAA-AAA-AAA-AA+AAA-AAA-AAA-AA+AA+33+0%+1%+0%+11%+38%+27%+39%+0%44Domino'sPizzaSubway5566Taco

BellAA+AAA-AAA-AA+AA+7119TimHortonsWendy's8UnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedStatesChina9127BurgerKingPizzaHutChipotle10111213141516171819202122232425212100232211110138Dunkin'1410151618-Chick-fil-AHaidilaoJackInTheBoxOliveGardenTexas

RoadhouseDutchBrosPopeyesUnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedStatesPhilippines20221917212325JollibeePapa

John'sCostaUnitedStatesUnitedStatesUnitedStatesUnitedStatesUnitedKingdomChili'sCrackerBarrelGreggsBrandFinanceRestaurant252023/restaurants

16Methodology.Definitions.BrandValue+

EnterpriseValueThevalueoftheentireenterprise,madeupofmultiplebrandedbusinesses.[ResturantBrandsInternational]Whereacompanyhasapurelymono-brandedarchitecture,the‘enterprisevalue’isthesameas‘brandedbusinessvalue’.+

BrandedBusinessValueThevalueofasinglebrandedbusinessoperatingunderthesubjectbrand.[BurgerKing]Abrandshouldbeviewedinthecontextofthebusinessinwhichitoperates.BrandFinancealwaysconductsabrandedbusinessvaluationaspartofanybrandvaluation.We

evaluatethefullbrandvaluechaininordertounderstandthelinksbetweenmarketinginvestment,brand-trackingdata,andstakeholderbehaviour.+

BrandContributionBrandValueTheoverallupliftinshareholdervaluethatthebusinessderivesfromowningthebrandratherthanoperatingagenericbrand.[BurgerKing]Thebrandvaluescontainedinourleaguetablesarethoseofthepotentiallytransferablebrandassetsonly,

making‘brandcontribution’awiderconcept.An

assessment

of

overall

‘brand

contribution’toabusinessprovidesadditionalinsightstohelpoptimiseperformance.+

BrandValueThevalueofthetrademarkandassociatedmarketingIPwithinthebrandedbusiness.[BurgerKing]BrandFinancehelpedtocrafttheinternationallyrecognisedstandardonBrandValuation–ISO10668.Itdefinesbrandasamarketing-relatedintangibleassetincluding,butnotlimitedto,names,terms,signs,symbols,logos,anddesigns,intendedtoidentifygoods,servicesorentities,creatingdistinctiveimagesand

associations

in

the

minds

of

stakeholders,therebygenerating

economicbenefits.BrandFinanceRestaurant252023/restaurants

18BrandValuation

Methodology.DefinitionofBrand1BrandImpactBrandisdefinedasabundleoftrademarksandassociatedIPwhichcanbeusedtotakeadvantageoftheperceptionsofallstakeholderstoprovideavarietyofeconomicbenefitstotheentity.We

reviewwhatbrandsalreadypayinroyaltyagreements.Thisisaugmentedbyananalysisofhowbrandsimpactprofitabilityinthesectorversusgenericbrands.Thisresultsinarangeofpossibleroyaltiesthatcouldbechargedinthesectorforbrands(forexamplearangeof0%to2%ofrevenue)BrandValueBrand

valuerefersto

thepresentvalueofearningsspecificallyrelated

to

brand

reputation.Organisationsownand

controltheseearningsbyowning

trademarkrights.BrandStrength2Allbrandvaluationmethodologiesareessentiallytryingtoidentifythis,althoughtheapproachandassumptionsdiffer.

Asaresultpublishedbrandvaluescanbedifferent.We

adjust

theratehigherorlowerforbrandsbyanalysingBrandStrength.We

analysebrandstrengthby

lookingat

threecorepillars:

“Inputs”which

areactivitiessupportingthefuturestrengthofthebrand;

“Equity”which

arerealcurrentperceptionssourcedfrom

ourmarket

researchandThesedifferencesaresimilarto

thewayequityanalystsprovidebusinessvaluationsthataredifferentto

oneanother.Theonlywayyoufindoutthe“real”valueis

bylookingatwhatpeoplereallypay.other

data

partners;

“Output”

which

are

brand-relatedperformancemeasuressuchasmarket

share.EachbrandisassignedaBrandStrengthIndex(BSI)scoreoutof100,whichfeedsintothebrandvaluecalculation.Basedonthescore,eachbrandisassignedacorrespondingBrandRatinguptoAAA+inaformatsimilartoacreditrating.Asaresult,BrandFinancealwaysincorporatesareviewofwhatusersofbrandsactuallypayfortheuseofbrandsintheformofbrandroyaltyagreements,whicharefoundinmoreorlesseverysectorintheworld.Thisis

sometimesknown

asthe“Royalty

Relief”methodology

andis

by

farthemost

widely

usedapproachfor

brandvaluationssince

it

is

groundedin

reality.3Brand

Impact×

Brand

StrengthTheBSIscoreisappliedtotheroyaltyrangetoarriveata

royaltyrate.For

example,iftheroyaltyrangeina

sectoris0-5%anda

brandhasa

BSIscoreof80outof100,thenanappropriateroyaltyratefortheuseofthisbrandinthegivensectorwillbe4%.Itisthebasisforapublicrankingsbutwealwaysaugmentitwitharealunderstandingofpeople’sperceptionsandtheireffectsondemand–fromourdatabaseofmarketresearchonover3000brandsinover30markets.Forecast

Brand

Value

Calculation

4We

determinebrand-specificrevenuesasaproportionofparentcompanyrevenuesattributabletothebrandinquestionandforecastthoserevenuesbyanalysinghistoricrevenues,equityanalystforecasts,andeconomicgrowthrates.DisclaimerBrand

Finance

has

produced

this

study

with

an

independent

and

unbiased

analysis.

Thevalues

derived

and

opinions

produced

in

this

study

are

based

only

on

publicly

availableinformationandcertainassumptionsthatBrandFinanceusedwheresuchdatawasdeficientorunclear.BrandFinanceacceptsnoresponsibilityandwillnotbeliableintheeventthatthepublicly

available

information

relied

upon

is

subsequently

found

to

be

inaccurate.

Theopinions

and

financial

analysis

expressed

in

the

report

are

not

to

be

construed

as

providinginvestment

or

business

advice.

Brand

Finance

does

not

intend

the

report

to

be

relied

upon

foranyreasonandexcludesallliabilitytoanybody,

governmentororganisation.We

thenapplytheroyaltyratetotheforecastrevenuestoderivebrandrevenuesandapplytherelevantvaluationassumptionstoarriveata

discounted,post-taxpresentvaluewhichequalsthebrandvalue.BrandFinanceRestaurant252023/restaurants

19BrandStrength.BrandStrengthWidelyrecognisedfactorsdeployedbymarketerstocreatebrandloyaltyandmarketshare.MarketingInvestmentAnalytical

rigour

and

transparency

are

at

theheart

of

ourapproachto

brand

measurement

at

Brand

Finance.

Therefore,in

order

to

adequately

understandthestrength

of

brands

weconduct

a

structured,

quantitative

reviewof

data

that

reflectthe‘BrandValue

Chain’

of

brand-buildingactivities,

leadingtobrand

awareness,

perceptions

and

onwardsto

brand-influencedcustomer

behaviour.Perceptionsofthebrandamon