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Nokia rings in as Finland’s most valuable and strongest brand

11 September 2019
This article is more than 4 years old.
  • Nokia crowned most valuable and strongest Finnish brand, brand value €8.5 billion
  • Fellow Finnish telecoms brand Elisa sees drop in brand value to €767 million
  • YIT breaks into Brand Finance Finland 10 ranking in 10th position, brand value €439 million
  • Dairy giant Valio fastest-growing, brand value up impressive 34%
  • Fortum records solid growth, brand value up 16% to €796 million
  • Swedish brands dominate regional Brand Finance Nordic 50 ranking, 6 brands from Finland making the cut

View the full Brand Finance Finland 10 2019 report here

Nokia defends its title as Finland’s most valuable brand with a 19% increase in brand value to €8.5 billion, according to the latest report by Brand Finance, the world’s leading independent brand valuation consultancy.

In addition to calculating overall brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Along with the level of revenues, brand strength is a crucial driver of brand value.

This year, Nokia also retains its title as Finland’s strongest brand with a Brand Strength Index (BSI) score of 74.8 out of 100 and a corresponding AA+ rating, the only brand in the ranking to achieve this.

Not only has the brand recorded a strong year within its biggest market, North America, but Nokia has also signed a significant deal with China Mobile, the world’s biggest mobile phone brand by subscribers, in a bid to further strengthen its foothold in the Chinese market. Nokia also continues to reap the financial benefits from its broad patent licensing portfolio, which derives from when it was the world’s largest handset maker.

Looking forward, Nokia’s position in the global 5G race against its main competitors, China’s Huawei and Sweden’s Ericsson, looks solid with 42 commercial 5G deals announced.

Elisa slips down
In contrast, fellow telecommunications brand, Elisa, is one of only two brands in the ranking to decrease in brand value, falling 13% to €767 million. Despite the brand being the first operator to begin commercial use of a 5G network and offer 5G subscriptions, it has faced challenges, along with telecommunications brands globally, with the significant capital investment that 5G requires and the increasing commoditization of its core carrier services.

David Haigh, CEO of Brand Finance, commented:

“The global 5G race is in full swing. How telecommunications brands fare in the future relies heavily on how successfully they respond to this momentous advancement within the sector. We have seen Nokia succeed previously with its 4G deployment, and recent wins stand the brand in good stead.”

YIT enters top 10
Construction brand, YIT, is a new entrant into the ranking in 10th position, with a brand value of €439 million. The completion of the YIT and Lemminkäinen merger has helped to seal YIT’s position as one of the largest urban developers in the construction market in Northern Europe. The brand has consistently won new contracts across Europe and measures highly in customer satisfaction and service.

Other engineering and constructions brands, Kone and Stora Enso, also claim positions in the top 10, ranked 2nd and 4th most valuable respectively.

Global leader in the elevator and escalator industry, Kone (brand value up 8% to €1.6 billion), has been under increased pressure from its competitors on pricing. This, paired with higher labour and material costs and China’s economic slowdown, has caused the brand to struggle to maintain profit growth. However, through winning significant contracts in East Africa and the Middle East, Kone is cementing its reach and position as a global leader.

Stora Enso’s brand value increased by 6% to €853 million, despite the brand’s profits being hit as a result of the high temperatures that swept the country over the summer. The brand’s operation relies upon high water levels and consistent wood supply, both of which were comprised due to the drought and wildfires, resulting in the brand being unable to operate at full production capacity.

Fortum focuses on expansion
Having entered the Indian market in October 2017 with a pilot scheme, Fortum (up 16% to €796 million) is set to power India’s electric vehicles through a roll out of 700 charging points on Indian roads. Fortum, one of the world's leading clean energy brands and a pioneer in the world of electric vehicle (EV) charging, is looking to play a vital role in powering a wide fleet of EVs.

With a major presence in Nordic countries, the Baltic region, Russia and Poland, Fortum is looking to develop its brand in India by building on this network of EV charging points. Fortum India, which has already operationalized 36 direct current (DC) unmanned points in the suburbs of Hyderabad and Mumbai, is aiming to ramp up this network to 700 by 2020.

Valio is fastest-growing
Dairy manufacturer, Valio, is Finland’s fastest-growing brand, recording an impressive 34% brand value growth to €883 million. The brand’s reputation of providing fresh, safe and traceable products has enabled it to expand into new markets, including China where it has recently established a new head office.

Brand Finance Nordic 50 2019: Sweden reigns supreme
Looking at the classification in the wider region, Swedish brands have claimed one in every two positions in the Brand Finance Nordic 50 ranking and six out of the top 10 spots, with Ikea crowned most valuable (up 12% to €18.5 billion), H&M in second (down 15% to €13.7 billion), and Volvo in third (up 10% to €11.9 billion).

Engineering and construction leads among sectors with 10 brands included in the ranking. Sweden’s Skanska is the highest ranked in 20th, with a brand value of €2.0 billion, followed closely by Vestas, in 21st position, with a brand value of €1.9 billion. Other notable sectors across the region are banking with 7 brands and retail with 5 brands.

Six brands from Finland feature in the Brand Finance Nordic 50 rankings, compared with 24 from Sweden, 16 from Denmark and 4 from Norway.

View the full Brand Finance Finland 10 2019 report here


Note to Editors

Every year, Brand Finance values 5,000 of the world’s biggest brands. The 10 most valuable Finnish brands are included in the Brand Finance Finland 10 2019 ranking, and the 50 most valuable brands across the Nordic countries are included in the Brand Finance Nordic 50 2019 ranking.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

Additional insights, charts, and more information about the methodology, as well as definitions of key terms are available in the Brand Finance Finland 10 2019 report.

Data compiled for the Brand Finance rankings and reports are provided for the benefit of the media and are not to be used for any commercial or technical purpose without written permission from Brand Finance.

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based 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 information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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