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Shifting Telecoms Terrain: Deutsche Telekom and etisalat by e& lead in new telecom brand ranking

26 February 2024
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  • Deutsche Telekom replaces Verizon as world’s most valuable telecoms brand
  • e& Group's telecom vertical named world's strongest telecoms brand under leadership of sector’s top Brand Guardian, Hatem Dowidar
  • Huawei maintains stable brand strength despite trade ban struggles

[26th February 2024, London]Deutsche Telekom overtakes Verizon to gain the position as the world’s most valuable Telecoms brand for the first time, according to a new report from Brand Finance, the world's leading brand valuation consultancy. Deutsche Telekom’s 17% brand value increase to USD73.3 billion can be attributed to a strong network and successful fibre deployment in Europe, along with 5G leadership in the US, elevating the brand’s connectivity perceptions and group service revenues. Brand Finance research underscores Deutsche Telekom's leadership in customer satisfaction, lifting its Brand Strength Index (BSI) score to 83.0 out of 100.

etisalat by e&, e& Group’s telecom vertical, has become the world’s strongest telecoms brand, boasting a Brand Strength Index score of 89.4/100 and AAA rating. Thriving under the larger technology group and the leadership of top ranked telecoms Brand Guardian, Hatem Dowidar, the telecom operator has expanded into new markets through its Partner Market program and strategic acquisitions. Substantial investments have also been made in communication campaigns to promote brand awareness and the brand’s transformation from a traditional telco into a global tech company.

Savio D’Souza, Valuation Director, Brand Finance, commented:

"Amid pricing challenges, the race to integrate Generative AI offerings, and intense global competition, our research has revealed some considerable shifts within the telecoms sector. Both Deutsche Telekom and etisalat by e&’s steadfast commitment to brand building continues to pay dividends as they come out on top as the most valuable and strongest telecoms brands respectively, revealing the importance of a comprehensive global brand strategy in today’s dynamic market.”

Altice’s transformation of its Portuguese operations, from Altice Empresas to MEO Empresas, branded a MEO, has resulted in a 62% brand value increase to USD1 billion, making it the fastest growing telecoms brand. MEO Empresas’ branded revenue increase is the key driver of its brand value boost.

Huawei maintains its status as the most valuable and strongest telecoms infrastructure brand
, despite a 30% drop in brand value. This follows Huawei’s continued US trade ban of over four years, hampering its business lines by limiting access to critical global technologies. Conversely, Huawei’s Brand Strength Index (BSI) did increase marginally to 80.6 out of 100, following the launch of its Huawei Mate 60 series, equipped with its self-developed Kirin 9000S chip, in its home market of China.  

Ericsson increases its value 30% to USD3.4 billion, as the fastest growing telecoms infrastructure brand following a partnership with AT&T for a five-year network transformation and digitalization project, the largest financial agreement in Ericsson's history.

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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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