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Top 50 Romanian Brands Create Value Four Times Faster Than the Overall Romanian Economy

13 June 2019
This article is more than 4 years old.
  • Combined value of Romania’s top 50 brands is reaching EUR 5 bn
  • 60% of the top 50 brands have been created by the private sector over the past 30 years
  • Dacia keeps pole position in the Brand Finance Romania 50 ranking, despite growing only 6%
  • Strong performance from retail, banking, and oil & gas brands
  • More dynamic landscape, with six brands entering the table for the first time
  • State-owned brands lose value and slide down the table

View the full Brand Finance Romania 50 2019 report here

The aggregate value of the top 50 Romanian brands has increased 17% to EUR 5 billion, according to the latest report by Brand Finance, the world’s leading independent brand valuation consultancy. The rise is much higher than the 4.1% annual growth of the Romanian economy in 2018, and another confirmation that strong brands tend to outperform the rest of the economy.

"Top brands continue to enjoy a higher growth in value than the economy as a whole, and brand-strong companies see their value increase even when economic growth slows down. Biggest Romanian brands continue to build momentum and are better prepared for the future." David Haigh, CEO, Brand Finance

The automotive brand Dacia keeps the pole position in the Brand Finance Romania 50 ranking for the third year in a row, with a brand value of EUR 1,320m, up 6% from last year. Dacia is also one of the very few Romanian brands present in global league tables, having been ranked 59th in Brand Finance Auto 100 2019.

Out of the top 10 brands, all have enjoyed growth in brand value, apart from Electrica, which fell 8% to EUR 101m and slid one position to the 10th place. BCR, in turn, dropped out of the top 10, following a 6% decrease. On the back of strong growth in the oil & gas sector, Petrom and Rompetrol brands grew 49% and 44% respectively – with Rompetrol breaking into the top 10 this year.

Digi (RCS&RDS) consolidated its brand value with a 9% increase to EUR 203m, and also marked a premiere for a Romanian telecom brand by featuring earlier this year in the global Brand Finance Telecoms 300 2019.

Placing 5th, Banca Transilvania is up one place, and maintains its title as the most valuable Romanian banking brand. Valued at EUR 208m, up 41% from last year, it is the only Romanian bank to have been included in the Brand Finance Banking 500 2019.

Retail and banking brands dominate

The retail sector (including e-commerce) has generated the most brand value, with a total worth of EUR 1,379m – a 28% surge year-on-year, with most of the 11 retail brands in the league table enjoying an increase in value. The most valuable among them are the e-commerce star eMAG and the leading DIY chain Dedeman (which remains the most valuable brand with 100% Romanian shareholding), both recording high brand value growth rates of 27% and 34% respectively. The drugstore chain Catena registered the highest growth – up a striking 61% from last year – while Sensiblu was the only retail brand to slide in value, decreasing 26% year-on-year.

The second sector in brand value is the particular automotive category of one, harbouring the top brand Dacia.

Bank brands continue to fare strongly in the Brand Finance Romania 50 study – even after the exit of Bancpost, which was acquired and consolidated into Banca Transilvania. The banking sector has generated EUR 489m in brand value and claims two places among the top 10. However, within the category, the evolution was uneven, with Banca Transilvania and BRD enjoying strong growth, while BCR and CEC Bank slid down the ranks following brand value decreases.

New & old, in & out

New brands – created and developed by entrepreneurs and private companies over the past 30 years – make up more than half of the Brand Finance Romania 50 ranking, generating more than EUR 2.5 billion in brand value.

Of the old brands, it is particularly regrettable to see state-owned ones losing value and sliding down to the bottom of the table. Brands like CFR, Tarom or TVR (the latter exiting the top 50 this year) have seen their value diminish at 20% or more per year. While not reflected in the balance sheet, the neglect of brand translates into lower morale and diminishing relevance, which ultimately eats into economic performance and business value.

This year's ranking has seen a more dynamic landscape, with six brands entering the table for the first time. The most valuable new entrant is the logistics brand Aquila, with EUR 27m. Other new entrants include the retailer Romstal, food brands Boromir and CocoRico, fuel distributor Oscar, and Ciuc beer.

Inevitably, for each brand entering the table, another one drops out. Bancpost ceased to exist following the consolidation into Banca Transilvania, Tinmar is navigating a very turbulent energy market, while AKTA, Terapia, Dona, and TVR decreased in value.

"The top 50 is a premier showcase of Romanian brands, but the value potential is extending way beyond this ranking. A dynamic brand landscape is bringing many smaller Romanian brands into the spotlight as they consistently grow in value." Mihai Bogdan, Managing Director, Brand Finance Romania

Portfolio power

Next to analysing individual brands, the Brand Finance Romania 50 study also ranks the 10 most valuable portfolios of brands, calculated for those businesses that deploy more than one brand into the market. These portfolios encompass over 40 well-known local brands, most valuable of which are also featured individually in the main top 50 ranking.

Valued at EUR 176m, up 27% from last year, Ursus Breweries continues to top the portfolios ranking. The company also boasts three brands in the national top 50 – including the flagship Ursus brand (EUR 42m) and the oldest and most valuable brand beer – Timisoreana (EUR 70m).

The ranking of the top 10 brand portfolios, with a combined value of EUR 664m, remains virtually unchanged from last year, as nearly all companies enjoyed significant brand value growth – an average of 22% up from 2018.


Note to Editors

Every year, leading valuation and strategy consultancy Brand Finance values the world’s biggest brands. The 50 most valuable Romanian brands are included in the Brand Finance Romania 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, more information about the methodology as well as definitions of key terms are available in the Brand Finance Romania 50 2019 report.

Brand Finance helped craft the internationally recognised standard on Brand Valuation – ISO 10668, and the recently approved standard on Brand Evaluation – ISO 20671.

Brand Finance is a chartered accountancy firm regulated by ICAEW and also the first brand valuation consultancy to join the International Valuation Standards Council (IVSC).

Data compiled for the Brand Finance league tables 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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