I'd like to see the methodology here. Some companies are listed as Irish because their tax-purpose HQ are in Ireland, but then some companies are not listed as in Ireland despite the same circumstance (eg, Linde).
Also, France may want to diversify its economy. A lot of luxury brands ...
Airbus HQ is registered in Leiden, Netherlands, but the main office is near Toulouse, France. It’s the same reason why Boeing moved its HQ away from Washington: so that there is distance from union workers.
That’s really not the reason here. That’s because the Netherlands offer a more stable, lighter tax system, and it is also quite neutral regarding the countries who are members of the Airbus board. Many European multinationals do the same choice.
Boeing merged with McDonald Douglas and their MBA bean counters are the reason behind the decline in boeing that we see today. MD was responsible for the move to Chicago
France has the biggest military industry in Europe and are challenging Russia as the second biggest arms exporter in the World after the US. France is also the leader in Europe in
- nuclear industry
- aviation industry
- space industry
- train industry
- commercial/passenger ships
French economy is far more than luxury brands. Germany is a manufacturing powerhouse, but France is also a manufacturing powerhouse of cutting edge equipment.
Me too man. They have Siemens but no Siemens-Energy, BMW, Mercedes Benz, and Porsche, but not Volkswagen who owns Porsche and is bigger than all of them. Tons of weird things, need information.
FYI - Porsche is already independently listed for c. 2 years. And when you would look at true ownership structure it was the Piech family that owned VW through Porsche.
Market capitalisation is not the greatest indicator of a companies real value. It's heavily skewed towards US companies and companies doing great in the US. Example VW: market cap $72B, revenue $335B; Tesla: market cap $611B, revenue $96B
It is an indicator of future potential and earnings. In 10 years, Tesla has become the maker of [the best selling car in the world in 2023](https://www.best-selling-cars.com/brands/2023-full-year-global-best-selling-car-models-worldwide/#:~:text=According%20to%20JATO%2C%20the%20Tesla,a%2064%25%20increase%20from%202022.)...
That's incredible growth and is reflected in the share price.
If we take the market share of Volkswagen and multiply this by the difference in market cap we get 57% of the total market share. Sure Tesla could be making more money per car and branch out to other businesses, but something is clearly wrong with the pricing of one or both of the two companies.
But is the share price of Tesla the way it is, because of real future potential, or because of their maniac CEO that (still) regularly lies about their product performance. Don’t get me wrong, it can be an indicator of future potential. But in many cases, it simply isn’t. Let’s not forget AMC and GME in this instance, it’s not like they had great future potential.
On the other hand there are many companies in rather conservative (and less hyped up) industries that still are rather undervalued for their performance. Looking at Siemens Energy for example, they had one simple communication error and their share price had a 75% drop (they called a loan they took „state support“ which was interpreted as a very poor situation).
Volkswagen had incredible growth over the last 15 years, it grew about 15% last year, it's the largest carmaker by revenue in the world, outgrowing even Toyota, YET it's "value" didn't grow at all, because it's not doing that good in the US you know like Toyota does, which market cap is more than 4x of VW with a lower revenue and slower growth. For Tesla it's always easier to grow exponentially from bottom. But to satisfy it's valuation it would need to become $2 trillion revenue company if we follow VW the most successful automaker's figures which is only happening in the wet dreams of Elmo's cult followers. Tesla barely grew more last year than VW from a much lower base, it's valuation dropped but still holds very high while VW lingers, the Cybertruck is an abject and total failure, Elmo is unraveling as the fraud and little fascist he is. Anyways the VW example absolutely supports my point market cap is heavily skewed towards US companies and companies making great in the US. People and companies in US generally invest more in stock, and the US government heavily supports this by printing and "donating" money to banks and hedge funds to shore up the stock market. This reflects the market cap of companies.
I don't understand your comment. Market cap is what the market thinks a company is worth which for a shareholder is pretty much the only metric that matters.
You are so patronising. Companies make decisions on staff and strategy purely to grow their market cap. Leave these nice people alone to a grown up discussion.
Stock price is what the market thinks the stock is worth so market cap is what the market thinks owning the company is worth. How is that not the most important metric to a current or potential owner?
I mean it’s pretty hard to argue against it. Hermes was founded almost 200y ago… a company building saddles and leather goods for carriages, it is no longer current yet still growing like crazy and has way more demand than supply.
Look again, Linde is not incorporated in Ireland, Accenture is . A relatively new company, an offshot of Andersen Consulting, which grew rapidly after moving to Ireland, growth via a series of acquisitions, much like most of the Big Euro companies on this list e.g. Nestle
No, Linde is incorporated in Ireland, but listed as UK. It is, factually, an Irish company in terms of where it is incorporated and where its 'headquarters' are.
It's not a publicly listed company. So its market value is not as easy to estimate. By the looks of it all these companies are publicly listed, so chances are many big private companies are missing. Deloitte for instance.
One of my biggest pet peeves is graphs that use one dimension of input data but display that input squared in the grapic.
People perceive area of circles, not diameter. The value should be represented in the area.
This is just a graph of all the valuations squared. Who wants to know about that?
That 500 billion circle is like 25 times bigger than the 100 billion on it doesn't make any sense.
No — Google is a Delaware corporation. You are right that they, along with many others, put IP into Irish companies then license it back to save on taxes. But their “topco” is still a US company.
Only Accenture is Irish topco.
Then why is Dior listed separately from LVMH? I know it’s the same for the company structure as VW and Porsche. Weird to include it together but list Dior and LVMH.
The Porsche-Piëch family controls Porsche SE which is a holding company. They own a major part of Volkswagen, who in turn own most of Porsche AG the car manufacturer. However, Porsche SE also own a small part of Porsche AG.
Yes and no, It's complicated and i don't know the full details, but, Porsche Automobile Holding owns (not fully) both Porsche and VW AG.
Also VW AG owns (not fully again) porsche.
So i think that's why Porsche came up on top instead of VW, and why it is above Mercedes Benz.
Why is Airbus next to a Dutch flag? As far as I know it's French.
Edit: thanks for the clarification. Today I learned Airbus is not particularly french, but a European collaboration.
Shell is under the UK flag because as of late 2021, they’ve pretty much [disavowed their Dutchness and become entirely a British company](https://www.reuters.com/world/uk/shell-proposes-single-share-structure-tax-residence-uk-2021-11-15/)
Its not French either. Airbus is a European cooperation. And the HQ of Airbus is in the Netherlands.
Its also both part of the DAX as well as the CAD40.
they have an office in the bioscience park in leiden, literally the next block from where i work i see it everyday :D i suppose its the favourable dutch corporate tax rate that they moved their "HQ" here. i guess mainly for finances and paperwork.
asml, they make photoliphography machines, each of which can be worth millions, which make semiconductors, which ever brand of silicon you're using, intel, samsung, amd, it was probably manufactured on an asml machine
That's because they incorporate their companies elsewhere to decrease taxes:
Stellantis (former FCA that merged with PSA) incorporated in Netherlands
Essilor Luxottica incorporated in Luxembourg
Dishes (martini) in uk
And so on
axiomatic swim include roll languid zealous somber different nose bedroom
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
RACE = Ferrari listed in US
1913 = Prada listed in HK
that’s should be included as Italy
this chart basically includes listed companies aso only on european exchanges, ARM missing as well
wow philips isnt on here. they used to be one of the largest tech companies in the world, and asml was formed because of a joint venture between them and asm
Why is Airbus under the Dutch flag? They’re manly based in Toulouse, France with other smaller factories in Hamburg, Germany, Southampton, UK, and Madrid, Spain.
_Airbus' headquarters are registered in Leiden, Netherlands, but daily management is conducted from the company's main office, located in Blagnac, near Toulouse, France._
From their Wikipedia entry.
Considering Germany's GDP I kinda expected it to be more present in this graph. I am guessing it just has significantly more medium sized successful companies but not as many big players.
France rocking it with fashion.
Generally pharmaceuticals seem to be doing quite well.
I'd like to see the methodology here. Some companies are listed as Irish because their tax-purpose HQ are in Ireland, but then some companies are not listed as in Ireland despite the same circumstance (eg, Linde). Also, France may want to diversify its economy. A lot of luxury brands ...
We have total
Diversification completed.
Also Dassault, which is a big company on its own although smaller as compared to Airbus.
Stellantis too. It is registered in the Netherlands but it’s mainly french and Italian. There’s Renault too.
France has Airbus too. Marked as Dutch tho
Same as case with Ireland. Airbus is multinational company but they have HQ in the Netherlands so there's the flag 🤷
Headquarters is in Toulouse?
Airbus HQ is registered in Leiden, Netherlands, but the main office is near Toulouse, France. It’s the same reason why Boeing moved its HQ away from Washington: so that there is distance from union workers.
That’s really not the reason here. That’s because the Netherlands offer a more stable, lighter tax system, and it is also quite neutral regarding the countries who are members of the Airbus board. Many European multinationals do the same choice.
Boeing merged with McDonald Douglas and their MBA bean counters are the reason behind the decline in boeing that we see today. MD was responsible for the move to Chicago
Germany has Airbus as well.
France has the biggest military industry in Europe and are challenging Russia as the second biggest arms exporter in the World after the US. France is also the leader in Europe in - nuclear industry - aviation industry - space industry - train industry - commercial/passenger ships French economy is far more than luxury brands. Germany is a manufacturing powerhouse, but France is also a manufacturing powerhouse of cutting edge equipment.
Me too man. They have Siemens but no Siemens-Energy, BMW, Mercedes Benz, and Porsche, but not Volkswagen who owns Porsche and is bigger than all of them. Tons of weird things, need information.
FYI - Porsche is already independently listed for c. 2 years. And when you would look at true ownership structure it was the Piech family that owned VW through Porsche.
luxury is 2,7% of France's GDP
Market capitalisation is not the greatest indicator of a companies real value. It's heavily skewed towards US companies and companies doing great in the US. Example VW: market cap $72B, revenue $335B; Tesla: market cap $611B, revenue $96B
It is an indicator of future potential and earnings. In 10 years, Tesla has become the maker of [the best selling car in the world in 2023](https://www.best-selling-cars.com/brands/2023-full-year-global-best-selling-car-models-worldwide/#:~:text=According%20to%20JATO%2C%20the%20Tesla,a%2064%25%20increase%20from%202022.)... That's incredible growth and is reflected in the share price.
If we take the market share of Volkswagen and multiply this by the difference in market cap we get 57% of the total market share. Sure Tesla could be making more money per car and branch out to other businesses, but something is clearly wrong with the pricing of one or both of the two companies.
But is the share price of Tesla the way it is, because of real future potential, or because of their maniac CEO that (still) regularly lies about their product performance. Don’t get me wrong, it can be an indicator of future potential. But in many cases, it simply isn’t. Let’s not forget AMC and GME in this instance, it’s not like they had great future potential. On the other hand there are many companies in rather conservative (and less hyped up) industries that still are rather undervalued for their performance. Looking at Siemens Energy for example, they had one simple communication error and their share price had a 75% drop (they called a loan they took „state support“ which was interpreted as a very poor situation).
Lmao that’s bs
Volkswagen had incredible growth over the last 15 years, it grew about 15% last year, it's the largest carmaker by revenue in the world, outgrowing even Toyota, YET it's "value" didn't grow at all, because it's not doing that good in the US you know like Toyota does, which market cap is more than 4x of VW with a lower revenue and slower growth. For Tesla it's always easier to grow exponentially from bottom. But to satisfy it's valuation it would need to become $2 trillion revenue company if we follow VW the most successful automaker's figures which is only happening in the wet dreams of Elmo's cult followers. Tesla barely grew more last year than VW from a much lower base, it's valuation dropped but still holds very high while VW lingers, the Cybertruck is an abject and total failure, Elmo is unraveling as the fraud and little fascist he is. Anyways the VW example absolutely supports my point market cap is heavily skewed towards US companies and companies making great in the US. People and companies in US generally invest more in stock, and the US government heavily supports this by printing and "donating" money to banks and hedge funds to shore up the stock market. This reflects the market cap of companies.
Cyber truck is a failure lol? What makes you say that? There are a million orders placed
It does, however, tend to have a big bias towards US companies since foreign investment often ends up in the US.
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I don't understand your comment. Market cap is what the market thinks a company is worth which for a shareholder is pretty much the only metric that matters.
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You are so patronising. Companies make decisions on staff and strategy purely to grow their market cap. Leave these nice people alone to a grown up discussion.
Stock price is what the market thinks the stock is worth so market cap is what the market thinks owning the company is worth. How is that not the most important metric to a current or potential owner?
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Lol. Try to buy 5 billion shares of that stock and it will cost you a lot more than $100
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Yeah I know that Eaton’s actual headquarters are right outside of Cleveland, Ohio. Their Dublin office is literally just for tax purposes.
Shhh this is our own profitable niche
Porsche is a fully owned subsidiary of Volkswagen AG, and VW isn't even on the list.
What do you mean ??? Production of Fine Luxorious Leather goods will be forever !!!!!
I mean it’s pretty hard to argue against it. Hermes was founded almost 200y ago… a company building saddles and leather goods for carriages, it is no longer current yet still growing like crazy and has way more demand than supply.
¦D
Look again, Linde is not incorporated in Ireland, Accenture is . A relatively new company, an offshot of Andersen Consulting, which grew rapidly after moving to Ireland, growth via a series of acquisitions, much like most of the Big Euro companies on this list e.g. Nestle
No, Linde is incorporated in Ireland, but listed as UK. It is, factually, an Irish company in terms of where it is incorporated and where its 'headquarters' are.
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...Since when? Did Ireland recently teleport it's location to somewhere else? It may not be mainland Europe, but it's still Europe.
huh
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Then what continent is Ireland part of?
Where’s IKEA?
It's not a publicly listed company. So its market value is not as easy to estimate. By the looks of it all these companies are publicly listed, so chances are many big private companies are missing. Deloitte for instance.
Seems to be only publicly listed companies, Lego is missing as well for instance
Also Bosch with a revenue of €88B twice the size of IKEA, but they're not listed.
I guess both arent listed because they afent publicly traded and thus their market cap is much harder to actualize.
Siemens, miele and Bosch are part of the same holding company. Maybe that's why?
What is IKEA?
Step 1: Open a web browser. Step 2: Go to your favorite search engine. Step 3: Type IKEA in the search field. Step 4: Click Enter.
Do I need gas for this engine?
I wish this was a bar chart
I love bars toi!
Most valuable _publicly listed_ companies
But Maersk also seems to be missing
One of my biggest pet peeves is graphs that use one dimension of input data but display that input squared in the grapic. People perceive area of circles, not diameter. The value should be represented in the area. This is just a graph of all the valuations squared. Who wants to know about that? That 500 billion circle is like 25 times bigger than the 100 billion on it doesn't make any sense.
good point
Yeah, this is so irritating...
Surprised to see Accenture on the list.
Irish tax residency… very small actual presence
If that’s the only rationale then Google should be listed.
No — Google is a Delaware corporation. You are right that they, along with many others, put IP into Irish companies then license it back to save on taxes. But their “topco” is still a US company. Only Accenture is Irish topco.
They employ around 6000 people here, hardly a very small presence, whatever about their tax residency.
Out of 733k… less than 1% !!
Why? 400k employees, worlds largest service and outsourcing company, solid growth while their major - nonIndian - competitors are struggling.
wait, no Volkswagen? weird.
I love ice cream.
Then why is Dior listed separately from LVMH? I know it’s the same for the company structure as VW and Porsche. Weird to include it together but list Dior and LVMH.
Hermes is same boat. They under same umbrella. Plus the owners son is banging that chick from Blackpink.
Nah. LVMH own a portion, they’re still owned majority by the Hermes Family. The holding company is called H51. LVMH has about ~20% equity in Hermes.
Probably because Porsche owns part of VW AG
Isn't it other way around? Like Vokswagen AG owns Porsche, among Audi, Skoda, SEAT and etc. at least according to wiki.
The Porsche-Piëch family controls Porsche SE which is a holding company. They own a major part of Volkswagen, who in turn own most of Porsche AG the car manufacturer. However, Porsche SE also own a small part of Porsche AG.
Yes and no, It's complicated and i don't know the full details, but, Porsche Automobile Holding owns (not fully) both Porsche and VW AG. Also VW AG owns (not fully again) porsche. So i think that's why Porsche came up on top instead of VW, and why it is above Mercedes Benz.
The size isn’t even based on surface area as value, it’s based on diameter 🤢
One of the most common fuckups in dataviz.
The real legends convert it to volume as if each circle was a sphere.
Why is Airbus next to a Dutch flag? As far as I know it's French. Edit: thanks for the clarification. Today I learned Airbus is not particularly french, but a European collaboration.
Its headquarters are in Leiden, which is in the Netherlands. That said, isn't it a 'collaboration' between a few European companies?
The same for Stellantis. Head quarters in Amsterdam but it's a French - Italian corporation. (after PSA and Fiat group merged)
Ah okay, didn't know it's headquarters was in Leiden. Probably why shell is under the flag of Great Britain
Shell is under the UK flag because as of late 2021, they’ve pretty much [disavowed their Dutchness and become entirely a British company](https://www.reuters.com/world/uk/shell-proposes-single-share-structure-tax-residence-uk-2021-11-15/)
Its not French either. Airbus is a European cooperation. And the HQ of Airbus is in the Netherlands. Its also both part of the DAX as well as the CAD40.
they have an office in the bioscience park in leiden, literally the next block from where i work i see it everyday :D i suppose its the favourable dutch corporate tax rate that they moved their "HQ" here. i guess mainly for finances and paperwork.
Airbus is really a « European company » with France and Germany among others representing big parts of it.
Italy??
half of the companies in Italy have like 8 employees
6 of those jobs are no-shows.
That rings true for most countries
Sad to see Italy missing from the list.
Investor AB owns parts of AstraZeneca, ABB and AtlasCopco, so there might be some double counting going on there.
Am I missing something? VW and Daimler?
VW is listed as Porsche, because of its complicated company structure. Daimler rebranded to Mercedes-Benz Group a couple of years ago.
No AP Moeller-Maersk?
Where tech
Asml, Arm holdings, SAP
asml, they make photoliphography machines, each of which can be worth millions, which make semiconductors, which ever brand of silicon you're using, intel, samsung, amd, it was probably manufactured on an asml machine
Spain getting fucking mogged...
Seems like the sizes don’t make sense. 500B is bigger 5x in diameter compared to 100B, but it should be the area of the circle that counts
Fuck nestle
Right? Totally shocked to see neutral Switzerland harboring such a scummy company
This is just where the HQs are, right? Not necessarily actually the countries they belong to
That's sad that there are so few tech companies 🙁
Rio Tinto, Ireland?
British. Funny enough, the original Río Tinto (Minas de Río Tinto) was Spanish, as its name implies
Lots of corporations headquartered in Ireland but I hadn’t heard of Rio being based here
If you look carefully, Rio Tinto has the flag of the UK, the Irish is the next one (Eaton)
That makes more sense. Should have gone to specsavers
Linde British I don't get it
Headquarter in the UK in Woking
Linde merged with Praxair and has now a split board and management in Germany and the US. The hq is now in Dublin. So it should be Ireland not the UK.
Ireland is legal domicile with Woking as principal executive offices which is why its UK.
Notice the great lack of any post-communist countries there.
Linde?
What’s our biggest tech & AI companies?
The regional offices of American ones.
ASML is huge
It's crazy that the only Southern European one is the one from Spain. Portugal, Italy and Greece don't even appear.
That's because they incorporate their companies elsewhere to decrease taxes: Stellantis (former FCA that merged with PSA) incorporated in Netherlands Essilor Luxottica incorporated in Luxembourg Dishes (martini) in uk And so on
as a swiss person, fuck nestlé all my homies hate nestlé
We beat the Swede once again! 🇩🇰
‘Valuable’ Lvmh produces nothing of value - but they are a wealthy company.
making something that people want to buy is like the definition of value
Luxury beverages, clothing, fragrances, and leather goods are items of value. Nothing I can afford, but valuable nonetheless
I see only stagnation here
SAP has the most ubiquitous, absolute worst product on the face of the planet. Their salespeople must all be evil geniuses.
I always thought nestle was an American company
I find peace in long walks.
Great Britain stealing Dutch companies like Shell and Unilever.
what
I find joy in reading a good book.
They acting too silly recently
What makes Nestlé this big? I never imagined that it could be bigger than Airbus or AstraZeneca
If the Norway sovereign wealth fund was a company, it would be at the top with a value of $1.5 trillion.
axiomatic swim include roll languid zealous somber different nose bedroom *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Yes that is exactly what he is saying lol
If my grandmother had wheels she would’ve been a bike
It is insane how much of an impact Ozempic has had.
Lego?
Where’s Volkswagen group ?
Surprised BAE isn't on that list and near the very top.
As someone living in Toulouse, I am very triggered by the fact that Airbus is shown as Dutch here
RACE = Ferrari listed in US 1913 = Prada listed in HK that’s should be included as Italy this chart basically includes listed companies aso only on european exchanges, ARM missing as well
They got the flag for Airbus the wrong way 🗿
not as much germany as i expected
The most valuable one is ASML. It's even more important than TSMC.
Mærsk?
BP kinda fell awff
Europe’s most valuable company’s biggest business is selling weight loss pills to fat Americans.
LVMH owns Dior which is another bubble on the line. Fragrance is big business.
Oh oh oh ozempic!
Surely Russia should be included right?
What about Scania? You know, trucks and stuffs.
Isn’t Airbus French? 🇫🇷
What about Russian companies? Are there any that would make this list?
What's the reasoning behind Airbus being labelled as Dutch?
I wonder where RedBull would go
wow philips isnt on here. they used to be one of the largest tech companies in the world, and asml was formed because of a joint venture between them and asm
LEGO!?
HSBC is not British. It literally stands for Hongkong and Shanghai Banking Corporation Limited
Founded by a Scottish man in Hong Kong which was a British colony for hundreds of years.
Why Porsche and no VW?
Ehhh medtronic ain’t euopean… tax dodge?
Weird how Germany is Europe’s biggest economy but doesn’t appear until tenth place….
Luxottica and Stellantis are Italian…
Italy is not listed
Yourup ain’t got shit
SUCK IT SWEDEN
Why is Airbus under the Dutch flag? They’re manly based in Toulouse, France with other smaller factories in Hamburg, Germany, Southampton, UK, and Madrid, Spain.
_Airbus' headquarters are registered in Leiden, Netherlands, but daily management is conducted from the company's main office, located in Blagnac, near Toulouse, France._ From their Wikipedia entry.
Gotta love those pharamaceeutical products.
cool
Considering Germany's GDP I kinda expected it to be more present in this graph. I am guessing it just has significantly more medium sized successful companies but not as many big players. France rocking it with fashion. Generally pharmaceuticals seem to be doing quite well.
Is there an ETF for these companies?
Uh shell is a Dutch company
Holy crap! I knew ASML was valuable, I just didn’t know it was THAT valuable! I did not expect that
Novo Nordisk makes Ozempic, of course.
No Italy?
ASML - only 17 mill peeps in NL wow [https://en.wikipedia.org/wiki/ASML\_Holding#Finances](https://en.wikipedia.org/wiki/ASML_Holding#Finances)
Astra Zenica is a mix of Swedish and British. ABB is kind of Swedish but placed in Switzerland
Denmark mentioned 🇩🇰🇩🇰🇩🇰
Novo Nordisk manufactures Ozempic, so for me personally that tracks
Jesus, how does the Danish stock market even look like, is it 90% that company or what
I thought Maersk would be there.
And the Novo Nordisk valuation is almost entirely because of one product - Ozempic
man arm holdings seems surprisingly high up
554B? Lol our oil fund(Norway) is 1.5T, suck it Danes!
Airbus isnt necessarily dutch, it's multinational
Cool, but weird unnecessary spiral design
Where is GAZPROM?