TEST-WP - LocMV

**Top 20 Largest Listed Companies

Benelux (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	ASML	Electronics	227	1.27	7.1	44.0	14.0	3.6	28,073
2	Prosus	Internet	146	0.90	4.6	38.1	3.0	3.4	20,524
3	Shell	Oil & gas	120	1.57	1.2	9.7	149.1	(19.0)	87,000
4	AB InBev	Beverage	99	1.31	2.5	23.7	41.1	(0.6)	163,695
5	Airbus	Aviation	78	1.67	12.9	42.6	49.9	(1.1)	131,349
6	Adyen	Fintech	62	0.70	37.3	144.9	3.6	0.3	1,747
7	Heineken	Beverage	56	0.72	3.5	30.5	19.7	(0.2)	84,394
8	NXP Semiconductors	Electronics	44	1.42	3.1	20.0	7.6	0.0	29,000
9	Stellantis	Automotive	43	1.18	1.1	6.3	86.7	0.0	189,512
10	Philips	Consumer goods	43	0.87	2.8	25.0	19.5	1.2	81,592
11	ING	Bank	42	1.55	0.9	10.8	28.2	2.5	91,411
12	Spotify	Media	40	0.75	33.3	EPS < 0	7.9	(0.6)	5,584
13	ArcelorMittal	Steel	27	1.87	0.6	5.3	46.7	(0.6)	167,743
14	KBC	Bank	27	1.44	1.5	13.9	12.0	1.4	37,137
15	DSM	Retail	26	0.71	2.3	30.5	8.1	0.5	23,127
16	Heineken Holding	Beverage	24	0.76	3.3	24.5	19.7	(0.1)	84,394
17	Ahold Delhaize	Consumer goods	23	0.40	1.7	11.9	74.7	1.4	414,000
18	Wolters Kluwer	Publishing	20	0.59	6.4	24.1	4.6	0.7	19,169
19	Akzo Nobel	Chemicals	19	0.79	2.7	21.1	8.5	0.6	32,200
20	Yandex	Retail	17	1.00	5.5	69.9	2.6	0.3	11,864

Source: FactSet, may 2021

Brazil (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Vale	Metal & mining	88	0.97	1.6	4.5	35.5	4.5	74,316
2	Petrobras	Oil & gas	47	1.37	1.1	4.9	46.3	1.2	49,050
3	Itau Unibanco	Bank	39	0.93	2.3	10.8	32.7	3.2	96,500
4	Ambev	Beverage	36	0.72	4.8	23.0	9.9	1.9	50,000
5	Banco Bradesco	Bank	33	1.12	2.0	9.2	35.1	2.8	89,575
6	WEG	Capital goods	23	0.81	7.8	48.0	3.0	0.4	33,342
7	Santander	Bank	22	1.06	3.1	9.6	12.2	2.3	44,599
8	Rede D’Or	Hospital	22	0.64	23.7	60.9	2.4	0.1	56,356
9	Magazine Luiza	Media	20	1.17	16.0	182.6	5.0	0.1	40,000
10	B3	Financial services	16	1.08	3.1	19.5	1.4	0.7	2,200
11	Banco BTG Pactual	Financial services	15	1.44	2.0	20.3	2.8	0.9	2,500
12	Suzano	Paper	14	0.42	7.5	7.9	5.2	(1.8)	35,000
13	Itausa	Holding	13	0.88	1.8	9.4	1.0	1.2	126,000
14	Banco do Brasil	Bank	13	1.25	1.2	4.9	21.0	2.0	91,673
15	XP	Financial services	12	1.76	17.5	42.6	1.5	0.4	3,651
16	JBS	Food	12	0.83	1.7	8.0	46.0	0.8	250,000
17	Telefonica Brasil	Telecom	11	0.49	1.1	13.4	7.3	0.8	32,759
18	CSN	Steel	10	1.27	2.6	5.0	5.1	0.6	35,053
19	Natura	Consumer goods	10	1.14	7.6	70.9	6.3	(0.1)	1,064
20	PagSeguro	Financial services	8	1.61	10.8	45.1	0.8	0.2	5,836

Source: FactSet, May 2021

China (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Tencent	Electrical equipment	641	1.17	9.3	33.9	61.3	20.3	51,350
2	Alibaba	Retail	519	1.07	6.1	22.6	65.9	19.3	117,600
3	Kweichow Moutai	Beverage	324	1.06	11.0	46.7	10.7	5.9	29,031
4	ICBC	Electrical equipment	224	0.77	0.8	4.5	165.8	40.1	439,787
5	China Merchants Bank	Bank	170	1.16	1.5	EPS < 0	53.2	12.4	90,867
6	Meituan-Dianping	Retail	167	1.41	7.0	n.s.	14.6	0.6	69,205
7	Ping An	Insurance	167	0.76	2.3	8.1	152.9	18.2	362,035
8	China Construction Bank	Bank	165	0.75	0.8	4.4	150.7	34.4	349,671
9	Wuliangye Yibin	Beverage	142	1.43	6.8	45.6	6.3	2.5	25,882
10	Agricultural Bank of China	Bank	141	0.69	0.6	4.0	134.7	27.4	459,000
11	Contemporary Amperex	Software	116	1.39	7.0	101.1	6.4	0.7	33,078
12	Bank of China	Bank	115	0.72	0.5	3.9	116.7	24.5	309,084
13	Kuaishou	Electrical equipment	94	2.32	Eq < 0	EPS < 0	7.5	(14.8)	21,499
14	JD.com	Retail	86	1.31	7.1	41.1	94.8	6.3	314,906
15	China Tourism Group	Tourism	78	1.34	10.7	53.6	6.1	0.6	10,780
16	Hikvision	Healthcare equipment	75	1.31	8.7	35.0	8.0	1.7	42,685
17	Shenzhen Mindray	Healthcare	73	0.84	15.7	71.3	2.6	0.8	11,833
18	Midea	Consumer goods	72	1.03	4.1	18.9	35.9	3.1	134,897
19	Foshan Haitian	Food	71	0.79	19.3	71.3	2.9	0.8	6,058
20	Evergrande New Energy Vehicle	Automotive	61	1.17	67.3	EPS < 0	2.0	(0.9)	8,796

Source: FactSet, May 2021

France (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	LVMH	Luxury goods	319	1.04	5.3	37.4	44.7	4.7	150,479
2	L’Oréal	Consumer goods	194	0.70	4.9	41.9	28.0	3.6	85,392
3	Christian Dior	Luxury goods	113	1.19	5.4	32.8	44.7	1.9	150,479
4	Hermès International	Luxury goods	112	0.73	11.5	58.6	6.4	1.4	16,600
5	Sanofi	Electrical equipment	109	0.52	1.7	13.9	36.0	12.3	99,412
6	Total	Oil & gas	98	1.28	1.2	10.7	105.0	(6.4)	105,476
7	Kering	Luxury goods	84	1.09	6.0	28.8	13.1	2.2	38,553
8	Schneider Electric	Electrical equipment	76	1.04	2.2	24.7	25.2	2.1	126,328
9	BNP Paribas	Bank	68	1.44	0.6	9.9	44.3	6.6	194,976
10	Air Liquide	Industrial gas	67	0.75	3.0	25.5	20.5	2.4	64,445
11	EssilorLuxottica	Consumer goods	61	0.85	2.4	32.3	14.4	0.1	151,017
12	AXA	Insurance	58	1.19	0.8	8.7	101.7	3.0	96,595
13	Vinci	Infrastructure	54	1.42	2.5	20.7	43.9	1.2	217,731
14	Safran	Defence	53	1.68	4.2	41.8	16.6	0.4	78,892
15	Dassault Systèmes	Software	51	0.65	7.2	44.7	4.5	0.5	19,789
16	Pernod Ricard	Consumer goods	45	0.63	2.6	30.5	8.4	0.3	18,776
17	Danone	Food	41	0.55	2.7	18.1	23.6	1.9	101,911
18	Crédit Agricole	Bank	38	1.39	0.5	10.7	42.6	2.5	72,520
19	EDF	Power	38	1.01	0.8	15.4	69.0	0.8	165,200
20	Sartorius	Healthcare equipment	35	0.44	12.7	63.0	1.9	0.4	7,566

Source: FactSet, May 2021

Germany (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	SAP	IT services	143	0.95	4.5	22.2	27.3	5.1	102,430
2	Volkswagen	Automotive	123	1.37	0.7	8.1	222.9	8.3	662,575
3	Siemens	Industry	119	1.13	1.9	21.5	57.1	4.1	293,000
4	Allianz	Insurance	90	1.14	1.2	10.9	118.9	6.8	148,737
5	Daimler	Automotive	79	1.56	0.9	7.3	154.3	3.6	288,481
6	Deutsche Telekom	Telecom	76	0.70	2.2	14.5	101.0	4.2	226,291
7	Deutsche Post	Services	61	0.96	3.0	15.2	66.8	3.0	571,974
8	BASF	Chemicals	61	1.15	1.7	14.3	59.1	(1.5)	110,302
9	BMW	Automotive	54	1.17	0.8	7.9	99.0	3.8	120,726
10	Siemens Healthineers	Healthcare equipment	54	0.51	4.6	26.0	14.5	1.4	54,300
11	Bayer	Chemicals	52	1.02	1.5	9.2	41.4	(15.6)	99,538
12	Adidas	Consumer goods	52	0.99	7.1	34.5	19.8	0.4	62,285
13	Infineon Technologys	Technology	44	1.34	3.4	31.1	8.6	0.4	46,665
14	Henkel	Consumer goods	38	0.65	2.4	19.6	19.3	1.4	52,950
15	Munich Reinsurance	Insurance	34	1.13	1.1	11.9	66.4	1.2	39,642
16	Delivery Hero	Retail	33	0.55	5.5	EPS < 0	2.5	(1.4)	35,528
17	Sartorius	Healthcare equipment	33	0.47	17.5	73.3	2.3	0.2	10,637
18	Vonovia	Real Estate	31	0.50	1.4	22.3	4.1	3.2	10,622
19	Deutsche Boerse	Financial services	27	0.77	4.5	21.9	4.0	1.1	7,238
20	Hapag-Llyod	Transport	27	0.51	1.3	10.9	12.8	0.9	13,117

Source: FactSet, May 2021

India (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Reliance Industrys	Oil & gas	139	1.05	2.3	21.6	75.6	5.0	195,618
2	Tata Consultancy	Services	126	0.65	9.0	28.1	19.0	3.7	448,464
3	HDFC Bank	Bank	87	1.10	4.2	20.9	18.0	3.7	116,971
4	Infosys	IT services	65	0.76	5.1	25.7	11.6	2.2	189,640
5	Hindustan Unilever	Consumer goods	63	0.59	51.0	58.1	5.4	0.9	21,000
6	Housing Development Finance	Financial services	49	1.24	3.4	37.3	12.9	2.7	5,289
7	ICICI Bank	Bank	46	1.43	2.1	19.5	18.7	2.1	97,354
8	Kotak Mahindra Bank	Bank	38	1.07	4.5	48.9	6.7	1.1	71,000
9	Bajaj Finance	Bank	38	1.48	8.9	41.0	3.1	0.5	26,969
10	State Bank of India	Bank	35	1.26	1.0	15.5	46.0	2.5	249,448
11	Bharti Airtel	Telecom	34	0.79	2.7	EPS < 0	11.1	(4.1)	75,485
12	Wipro	Technology	30	0.61	2.8	23.7	7.2	1.2	188,270
13	Asian Paints	Chemicals	28	0.71	16.1	79.7	2.6	0.3	22,974
14	ITC	Bank	28	0.66	5.5	18.6	6.3	1.9	28,115
15	HCL Technologys	IT services	28	0.69	3.6	17.7	8.7	1.3	149,173
16	Axis Bank	Bank	24	1.50	2.2	15.5	9.3	0.8	74,000
17	Maruti Suzuki India	Automotive	22	1.10	5.0	30.6	8.1	0.5	15,945
18	Larsen & Toubro	Industry	21	1.02	3.0	25.5	18.4	1.1	45,268
19	Avenue Supermarts	Retail	21	0.67	18.6	166.8	3.2	0.2	48,408
20	UltraTech Cement	Material	21	0.97	3.8	35.0	5.3	0.7	58,313

Source: FactSet, May 2021

Italy (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Enel	Energy	85	0.90	2.0	15.6	62.6	2.6	66,717
2	Intesa Sanpaolo	Bank	45	1.14	0.7	12.1	39.0	2.1	105,615
3	Eni	Oil & gas	36	1.20	0.9	14.2	44.0	(8.6)	31,495
4	Ferrari	Automotive	35	0.72	20.6	43.0	3.5	0.6	4,556
5	Generali	Insurance	27	0.85	0.9	9.8	78.9	1.9	72,644
6	UniCredit	Bank	20	1.35	0.4	9.8	23.4	(3.0)	90,836
7	Snam	Oil & gas	16	0.84	2.3	13.4	2.7	1.1	3,249
8	Poste Italiane	Services	14	1.08	1.3	10.5	30.0	1.2	109,658
9	Moncler	Luxury goods	14	0.92	8.6	36.9	1.4	0.3	4,569
10	Atlantia	Infrastructure	14	1.12	2.1	36.6	7.9	(1.2)	30,659
11	Prada	Luxury goods	13	0.70	3.0	66.8	2.4	(0.1)	12,858
12	Terna	Power	12	0.70	2.8	15.8	2.5	0.8	4,735
13	Davide Campari	Consumer goods	12	0.67	4.2	43.4	1.8	0.2	4,000
14	Nexi	Bank	10	0.94	7.7	35.6	1.7	0.1	1,996
15	Telecom Italia	Telecom	10	1.02	0.5	11.5	15.8	7.2	52,347
16	Recordati	Pharmacy	10	0.64	6.9	24.0	1.4	0.4	4,362
17	Infrastrutture Wireless	Infrastructure	9	0.47	2.8	45.5	0.7	0.2	206
18	FinecoBank	Financial services	9	0.94	6.6	27.9	1.1	0.3	1,262
19	Mediobanca	Bank	8	1.17	0.8	11.6	3.0	0.6	4,920
20	Amplifon	Healthcare equipment	8	0.77	7.5	45.0	1.6	0.1	11,265

Source: FactSet, May 2021

Japan (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Toyota	Automotive	201	1.08	1.0	11.7	247.8	17.2	359,542
2	SoftBank Group	Holding	157	1.31	1.8	4.4	51.2	(8.0)	80,909
3	Sony	Consumer goods	104	0.98	2.2	17.9	72.8	9.5	110,000
4	Keyence	Electrical equipment	97	0.95	5.6	52.0	4.4	1.6	8,419
5	NTT	Telecom	81	0.60	1.0	10.8	98.5	7.1	319,039
6	Fast Retailing	Retail	72	0.97	6.5	52.1	16.7	0.8	57,727
7	Recruit Holdings	Electrical equipment	63	1.49	6.0	62.8	19.9	1.5	49,370
8	Nintendo	Consumer goods	63	0.49	3.6	17.5	10.8	2.1	6,200
9	Mitsubishi UFJ	Bank	59	1.10	0.5	10.3	55.6	4.4	138,570
10	Shin-Etsu Chemical	Chemicals	58	1.30	1.9	21.5	12.1	2.4	22,783
11	KDDI	Telecom	58	0.63	1.7	11.7	43.4	5.3	44,952
12	Tokyo Electron	Electronics	58	1.10	4.2	24.5	11.3	2.0	13,837
13	Nidec	Industry	57	1.17	4.8	48.2	13.1	1.0	117,206
14	Chugai Pharmaceutical	Software	52	0.57	6.3	27.5	6.5	1.8	7,555
15	SoftBank	Telecom	51	0.32	6.2	13.4	40.2	3.9	37,821
16	Daikin	Electrical equipment	49	1.03	3.1	39.2	21.1	1.4	80,369
17	Murata Manufacturing	Electronics	45	1.04	2.4	21.4	13.2	1.9	75,184
18	Honda Motor	Automotive	44	1.42	0.7	11.1	123.6	3.8	218,674
19	Takeda Pharmaceutical	Healthcare equipment	43	0.94	1.5	21.5	27.2	0.4	47,495
20	Denso	Automotive	42	1.19	1.1	16.3	39.9	1.0	170,932

Source: FactSet, May 2021

Russia (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Sberbank Russia	Bank	74	0.74	1.3	6.5	40.7	9.1	285,555
2	Rosneft	Oil & gas	61	0.80	1.0	5.4	62.1	1.8	356,000
3	Gazprom	Oil & gas	60	0.62	0.3	4.3	76.6	1.6	477,600
4	Novatek	Oil & gas	45	0.66	3.0	12.6	8.5	0.8	15,400
5	Mmc Norilsk Nickel	Metal & mining	45	0.61	11.0	7.6	13.7	3.0	72,105
6	Lukoil	Oil & gas	44	0.85	0.9	7.2	63.0	0.2	100,000
7	Polyus	Metal & mining	21	0.08	18.1	10.5	4.4	1.4	20,385
8	Gazprom Neft	Oil & gas	19	0.72	0.9	5.1	21.7	1.4	78,800
9	Novolipetsk Steel	Metal & mining	17	0.44	2.4	6.8	8.1	1.1	51,900
10	Surgutneftegas	Oil & gas	17	0.72	0.3	4.1	21.7	1.5	113,000
11	Severstal	Metal & mining	16	0.37	3.9	6.8	6.0	0.9	50,000
12	Tatneft	Oil & gas	13	0.94	1.9	6.4	9.0	1.3	60,000
13	Alrosa	Metal & mining	9	0.55	2.4	9.9	2.6	0.4	34,500
14	Rusal	Metal & mining	8	1.06	1.1	3.8	7.5	0.7	48,548
15	Magnitogorsk	Metal & mining	8	0.48	1.4	6.2	5.6	0.5	56,609
16	VTB Bank	Bank	7	0.62	0.4	3.8	17.0	0.8	78,600
17	Mobile TeleSystems	Telecom	7	0.38	10.3	9.2	6.0	0.7	58,415
18	PIK	Construction	7	0.25	3.6	8.1	1.0	1.0	6,000
19	PhosAgro	Chemicals	6	0.04	3.0	8.6	3.1	0.2	10,882
20	Magnit	Retail	6	0.46	1.8	13.2	18.8	0.4	316,001

Source: FactSet, May 2021

Spain (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Inditex	Consumer goods	93	1.00	6.1	29.3	20.4	1.1	144,116
2	Iberdrola	Energy	73	0.69	1.4	19.3	33.1	3.6	37,000
3	Santander	Bank	55	1.51	0.6	9.4	64.6	(8.8)	191,189
4	Cellnex	Telecom	32	0.45	9.4	NM	1.6	(0.1)	2,008
5	BBVA	Electrical equipment	31	1.51	0.7	10.4	32.9	2.6	123,174
6	Amadeus	IT services	27	1.27	8.2	232.6	2.2	(0.6)	16,550
7	Endesa	Energy	23	0.65	2.6	13.6	16.6	1.4	9,591
8	Aena	Electrical equipment	22	1.13	3.9	282.5	2.2	(0.1)	8,771
9	CaixaBank	Bank	22	1.27	0.7	12.5	10.3	1.4	51,000
10	Telefonica	Telecom	21	1.08	2.3	9.0	43.1	1.3	112,797
11	Naturgy	Energy	21	0.81	1.8	17.4	15.3	(0.4)	9,335
12	Siemens Gamesa	Capital goods	20	0.79	1.7	75.4	9.5	(0.9)	26,114
13	EDP Renovaveis	Energy	19	1.18	1.3	38.8	1.7	0.6	1,735
14	Ferrovial	Infrastructure	18	0.97	3.5	NM	6.3	(0.4)	18,515
15	Repsol	Oil & gas	16	1.26	0.7	9.7	33.3	(3.3)	23,739
16	Grifols	Pharmacy	14	0.41	4.1	22.0	5.3	0.6	23,668
17	ACS	Electrical equipment	8	1.28	2.8	12.2	34.9	0.6	179,539
18	Red Electrica	Energy	8	0.44	2.9	12.2	2.0	0.6	2,051
19	Acciona	Energy	8	0.89	1.5	25.9	6.5	0.4	39,699
20	Fluidra	Healthcare equipment	6	0.55	2.5	30.0	1.5	0.1	5,446

Source: FactSet, May 2021

Switzerland (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Nestlé	Food	285	0.74	5.2	24.5	78.8	11.4	273,000
2	Roche	Pharmacy	239	0.91	8.3	15.4	54.5	13.4	101,465
3	Novartis	Pharmacy	176	0.98	3.3	13.6	42.7	7.1	105,794
4	Chubb	Industry	64	0.99	1.2	15.0	31.6	3.1	31,000
5	ABB	Industry	59	1.22	3.5	24.1	22.9	0.3	105,600
6	Zurich Insurance	Insurance	52	1.26	1.6	13.8	51.5	3.4	52,930
7	UBS	Bank	49	1.32	0.9	9.1	28.3	5.8	71,551
8	Glencore	Metals and mining	45	1.59	1.1	9.7	124.9	(1.7)	145,000
9	Richemont	Luxury goods	45	1.14	2.3	60.5	14.2	0.9	35,000
10	Lonza	Pharmacy	40	1.00	4.3	45.0	4.2	0.7	16,540
11	TE Connecticity	Electronics	37	1.14	3.1	21.9	10.9	(0.2)	82,000
12	Sika	Construction material	35	1.11	9.8	40.3	7.4	0.8	24,848
13	Givaudan	Chemicals	32	0.78	7.5	39.1	5.9	0.7	15,852
14	Partners Group	Private Equity	32	1.08	10.8	36.0	1.5	0.8	1,519
15	LafargeHolcim	Construction material	32	1.21	1.0	14.9	21.6	1.6	67,409
16	Alcon	Pharmacy	31	1.12	1.4	38.5	6.0	(0.5)	23,655
17	Kuehne	Transport	30	0.79	8.2	31.5	19.0	0.7	78,249
18	STMicroelectronics	Electronics	28	1.31	3.2	22.0	9.0	1.0	46,016
19	Schindler	Industry	25	0.68	7.1	31.3	9.9	0.7	66,674
20	Swiss Re	Insurance	25	1.30	0.9	13.6	37.5	(0.8)	13,189

Source: FactSet, May 2021

UK (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Unilever	Consumer goods	128	0.50	10.2	19.4	50.7	5.6	149,000
2	Linde	Industrial gas	125	0.98	4.3	30.9	23.9	2.2	74,207
3	AstraZeneca	Pharmacy	116	0.52	9.0	20.0	24.2	2.8	76,100
4	HSBC	Bank	106	0.99	0.8	12.4	68.1	3.5	235,000
5	Diageo	Beverage	87	0.92	8.0	29.0	13.4	1.6	27,788
6	Rio Tinto	Metal & mining	87	1.12	2.2	6.9	39.1	8.6	47,474
7	GlaxoSmithKline	Pharmacy	77	0.66	15.8	13.7	38.4	6.5	94,066
8	British American Tobacco	Tobacco	71	0.84	1.7	8.2	29.0	7.2	55,981
9	BP	Oil & gas	71	1.58	1.2	10.2	158.2	(17.8)	63,600
10	Reckitt Benckiser	Consumer goods	53	0.31	3.8	21.0	15.7	1.3	39,553
11	Anglo American	Metal & mining	48	1.65	1.3	6.9	27.1	1.8	64,000
12	Prudential	Insurance	46	1.72	2.4	12.9	49.1	1.9	18,687
13	Vodafone	Telecom	44	0.97	0.7	20.9	45.0	(0.9)	93,000
14	London Stock Exchange	Financial services	43	0.79	6.2	27.4	2.7	0.5	5,554
15	RELX	Commercial services	42	0.90	15.5	21.9	8.0	1.4	33,200
16	National Grid	Utilities	37	0.64	1.6	17.2	16.6	1.5	23,069
17	Lloyds Banking Group	Bank	37	1.39	0.9	8.3	38.4	1.0	61,576
18	IHS Markit	Services	36	1.00	3.1	34.2	3.8	0.8	16,000
19	Barclays	Bank	34	1.69	0.5	9.2	31.1	1.7	83,000
20	Compass	Catering	32	1.27	9.3	58.0	22.7	0.2	548,143

Source: FactSet, May 2021

United States (in €bn)
	Group	Industry	Market cap	Beta	Price to book 2020	P/E 2021	Sales or net banking income 2020	Net income 2020	Employees 2020
1	Apple	Consumer goods	1,833	1.16	12.7	26.2	244.9	51.3	147,000
2	Microsoft	IT services	1,578	1.13	10.9	32.6	129.4	40.1	163,000
3	Amazon	Retail	1,452	0.75	21.5	64.9	338.7	18.7	1,298,000
4	Alphabet (Google)	Internet	1,238	1.00	4.8	27.7	160.0	35.3	135,301
5	Facebook	Internet	647	1.03	6.3	25.2	75.4	25.6	58,604
6	Tesla	Automotive	568	1.32	16.8	165.8	27.7	0.6	70,757
7	Berkshire Hathaway	Holding	524	0.89	1.4	24.9	215.4	37.3	360,000
8	JPMorgan Chase	Bank	387	1.24	1.5	11.9	111.6	25.4	255,351
9	Johnson & Johnson	Pharmacy	356	0.65	5.9	16.9	72.4	12.9	134,500
10	Visa	Financial services	328	1.11	12.4	41.6	19.5	9.4	20,500
11	Walmart	Retail	327	0.52	4.4	25.8	486.9	11.8	2,300,000
12	UnitedHealth	Insurance	313	1.06	4.8	21.5	225.6	13.5	330,000
13	Mastercard	Financial services	312	1.24	46.8	48.5	13.4	5.6	21,000
14	NVIDIA	Technology	310	1.43	16.2	44.4	14.5	3.8	18,975
15	Bank of America	Bank	289	1.36	1.1	13.5	83.3	15.7	213,000
16	Home Depot	Retail	289	1.05	126.3	25.3	115.0	11.2	504,800
17	Walt Disney	Leisure	281	1.02	3.1	92.2	58.2	(2.5)	203,000
18	Procter & Gamble	Consumer goods	271	0.68	5.5	23.7	64.2	11.8	99,000
19	Paypal	Technology	256	1.21	8.5	57.5	18.8	3.7	26,500
20	Comcast	Media	214	0.91	2.5	19.2	90.8	9.2	168,000

Source: FactSet, May 2021