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Rüschlikon

Rüschlikon. (- 97%). SFr. 27 mio. 5 times. (- SFr. 187‘000). Some facts. Definition of intangible value. Market capitalization - Book value of equity. “IVE” =. Number of employees. Intellectual / property. Brand. Talent. Retailer. Vendor network Best in class logistics set up.

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Rüschlikon

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  1. Rüschlikon

  2. (- 97%) • SFr. 27 mio. • 5 times • (- SFr. 187‘000) Some facts

  3. Definition of intangible value Market capitalization - Book value of equity “IVE” = Number of employees

  4. Intellectual / property Brand Talent Retailer • Vendor network • Best in class logistics set up • Quality image • Talent training and motivation system • Incentive schemes Natural resources • Expertise in discovery and exploitation • Ability to manage independent contractors • Reputation with emerging market governments • Entrepreneurial skills • Operating skills Service company • Recruiting and people development skills • Professional reputation e.g. best people, best projects • Recruiting skills • Technology skills Sources of intangible value Example

  5. 1.136 17.953 01. Serono 02. Novartis 03. Swiss Re 01. Kudelski 02. Serono 1.006 3.355 03. Roche 761 1.214 04. Swisscom 04. Roche 1.202 704 05. Swisscom 05. Swiss Re 586 1.062 06. Novartis 06. UBS 320 842 07. UBS 07. Nestlé 258 714 08. Credit Suisse 08. Kudelski 231 567 09. Adecco 09. Adecco 145 518 10. Swatch 10. Swatch 114 314 11. Nestlé 11. SGS 39 228 12. ABB 12. Kuoni 21 178 13. Kuoni 13. ABB 5 173 14. Holcim 14. Holcim 120 -7 15. SGS 15. Credit Suisse -29 63 -37 16. Zürich 36 16. Sulzer 17. Sulzer -38 31 17. Swiss Life 18. Zürich 18. Swiss Life -125 N.A. Volatility in intangible value IVE in USD End 1999 H1-2002

  6. Fox • Financial services • Retail • Bird • High tech software • Services • Elephant • Utilities • Heavy industry • Lizard • Pharma • High tech equipment Strategic models to build intangible values Volume of interactions high low Ease of unbundling intangible physical assets

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