The Nordic Comback Kids: Stars de reviravolta e suas histórias

In recent years, large-cap Nordic companies have achieved a remarkable level of value creation.

During the period from December 31, 2011, through December 31, 2016, the median total shareholder return (TSR) for Nasdaq As empresas nórdicas da OMX foram de 21,4%, em comparação com um TSR mediano para o S&P Global 1200 de 10,8%. (Consulte o Anexo 1.)

Strong performance was fairly consistent across all industries, except technology, telecommunications, and media (TMT) and energy. It was also reasonably consistent throughout the Nordic countries. Denmark’s companies led the pack (with a median TSR of 26%), while Norway lagged (17% median TSR), primarily because of the oil and gas industry’s disproportionate representation in its economy. All but the largest market-capitalized companies—a bracket that is dominated by TMT and energy—achieved impressive TSRs.

The top-quartile companies achieved a stunning average TSR of 41% during the five-year period—16 percentage points higher than the average TSR for companies in the second quartile, and 39 percentage points higher than the median figure for bottom performers. (See Exhibit 2.) Our analysis shows that strong fundamentals rule: robust top- and bottom-­line performance is critical for achieving significant and sustainable value creation. Top-quartile performers distinguished themselves with faster sales growth and the ability to improve their margins. In contrast, companies in the third and fourth quartiles demonstrated little or no improvement on either metric.

Of the 27 companies in the top quartile, 11 (more than 40%) created value through a turnaround, 15 created value through growth, and 1 depended primarily on cash flow (such as dividends) for its success. (See Exhibit 3.) Both the turnaround companies and the growth companies achieved average annualized long-term TSRs of 41%, while the cash-flow company managed an annualized TSR of 30%.

Collectively, the companies profiled in this Relatório Ilustre quatro estratégias básicas de reviravolta - acelerando o crescimento, reposicionando a estratégia, aumentando a margem e reestruturando o portfólio. Em muitos casos, as empresas combinaram dois ou mais elementos. A Royal Unibrew perseguiu principalmente o crescimento acelerado; Nokia e Billerudkorsnäs se reposicionaram estrategicamente; Metsä Board e UPM-Kymmene se reposicionaram e reestruturaram seus portfólios; e Danske Bank e Husqvarna se concentraram em aumentar a margem. Oferecemos uma comparação lado a lado da placa Billerudkorsnäs e Metsä para destacar as abordagens contrastantes que eles adotaram no meio de uma mudança tectônica em sua indústria. Parceiro sênior; Líder global, BCG Transform Practice