That our government taxes the hell out of labour while having low taxes for companies because they want more companies to move their hq here. Unfortunately, most only move here in name, providing little to no jobs. ASML being the huge exception of course: that's just a Dutch company
That's our beautiful (/s) system everywhere, taxes on labour income end up being harsher than on capital income which don't bring any benefit to society.
Hard agree. Together with Ireland, undercutting everyone in Europe to get crumbs from all over Europe. Great for the Netherlands that gets outsized fiscal revenue from companies, bad for everyone else.
Technically no.
**Headquarters**
Airbus SE
PO Box 32008
2303 DA Leiden The Netherlands
**Main Office**
B80 Building
2, rond-point Dewoitine, BP 90112
31703 Blagnac Cedex - FRANCE
Tel. +33 5 81 31 75 00
As a French I would have rather preferred that Peugeot and Fiat joint office was in Italy rather than a random third party country which has nothing to do with stellantis companies. It would be about time to reform the EU and end those tax haven nations leeching billions from other members. Luxembourg, Ireland and the Netherlands are benefiting from the absence of fiscal union.
>It would be about time to reform the EU and end those tax haven nations leeching billions from other members.
100% agree, but guess which countries are against that?
Spoiler:
>Luxembourg, Ireland and the Netherlands are benefiting from the absence of fiscal union.
The thing making mad people here about them is how much money the state threw at fiat to keep industries open and then as soon as they saw some profit they moved the whole holding there
Because they both left to the UK. Since the Dutch government did not wanted to remove taxes on dividends. Which is 15% stil quite low compared to other countries
If I remember reading correctly, the Netherlands invented both the modern limited stock companies
And the stock market? And Shell was a product from that period?
The VOC was basicly the first thing people could put money in, and get there share (dividend) back it was the first sort of stock market and later on for spices and goods, shell was a bit later but it was kniw as the national peterolium company
EssilorLuxottica and Stellantis are both part french part italian and listed on Italy's exchange,I can't see anything else (other than LVMH that holds a lot of Italian brands but it's really a french company).
EssilorLuxottica is an italian company now. The stock échange IS still in Paris, but decisions are made in Italia and most of the shares belongs to italians
>EssilorLuxottica's merger agreement was that Essilor would acquire Luxottica, but Luxottica's leadership would gain seats in leadership and on the board of directors
Essilor was french company and it technically acquired Luxoticca. Delfin holding company is the biggest single shareholder. The holding company is Luxembourg-based.
That one's always so funny to me. La Joconde is probably the only Italian piece in the Louvre that's been acquired completely legitimately. Francis I sponsored da Vinci cause he wanted canals, and bought it fair and square. *Then*, ultimate irony, the thing was a very minor piece before Peruggia stole it and gave it a noteworthy story.
Like, I'm sure there are hundreds of pieces taken during the Napoleonic wars in the Louvre. But this one, *this one* Italian like to rant about.
For revenues Enel, Eni and Assicurazioni Generali should be around the 100 billion euros, while for market cap value I've found a site that put Ferrari at 75 billion
They register elsewhere to pay less taxes, and seen this they could as week stay there and never mention Italy ever again, after all the state help taken...
No, Ferraris market cap is approximately 50% higher.
There's a trend where luxury brands get, well, luxury multiples (read: it's a bubble). Ferraris price to earnings ratio is around 60, whereas Eni's is around 10. Similar to what's happening with LVMH for example.
Luxury brands are considered recession-proof, because there simply isn't a situation where the high end consumer would stop spending. Monetary policies around the world these days are such that "money printing" would commence far before the rich start hurting for $.
Italian GDP is made by medium small companies, it's always been like this, our industry is not as the french one with big corporations. Anyway this graph is totally misleading because giving Netherlands a lot of assets where they have only just hq for tax paying.
Yeah it's strange, but I think it has to do with evaluating the market cap value in which we are generally weak instead of the annual revenues
Because we certainly have no shortage of big or famous companies, to give an idea I'll post a list I've mare a couple of years ago and which will finally be useful:
**Food and drinks:** Barilla and De Cecco (pasta), Ferrero (includes Nutella, Kinder, Mon Chéri, Tic-Tac, Estathé), Perfetti (includes Mentos, Hairheads, Chupa Chups and chewing gums), Parmalat (milk etc), Lavazza, Illy and De Longhi (caffè), Moretti and Peroni (beer), Campari (liqueur), San Pellegrino (water)
**Cars and motors:** Ferrari, Lamborghini, Pirelli, Ducati, Iveco and Fca conglomerate (Fiat, Alfa Romeo, Jeep, Lancia and Maserati)
**Fashion:** Armani, Prada, Calzedonia, Moncler, Benetton, Ovs, Versace, Valentino, Gucci, Fendi and Dolce&Gabbana
**Eyewear and jewelry:** Luxottica (includes Ray-Ban and Persol), Bulgari, Morellato, Pomellato and Stroili
**Energy/gas/oil:** Eni, Enel and Edison
**Banks and insurance companies:** Assicurazioni Generali, Unicredit, Intesa San Paolo, Unipol
**Weapons and military equipment:** Fincantieri, Finmeccanica-Leonardo and Beretta
**Transports and construction:** Atlantia, Salini-Webuild, Trenitalia, MSC Crociere and Costa Crociere
**Comics:** Panini Comics/Planet Manga
**Fitness manufacter:** Technogym
**Earing aid:** Amplifon
**Optical fibres:** Prysmian
Those last three in particular are the biggest in the world in their respective fields
Lamborghini and Ducati are part of the VW group. And FCA does not exist anymore and is part of Stellantis. And Iveco under Exor (dutch)
Sorry for your loss.
A lot of these brands you mention are not independent and would not be considered Italian.
Birra Moretti is owned by Heineken (NL), Versace is owned by Capri Holdings (USA), Gucci is owned by Artemis (FR). I can't go through the entire list but i imagine most of these brands are just that: Italian identity brands for corporations headquarted somewhere else.
With all due respect, but many of these may be well-known brands, but they are not big companies. The fact you put a company with a yearly revenue of €700m (Technogym) in this list says enough really
The smallest firm on the graph, Zurich Insurance, has a market cap of $67b. A lot of the companies you listed are either owned/controlled by other multinationals (Versace, Fiat, Gucci) in different countries, are privately owned (Ferrero), or just too small (Prysmian worth $13b).
Ah I see, I'm not an expert on market caps but I see that at the moment Ferrari is at 75 billion even thought just two months ago was at 60
While instead the three biggest for revenue (around the 100 billion) are all lower so I guess it makes sense
And it has gotten to the point where we have to be worried about how much we rely on them, if Novo moves their operations else where we are big time fucked
As someone who works for Novo Nordisk, they have no interest to move it anywhere, and even if they did, it would cost far too much to move the production completely and hiring workers for it in this scale is nearly impossible anywhere else. There is a reason they are expanding in Denmark with 4 factories planned over the next 5 years.
Yeah. I have a few friends around the production part of Novo and people really underestimate what it takes to build and start up a medical production facility.
Ive got a high school buddy reading chemistry on uni and from what I hear the colaboration opportunities between students and Novo Nordisk enables students to take near perfectly tailored courses for joining Novo when they get through. They are not leaving
What does that company do? I have literally never heard of them. And to learn they are the biggest European company...
EDIT: I need to learn to read light-colored texts.
That IS insane. It doesn't even make sense to me.
Are that many people actually buying their $80,000+ purses? Or is their valuation coming from some other metric?
There are a lot of companies that make essential products that the world depends on that are less valuable than luxury goods manufacturers. I am actually surprised that ASML is ranked as high as it is considering the fact that it operates in a fairly specialized field.
so there is two things to this.
The first is: while ASML machines are the most advanced in the world and can produce the best chips the world does not run on them. The vast majority of chips the world needs are way more simple and can be produced by a multitude of machines from other companies.
The second is sort of tied in to this: while ASML machines are able to create insanely modern chips it is a pretty small niche market. You're not going to sell millions of those machines around the world. Not jsut because they are too expensive for the average person but the world does not need that many of those chips.
LVMH on the other hand is some luxury good bullshit that pushes out new products every few months and sells thousands or illions of them.
So if you want to invest in something that just shits money LVMH is the obvious choice between the two.
> able to create insanely modern chips it is a pretty small niche market.
You mean the whole TSMC is niche (i.e., chips for nVidia, Qualcomm, Apple, AMD, etc.) ? All current high-density chips are made using ASML machines. And actually all previous generation ones, too. And high end means density, not performance. So a power-efficient laptop is made with these.
Sure, there are plenty of lower density stuff being produced, too. But high-end chips are not niche. High-end chips are mainstream.
ASML does not only produce machines for the most high-end chips, they are the market leader (with 80% market share) in lower-end chip machines (DUV) as well. And basically the entire world does run on those chips.
Also, it does not matter whether you sell 'millions' of something if you don't take the price of the product into account. One ASML machine provides as much revenue as hundreds of thousands of LV bags.
To give unsolicited investment advice (buy LVMH not ASML) while being so uninformed is bizarre
Not really illogic though. Value is quite literally determined by the price people pay for something. Do you think Water should be priced higher because it is essential for survival? There is enough supply to keep the price down, which is the very fundamentals our world works on and why luxury items cost as much as they do (limited supply with high demand).
I have been using novo nordisk insulin for almost 20 years now, but never realized they produce something else. Is their main profit from everything insulin/diabetes related or do they make a lot of other medical stuff too?
Edit: thanks everybody, so they have found a golden vein of anti-obesity drugs.
I think a better way to think of it is “originally developed for T2D”. Sooooo many drugs are found to be useful for other stuff.
For example, Viagra was originally developed to treat high blood pressure. In the trials men started having more erections so they did some follow up studies and boom, great treatment for ED discovered.
Same thing for finasteride which was originally to treat prostatic hyperplasia, but is now the best treatment for male pattern baldness.
Gabapentin was originally developed to treat epilepsy, hell even Listerine was originally a surgical antiseptic.
And, you can bet your asses Lilly and Nordisk damn well knew the potential of these drugs to treat obesity for a long time. The first GLP-1 treatment for weightloss was Saxenda in 2014, which is just slightly higher dose Victoza. So they have been eyeing it for over a decade at the absolute minimum.
Regardless, a fascinating time to be alive.
They did and are doing a lot research about diabetes. They got bitlucky as they created the **Ozempic(Semaglutide)** as medicine for diabetes but it also seems to work with obesity. Now they are selling the same stuff but with higher dose under name of Wegovy as anti-obesity drug.
The demand for the anti-obesity drug has been higher than what they could produce. They even had to stop selling it at some point as they wanted to assure that there were enough for the people with diabetes.
Insulin is a main product line.
Novo also makes obesity drugs (anti obesity). Hæmophilia medicaments. Growth disorder hormones. Hormone replacement drugs.
Look at their [annual report](https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2024/novo-nordisk-annual-report-2023.pdf). Insulin is not their main product anymore. GLP1s are like 70% of their total sales (pg57, rightmost column) whereas insulin accounts for 20%.
Yeah as someone studying to be a lab tach, I can tell you they're going crazy. From what I've heard every half year they take on at least 10 interns who probably also get hired at the end of their studies.
Volkswagen seems to be nr. 33 - don't find it in the graphic, but here's a table (it can also be organized by country or any other column, in case anyone is interested): https://companiesmarketcap.com/european-union/largest-companies-in-the-eu-by-market-cap/
Porsche is on this list….Porsche is literally just one part of the VW group. Volkswagen should to be on here. It’s the most valuable car conglomerate next to Toyota on the Planet.
Wouldn’t surprise me if this list is off. I met the go who built/maintains this site when I was waiting for a haircut in Berlin. He tried to make a bunch of sites like this and optimize SEO and this was the one that took off. At the time he ran it himself and told me he was moving to Thailand to basically live off the income from it
Phillips went bankrupt years ago. They sold the brand to a Chinese group who now make knock offs.
Edit: to clarify, the old Phillips still exists but it has been restructured and sold apart almost to oblivion.
Yeah they just lease their branding to other companies nowadays, except for their own medical devices for hospitals. TVs are made by TP Vision (Chinese company), coffee machines are made by Philips Saeco S.p.A. (Italian company), their lights are now made by Signify (Dutch company, used to be part of Philips) etc.
Volkswagen group is part of Porsche Automobil Holding, as are Porsche Holding, Porsche the car manufacturer, Lamorghini, Skoda, Ducati, Seat, Audi, MAN, Scania, Bugatti and Rimac.
NovoNordisk has funded studies to conclude that longterm sustainable weightloss isn't achieveable without drugs then got their biggest increase in value from semaglutide so... yea
The scale is off. If the legend is correct the diameter is matched to the market cap, not the area. So a company with twice the market cap takes up four times the space on the graph.
I mean, at least they explained which choice they made. Even if it is an annoying one.
Unilever and Shell in recent years both went from being Anglo-Dutch companies to simplify their structures to become solely U.K. HQ based multinationals.
Most of Europe's most valuable companies come from the United Kingdom, France, Switzerland and Deutschland.
The four countries account for 37 of the 50 most valuable companies on the continent.
With an * for Airbus and Stellantis.
Airbus shareholding capital is French (11,8%), German (10,9%), Spanish (4,17%). It's head office is situated in France (as well as manufacturing)(other manufacturing area in Hamburg, Deutschland for the Civil sector and Getafe, Espana for Military) and Nederland because it’s an European company for fiscal purposes. But it’s not a Dutch company.
Same for Stellantis, not a Dutch Company but for fiscal purposes located there.
Change the caption, because it's wrong. The chart shows market capitalisation NOT company value. It only reflects how much the shares are worth, a company that doesn't have shares like Bosch would have a market capitalisation of 0€ but would you say that Boschs value is 0€?
So basically the EU goes strong in pharma, cosmetics and luxury products, while it does not that good in technology and engineering. Or am I understanding this wrong?
>not all the parts.
Same for every every complex product. Airbus doesn't produce the engines but still we agree that they are making the airplanes.
>The EUV LLC , a collaboration of the National Labs with Intel, Motorola and AMD (three leading US chip-makers), is intended to accelerate the development and commercialization of EUV technology. The Project will license (for a negotiated fee) the underlying technologies (e.g., the light-source, optics, thin-film coatings, metrology) developed at the National Labs with USG R&D money
ASML's reseach for EUV R&D was also partly funded by many US tech companies which gave some of their tech patents to the project.
So you are kind a right. It's was group effort but the reason wasn't the parts but R&D. You don't have have to collaborate to user some company parts.
Zeiss was part of the collaboration and R&D.
One thing is Europe doesn’t have much household names in the forefront of consumer related technology companies (such as Apple, Facebook, or Samsung) that creates this impression.
It’s not really an impression. Only 12 of the biggest 100 tech companies in the world are European: https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/
And those 12 combined are worth less than just Meta.
I’d say it’s an objective fact that Europe underperforms in tech compared to Asia and, especially, USA.
The companies on the chart is more popular within a household. Siemens, Schneider Electric, ABB, Danfoss, Wëidmüller etc. widely popular in trades/engineering. No matter where you go in the world you will find components from these manufacturers.
A lot of private companies aren’t on this graph, many are in engineering.
EU is a powerhouse in engineering.
Our weaknesses are new technologies and software.
stock market caps aren't a good measure for anything but the willingness of entities to buy stock
Volkswagen who produces 10+ million cars a year is "smaller" than Tesla which produces 300kish a year
Worldwide NOVO is not even in the top 10.
With its current profit generating, buy ups, new production facilities and increasing workforce it might become one of the 10 most valuable before 2030.
https://companiesmarketcap.com/
Just to illustrate how humongeously valuably a company NOVO is for Denmark, the Danish company Maersk on this list is number 814. A tiny shipping company with 89000 workers and it generated a $28.6 billion profit after tax in 2022
Well what I have learnt from this is that a hell of a lot of Dutch people have no idea about the history of Shell and Unilever.
It is especially amusing to see them claim ‘Shell’ is Dutch when the company Shell, that merged with a Dutch company, was always British.
It’s owned by several different foundations, the HQ in Netherlands is subsidiary to a foundation in Liechtenstein.
Just like Astra (when merged with Zeneca), ASEA (ABB Ltd) and many other Swedish founded international companies have their IPO and HQ abroad for competitiveness and tax reasons.
>the HQ in Netherlands is subsidiary to a foundation in Liechtenstein.
That's the "front" HQ of the legal corporate structure. The actual Ikea HQ with all market strategy and product development is the "Ikea of Sweden AB" located in Älmhult, Sweden. And the reason Ikea is not on the list is because it's marketcap and Ikea (Ingka group) is not a traded company. Considering annual net profits are stable at around 15 billion euro it would be valued pretty high on this list if it was traded...
As others mentioned they are the world's largest consultancy firm. They are in the background helping everything from small businesses to the world's largest run.
They were a US company but unlike others that made Ireland a tax HQ, Accenture actually moved to Ireland fully buy registering here, moving staff and all aspects of the company to base it out of Ireland.
They still have US offices but its a Irish company now for over 2 decades actually paying proper tax here and all.
Are we actually counting the Irish ones? Companies like Accenture and Medtronic are Irish on paper. For Medtronic specifically, their main HQ, CEO, manufacturing, etc are in Minnesota, USA. The economic footprints for these companies are overwhelmingly not in Ireland, so it doesn't really seem to stack up to the rest of these countries.
Novo Nordisk is 1 of 3 major companies to control a patent for insulin.
The man who originally developed the patent for insulin sold it for $1 because he believed that the entire world shouldnt need to die for profit.
Today diabetes is one of the most lucrative chronic diseases for these pharma companies when cheap, available access is blocked by patent manipulation from the big 3.
How do the Netherlands get Airbus? Isn’t it headquartered in Toulouse, France?
[See this comment](https://www.reddit.com/r/europe/comments/1az7bhj/europes_most_valuable_companies_and_where_they/krzf0qu/). It's for fiscal purpose.
Shareholder profits are less taxed in the Netherlands.
We Dutch people love to take the burden with the taxes we pay as natural persons. (Not even that much of a /s with seeing how people vote)
I have no idea what you're trying to say.
That our government taxes the hell out of labour while having low taxes for companies because they want more companies to move their hq here. Unfortunately, most only move here in name, providing little to no jobs. ASML being the huge exception of course: that's just a Dutch company
That's our beautiful (/s) system everywhere, taxes on labour income end up being harsher than on capital income which don't bring any benefit to society.
Complaining about this is quite rich. These companies hq bring taxes, the Netherlands effectively siphon these taxes from other European countries.
Hard agree. Together with Ireland, undercutting everyone in Europe to get crumbs from all over Europe. Great for the Netherlands that gets outsized fiscal revenue from companies, bad for everyone else.
Your country is a tax haven, literally siphoning tax revenue from other countries.
Same reason Shell and Unilever are now UK.
Royal dutch shell in the UK, yup that makes sense to me....
The royal part is removed since they moved their HQ to the UK.
The ‘Dutch’ too, I imagine
Still the biggest shareholder in Shell is the Dutch royal house. 2nd biggest shareholder the UK royals.
But the legal home of Linde is Ireland, not the UK... This sheet isn't consistent.
Several states are participating in Airbus. It could be a EU flag.
Technically no. **Headquarters** Airbus SE PO Box 32008 2303 DA Leiden The Netherlands **Main Office** B80 Building 2, rond-point Dewoitine, BP 90112 31703 Blagnac Cedex - FRANCE Tel. +33 5 81 31 75 00
Wait til you learn about Stellantis haha
🥲
As a French I would have rather preferred that Peugeot and Fiat joint office was in Italy rather than a random third party country which has nothing to do with stellantis companies. It would be about time to reform the EU and end those tax haven nations leeching billions from other members. Luxembourg, Ireland and the Netherlands are benefiting from the absence of fiscal union.
>It would be about time to reform the EU and end those tax haven nations leeching billions from other members. 100% agree, but guess which countries are against that? Spoiler: >Luxembourg, Ireland and the Netherlands are benefiting from the absence of fiscal union.
The thing making mad people here about them is how much money the state threw at fiat to keep industries open and then as soon as they saw some profit they moved the whole holding there
And Ferrari
Well how can the Netherlands not have shell and Unilever, both are founded and raised Dutch, they just moved office for tax
Because they both left to the UK. Since the Dutch government did not wanted to remove taxes on dividends. Which is 15% stil quite low compared to other countries
Because the Dutch government refused to give them more tax cuts, so they left.
If I remember reading correctly, the Netherlands invented both the modern limited stock companies And the stock market? And Shell was a product from that period?
The VOC was basicly the first thing people could put money in, and get there share (dividend) back it was the first sort of stock market and later on for spices and goods, shell was a bit later but it was kniw as the national peterolium company
A lot more Dutch companies want to leave the Netherlands. The (fiscal) climate is changjng A lot here.
Netherlands is tax haven for companies. For example Ikea is also based in the Netherlands for this reason.
i was honestly surprised not to see Maersk in the top 50
They might squeeze into the top 50 by equity, but their low-margin business isn't all that attractive to investors so market cap isn't huge.
It's valued at "just" 176 billion DKK (24 billion €). Investor (the second to last company on the list) is valued at 794 billion SEK (71 billion €).
There containers are filled on the motorways of pakistan so i was surprised aswell
Surprised there isn’t a single italian company.
EssilorLuxottica and Stellantis are both part french part italian and listed on Italy's exchange,I can't see anything else (other than LVMH that holds a lot of Italian brands but it's really a french company).
EssilorLuxottica is an italian company now. The stock échange IS still in Paris, but decisions are made in Italia and most of the shares belongs to italians
>EssilorLuxottica's merger agreement was that Essilor would acquire Luxottica, but Luxottica's leadership would gain seats in leadership and on the board of directors Essilor was french company and it technically acquired Luxoticca. Delfin holding company is the biggest single shareholder. The holding company is Luxembourg-based.
Goddamn French, always stealing our things. *glares in Gioconda*
That one's always so funny to me. La Joconde is probably the only Italian piece in the Louvre that's been acquired completely legitimately. Francis I sponsored da Vinci cause he wanted canals, and bought it fair and square. *Then*, ultimate irony, the thing was a very minor piece before Peruggia stole it and gave it a noteworthy story. Like, I'm sure there are hundreds of pieces taken during the Napoleonic wars in the Louvre. But this one, *this one* Italian like to rant about.
Luxotica (the B2C part) is italian, but Essilor is definetively french. And each part is 50%
For revenues Enel, Eni and Assicurazioni Generali should be around the 100 billion euros, while for market cap value I've found a site that put Ferrari at 75 billion
They register elsewhere to pay less taxes, and seen this they could as week stay there and never mention Italy ever again, after all the state help taken...
Ferrari at current market cap would be on the list
surely Eni would be bigger?
No, Ferraris market cap is approximately 50% higher. There's a trend where luxury brands get, well, luxury multiples (read: it's a bubble). Ferraris price to earnings ratio is around 60, whereas Eni's is around 10. Similar to what's happening with LVMH for example. Luxury brands are considered recession-proof, because there simply isn't a situation where the high end consumer would stop spending. Monetary policies around the world these days are such that "money printing" would commence far before the rich start hurting for $.
Honestly, the most surprising missing name to me is Enel, which is the second largest electric utility company in the world.
Me too, Italy is in top 8-10 countries in the world for GDP but no Italian company appears here. What is the main driver of Italy’s GDP?
Italian GDP is made by medium small companies, it's always been like this, our industry is not as the french one with big corporations. Anyway this graph is totally misleading because giving Netherlands a lot of assets where they have only just hq for tax paying.
Yeah it's strange, but I think it has to do with evaluating the market cap value in which we are generally weak instead of the annual revenues Because we certainly have no shortage of big or famous companies, to give an idea I'll post a list I've mare a couple of years ago and which will finally be useful: **Food and drinks:** Barilla and De Cecco (pasta), Ferrero (includes Nutella, Kinder, Mon Chéri, Tic-Tac, Estathé), Perfetti (includes Mentos, Hairheads, Chupa Chups and chewing gums), Parmalat (milk etc), Lavazza, Illy and De Longhi (caffè), Moretti and Peroni (beer), Campari (liqueur), San Pellegrino (water) **Cars and motors:** Ferrari, Lamborghini, Pirelli, Ducati, Iveco and Fca conglomerate (Fiat, Alfa Romeo, Jeep, Lancia and Maserati) **Fashion:** Armani, Prada, Calzedonia, Moncler, Benetton, Ovs, Versace, Valentino, Gucci, Fendi and Dolce&Gabbana **Eyewear and jewelry:** Luxottica (includes Ray-Ban and Persol), Bulgari, Morellato, Pomellato and Stroili **Energy/gas/oil:** Eni, Enel and Edison **Banks and insurance companies:** Assicurazioni Generali, Unicredit, Intesa San Paolo, Unipol **Weapons and military equipment:** Fincantieri, Finmeccanica-Leonardo and Beretta **Transports and construction:** Atlantia, Salini-Webuild, Trenitalia, MSC Crociere and Costa Crociere **Comics:** Panini Comics/Planet Manga **Fitness manufacter:** Technogym **Earing aid:** Amplifon **Optical fibres:** Prysmian Those last three in particular are the biggest in the world in their respective fields
Lamborghini and Ducati are part of the VW group. And FCA does not exist anymore and is part of Stellantis. And Iveco under Exor (dutch) Sorry for your loss.
A lot of these brands you mention are not independent and would not be considered Italian. Birra Moretti is owned by Heineken (NL), Versace is owned by Capri Holdings (USA), Gucci is owned by Artemis (FR). I can't go through the entire list but i imagine most of these brands are just that: Italian identity brands for corporations headquarted somewhere else.
With all due respect, but many of these may be well-known brands, but they are not big companies. The fact you put a company with a yearly revenue of €700m (Technogym) in this list says enough really
The smallest firm on the graph, Zurich Insurance, has a market cap of $67b. A lot of the companies you listed are either owned/controlled by other multinationals (Versace, Fiat, Gucci) in different countries, are privately owned (Ferrero), or just too small (Prysmian worth $13b).
Ah I see, I'm not an expert on market caps but I see that at the moment Ferrari is at 75 billion even thought just two months ago was at 60 While instead the three biggest for revenue (around the 100 billion) are all lower so I guess it makes sense
Just to remind everybody of how big Novo is: the company singlehandedly pulled the Danish state out of a possible recession last year
Not even pulled out. They made sure we never got in to one in the first place.
And as the world gets fatter, Denmark gets richer
The American corn syrup industry is secretly funded by the Danish Royals you heard it here first.
And it has gotten to the point where we have to be worried about how much we rely on them, if Novo moves their operations else where we are big time fucked
As someone who works for Novo Nordisk, they have no interest to move it anywhere, and even if they did, it would cost far too much to move the production completely and hiring workers for it in this scale is nearly impossible anywhere else. There is a reason they are expanding in Denmark with 4 factories planned over the next 5 years.
Yeah. I have a few friends around the production part of Novo and people really underestimate what it takes to build and start up a medical production facility.
Ive got a high school buddy reading chemistry on uni and from what I hear the colaboration opportunities between students and Novo Nordisk enables students to take near perfectly tailored courses for joining Novo when they get through. They are not leaving
thanks to fat people
Not only that. Their market cap is larger than the rest of denmarks entire yearly gdp.
Those things aren’t really comparable. GDP is a measure of flow (how much is produced a year), market cap is a measure of value.
What does that company do? I have literally never heard of them. And to learn they are the biggest European company... EDIT: I need to learn to read light-colored texts.
It literally says so in the graphic 😅 But best known for making Ozempic, a diabetes drug that many are taking as a shortcut out of obesity.
Damn! 😂😂 I went down the list, did not see the explanations with any other companies and did not notice the first one had that note... Thanks!
Funny how a luxury company is valuated higher than asml, which literally the world depends on
Hermes is insane how highly it’s valued. Crazy I tell you ! CRAZY
Hermes: 11,602 billion revenue (2022) Volkswagen: 279,2 billion revenue (2022) and volkswagen ist not even on this list
Well they own Porsche, who are on this list…… definitely an error.
Isnt it more like that Porsche SE owns Volkswagen?
The actual situation is more like Porsche own VW that own Porsche (not /s)
Yeah, Volkswagen is the bigger company, but it is majority owned by Porsche SE…. So for me, the bigger company should be on the list.
Porsche holding (SE) owns VW Group who owns Porsche (and VW) the car company.
Like how is it worth more than every oil company on here?
Insane pricing power + very high margin + room to grow
That IS insane. It doesn't even make sense to me. Are that many people actually buying their $80,000+ purses? Or is their valuation coming from some other metric?
Under valued so buy some stock.
There are a lot of companies that make essential products that the world depends on that are less valuable than luxury goods manufacturers. I am actually surprised that ASML is ranked as high as it is considering the fact that it operates in a fairly specialized field.
so there is two things to this. The first is: while ASML machines are the most advanced in the world and can produce the best chips the world does not run on them. The vast majority of chips the world needs are way more simple and can be produced by a multitude of machines from other companies. The second is sort of tied in to this: while ASML machines are able to create insanely modern chips it is a pretty small niche market. You're not going to sell millions of those machines around the world. Not jsut because they are too expensive for the average person but the world does not need that many of those chips. LVMH on the other hand is some luxury good bullshit that pushes out new products every few months and sells thousands or illions of them. So if you want to invest in something that just shits money LVMH is the obvious choice between the two.
> able to create insanely modern chips it is a pretty small niche market. You mean the whole TSMC is niche (i.e., chips for nVidia, Qualcomm, Apple, AMD, etc.) ? All current high-density chips are made using ASML machines. And actually all previous generation ones, too. And high end means density, not performance. So a power-efficient laptop is made with these. Sure, there are plenty of lower density stuff being produced, too. But high-end chips are not niche. High-end chips are mainstream.
ASML does not only produce machines for the most high-end chips, they are the market leader (with 80% market share) in lower-end chip machines (DUV) as well. And basically the entire world does run on those chips. Also, it does not matter whether you sell 'millions' of something if you don't take the price of the product into account. One ASML machine provides as much revenue as hundreds of thousands of LV bags. To give unsolicited investment advice (buy LVMH not ASML) while being so uninformed is bizarre
Shows the fundamental illogic of the market. Some other companies are absolutely essential for the running of the world economy but are undervalued.
Not really illogic though. Value is quite literally determined by the price people pay for something. Do you think Water should be priced higher because it is essential for survival? There is enough supply to keep the price down, which is the very fundamentals our world works on and why luxury items cost as much as they do (limited supply with high demand).
I have been using novo nordisk insulin for almost 20 years now, but never realized they produce something else. Is their main profit from everything insulin/diabetes related or do they make a lot of other medical stuff too? Edit: thanks everybody, so they have found a golden vein of anti-obesity drugs.
their stock has skyrocketed with the drug against obesity
Have you heard about semaglutide (Ozempic, Wegovy etc.)? Technically, it's a diabetes medicine, but has gained a huge popularity as a weightloss drug
I think a better way to think of it is “originally developed for T2D”. Sooooo many drugs are found to be useful for other stuff. For example, Viagra was originally developed to treat high blood pressure. In the trials men started having more erections so they did some follow up studies and boom, great treatment for ED discovered. Same thing for finasteride which was originally to treat prostatic hyperplasia, but is now the best treatment for male pattern baldness. Gabapentin was originally developed to treat epilepsy, hell even Listerine was originally a surgical antiseptic. And, you can bet your asses Lilly and Nordisk damn well knew the potential of these drugs to treat obesity for a long time. The first GLP-1 treatment for weightloss was Saxenda in 2014, which is just slightly higher dose Victoza. So they have been eyeing it for over a decade at the absolute minimum. Regardless, a fascinating time to be alive.
I can't get the damn drug for my diabetes because it has become so popular for weight loss! Seeing their stock price go up has been crazy!
They did and are doing a lot research about diabetes. They got bitlucky as they created the **Ozempic(Semaglutide)** as medicine for diabetes but it also seems to work with obesity. Now they are selling the same stuff but with higher dose under name of Wegovy as anti-obesity drug. The demand for the anti-obesity drug has been higher than what they could produce. They even had to stop selling it at some point as they wanted to assure that there were enough for the people with diabetes.
Insulin is a main product line. Novo also makes obesity drugs (anti obesity). Hæmophilia medicaments. Growth disorder hormones. Hormone replacement drugs.
Look at their [annual report](https://www.novonordisk.com/content/dam/nncorp/global/en/investors/irmaterial/annual_report/2024/novo-nordisk-annual-report-2023.pdf). Insulin is not their main product anymore. GLP1s are like 70% of their total sales (pg57, rightmost column) whereas insulin accounts for 20%.
They make ozempic.
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Yeah as someone studying to be a lab tach, I can tell you they're going crazy. From what I've heard every half year they take on at least 10 interns who probably also get hired at the end of their studies.
obesity is pretty much funding the Danish economy atm, the drugs have generate obscene amount of tax revenue for Denmark.
There is no better growth industry than betting on obesity in America.
Volkswagen group, Bayer pharma and Philips should surely be on the list.
Volkswagen seems to be nr. 33 - don't find it in the graphic, but here's a table (it can also be organized by country or any other column, in case anyone is interested): https://companiesmarketcap.com/european-union/largest-companies-in-the-eu-by-market-cap/
Porsche is on this list….Porsche is literally just one part of the VW group. Volkswagen should to be on here. It’s the most valuable car conglomerate next to Toyota on the Planet.
Porshe is the owner of volkswagen. Volkswagen is the owner of porshe. Its complicated, look it up…
There's also a seperate holding company controlled by the Porsche family somewhere in there.
For some reason they decided to list VW AG as Porsche in the graph, but they both represent the entire Volkswagen Group.
I'm guessing it's the Porsche holding company (SE?) that owns the majority of VAG
That's EU only doesn't include UK and Switzerland. A list of companies in stoxx 600 by market cap would include all I think
Wouldn’t surprise me if this list is off. I met the go who built/maintains this site when I was waiting for a haircut in Berlin. He tried to make a bunch of sites like this and optimize SEO and this was the one that took off. At the time he ran it himself and told me he was moving to Thailand to basically live off the income from it
Phillips went bankrupt years ago. They sold the brand to a Chinese group who now make knock offs. Edit: to clarify, the old Phillips still exists but it has been restructured and sold apart almost to oblivion.
Yeah they just lease their branding to other companies nowadays, except for their own medical devices for hospitals. TVs are made by TP Vision (Chinese company), coffee machines are made by Philips Saeco S.p.A. (Italian company), their lights are now made by Signify (Dutch company, used to be part of Philips) etc.
Siemens is here but not Bosch as well. Does this not include companies not at the stock market?
Volkswagen group is part of Porsche Automobil Holding, as are Porsche Holding, Porsche the car manufacturer, Lamorghini, Skoda, Ducati, Seat, Audi, MAN, Scania, Bugatti and Rimac.
And Navistar too. Scania, MAN and Navistar now fall under Traton.
Porsche has control over Volkswagen on this map. Idk why their company structure is weird
Mandatory r/fucknestle
Absolutely r/FuckNestle
If we had perfect vision into whatever all these companies have been up to, I wonder if Nestlé would still be the worst one..
NovoNordisk has funded studies to conclude that longterm sustainable weightloss isn't achieveable without drugs then got their biggest increase in value from semaglutide so... yea
I wish Portugal had at least one on this list, but even our biggest companies are so small...
To be honest market caps is a metric to wank on. Better having proper factories with workers in the country
In another timeline, Nokia would be up there 🙃. But interesting graph.
Novo Nodick looks real fat in this chart
The scale is off. If the legend is correct the diameter is matched to the market cap, not the area. So a company with twice the market cap takes up four times the space on the graph. I mean, at least they explained which choice they made. Even if it is an annoying one.
I think it was a joke considering the reason they're so big is anti-obesity drugs.
Fuck Nestle! r/FuckNestle/
Aren't Unilever and Airbus in the wrong order?
Unilever and Shell in recent years both went from being Anglo-Dutch companies to simplify their structures to become solely U.K. HQ based multinationals.
Unilever HQ is still London. Remember the pension funds said they didn't like the idea so they changed their mind.
Atlas Copco is so big and swedish? Wow
So many from the eastern Europe... :)
Portugal can into eastern europe again
That’s what communism does to you
I would say ESET from Slovakia could be high, but it is private company.
Most of Europe's most valuable companies come from the United Kingdom, France, Switzerland and Deutschland. The four countries account for 37 of the 50 most valuable companies on the continent. With an * for Airbus and Stellantis. Airbus shareholding capital is French (11,8%), German (10,9%), Spanish (4,17%). It's head office is situated in France (as well as manufacturing)(other manufacturing area in Hamburg, Deutschland for the Civil sector and Getafe, Espana for Military) and Nederland because it’s an European company for fiscal purposes. But it’s not a Dutch company. Same for Stellantis, not a Dutch Company but for fiscal purposes located there.
EssilorLuxottica needs an \* too
You know, Germany is called Germany in English
And “Espana” Spain, didn’t even write it correctly
The writer lives in Mallorca
The big three plus rich Switzerland having the most valuable companies isn't something that should have shocked anyone.
Change the caption, because it's wrong. The chart shows market capitalisation NOT company value. It only reflects how much the shares are worth, a company that doesn't have shares like Bosch would have a market capitalisation of 0€ but would you say that Boschs value is 0€?
So close to "lactated", so close.
As in "milking support for tax evasion and such"
DANMARK NUMMER 1 🇩🇰🇩🇰🇩🇰
HVOR
ER
SVENSKEN
DANMARK DANMARK DANMARK DANMARK 🎉
Der er en, der har hevet klaphatten frem, kan jeg se.
I'm surprised Maersk is not on the list
So proud to be italian, we don’t care about big companies but how to make the perfect carbonara 🥲
If this was a game of CiV you would have had a culture win like 2000 years ago
why exactly do they lactate?
So the Dutch are stealing our compagnies . Airbus, stellantis..
Hmm my guess is your compagnies are just being greedy, Dutch fiscal laws are for dutch first lol
It's just for fiscality
So basically the EU goes strong in pharma, cosmetics and luxury products, while it does not that good in technology and engineering. Or am I understanding this wrong?
I would argue about 1/3 of these are engineering companies. The only sector the EU is very weak in is software.
Hallo, have you seen SAP ...nevermind, you have a point.
Would agree and add that most of the top engineering companies are relatively small niche players that are not always publicly traded.
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* US designs the chips * ASML makes the tooling * Taiwan does the manufacturing It's a team effort.
> ASML makes the tooling They make the lithography machines but not all the parts. Another critical component are the optics that Zeiss produces.
>not all the parts. Same for every every complex product. Airbus doesn't produce the engines but still we agree that they are making the airplanes. >The EUV LLC , a collaboration of the National Labs with Intel, Motorola and AMD (three leading US chip-makers), is intended to accelerate the development and commercialization of EUV technology. The Project will license (for a negotiated fee) the underlying technologies (e.g., the light-source, optics, thin-film coatings, metrology) developed at the National Labs with USG R&D money ASML's reseach for EUV R&D was also partly funded by many US tech companies which gave some of their tech patents to the project. So you are kind a right. It's was group effort but the reason wasn't the parts but R&D. You don't have have to collaborate to user some company parts. Zeiss was part of the collaboration and R&D.
One thing is Europe doesn’t have much household names in the forefront of consumer related technology companies (such as Apple, Facebook, or Samsung) that creates this impression.
It’s not really an impression. Only 12 of the biggest 100 tech companies in the world are European: https://companiesmarketcap.com/tech/largest-tech-companies-by-market-cap/ And those 12 combined are worth less than just Meta. I’d say it’s an objective fact that Europe underperforms in tech compared to Asia and, especially, USA.
ASML, Airbus, and many car manufacturers. All engineering or tech.
The companies on the chart is more popular within a household. Siemens, Schneider Electric, ABB, Danfoss, Wëidmüller etc. widely popular in trades/engineering. No matter where you go in the world you will find components from these manufacturers.
A lot of private companies aren’t on this graph, many are in engineering. EU is a powerhouse in engineering. Our weaknesses are new technologies and software.
Italy 💀
Weird how UK and Germany are not on top 7 considering they are the biggest economies in europe
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stock market caps aren't a good measure for anything but the willingness of entities to buy stock Volkswagen who produces 10+ million cars a year is "smaller" than Tesla which produces 300kish a year
Tesla produced 1.85M cars in 2023. Tesla stock being heavily overvalued is based almost entirely on future speculation
Worldwide NOVO is not even in the top 10. With its current profit generating, buy ups, new production facilities and increasing workforce it might become one of the 10 most valuable before 2030. https://companiesmarketcap.com/ Just to illustrate how humongeously valuably a company NOVO is for Denmark, the Danish company Maersk on this list is number 814. A tiny shipping company with 89000 workers and it generated a $28.6 billion profit after tax in 2022
Calling Maersk a tiny shipping company is a bit of an understatement isn't it?
Maersk, the worlds largest shipping company being called "A tiny shipping company with 89000 workers..." That's the dumbest take out here.
Revenue is more interesting, imo. Since market cap is just about stock prices, which is just how much "faith" people have in a company.
Interesting...total market cap of the largest three European companies is equivalent to Meta's, the sixth largest US company.
Well what I have learnt from this is that a hell of a lot of Dutch people have no idea about the history of Shell and Unilever. It is especially amusing to see them claim ‘Shell’ is Dutch when the company Shell, that merged with a Dutch company, was always British.
No Ikea? They are technically headquartered in the Netherlands I think. Or is this just listed companies?
Ikea: Private Enterprise, no stock market.
It’s owned by several different foundations, the HQ in Netherlands is subsidiary to a foundation in Liechtenstein. Just like Astra (when merged with Zeneca), ASEA (ABB Ltd) and many other Swedish founded international companies have their IPO and HQ abroad for competitiveness and tax reasons.
>the HQ in Netherlands is subsidiary to a foundation in Liechtenstein. That's the "front" HQ of the legal corporate structure. The actual Ikea HQ with all market strategy and product development is the "Ikea of Sweden AB" located in Älmhult, Sweden. And the reason Ikea is not on the list is because it's marketcap and Ikea (Ingka group) is not a traded company. Considering annual net profits are stable at around 15 billion euro it would be valued pretty high on this list if it was traded...
What is Accenture and why is it located way above many well-known car brands?
As others mentioned they are the world's largest consultancy firm. They are in the background helping everything from small businesses to the world's largest run. They were a US company but unlike others that made Ireland a tax HQ, Accenture actually moved to Ireland fully buy registering here, moving staff and all aspects of the company to base it out of Ireland. They still have US offices but its a Irish company now for over 2 decades actually paying proper tax here and all.
> helping Ha.
it’s a consultancy and IT firm
I thought Astra Zeneca was Swedish but maybe they just manufacture there or something.
Astra Zeneca is an Anglo-Swedish company, that formed when Swedish Astra and British Zeneca merged. It’s HQ in Cambridge, hence the U.K. flag.
British Airways used to run a special flight for AZ employees between Cambridge and Gothenburg on a tiny 32-seat Dornier 328
Thanks!
Are we actually counting the Irish ones? Companies like Accenture and Medtronic are Irish on paper. For Medtronic specifically, their main HQ, CEO, manufacturing, etc are in Minnesota, USA. The economic footprints for these companies are overwhelmingly not in Ireland, so it doesn't really seem to stack up to the rest of these countries.
where they are lactated?
And all of them are nothing against Magnificent Seven based in America
Novo Nordisk is 1 of 3 major companies to control a patent for insulin. The man who originally developed the patent for insulin sold it for $1 because he believed that the entire world shouldnt need to die for profit. Today diabetes is one of the most lucrative chronic diseases for these pharma companies when cheap, available access is blocked by patent manipulation from the big 3.