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Prospering in the pandemic: how companies have fared in the Covid era


Two years after the emergence of Covid-19, a jarring disconnect has emerged between the human toll and the file valuations of many giant corporations.

Silicon Valley dominates our checklist of corporations whose market worth grew probably the most in greenback phrases since January 1 2020, headed by Apple, Alphabet and Microsoft. However non-tech corporations had been winners too: consultants Accenture, diagnostics specialist Thermo Fisher and retailer Dwelling Depot all made the highest 20.

Neither is it purely a US checklist, with corporations corresponding to Canada’s Shopify and France’s LVMH included. Though China is represented — by battery maker CATL and spirits producer Kweichow Moutai — lots of the nation’s large corporations had a tough trip in 2021, as they confronted rising regulatory strain. Alibaba heads our checklist of largest pandemic losers, which additionally consists of battered property developer Evergrande.

We additionally spotlight corporations, corresponding to Zoom Video and Peloton, that pale after an preliminary rush of pleasure about their prospects. Lastly come the bouncers, together with power teams corresponding to Gazprom and banks corresponding to BNP Paribas, which endured sharp sell-offs however recovered strongly. Tom Braithwaite

Winners category heading

1. Apple

Sector: TECHNOLOGY HARDWARE / HQ: CUPERTINO, us


123%


change in market worth


$2.9tn


end-2021 market worth

Apple’s inventory ended 2021 near a file — not only for the corporate however for any firm, ever. Regardless of going through provide chain challenges and its shops closing worldwide, the iPhone maker is on the cusp of a $3tn market worth, virtually triple its pandemic low in March 2020. Workers working from house are spending much less on journey and eating places however upgrading their iStuff. In the meantime, Apple is fattening its margins with an ever rising array of providers. Patrick McGee in San Francisco

2. Microsoft

Sector: SOFTWARE / HQ: REDMOND, US


110%


change in market worth


$2.5tn


end-2021 market worth

With the pandemic accelerating the shift to cloud computing, Microsoft is firing on all cylinders — and it has extra cylinders than most. Its Azure cloud platform and Workplace 365 instruments have been a mainstay. However Microsoft has a finger in lots of digital pies, together with the hiring market (LinkedIn), enterprise functions (Dynamics) and gaming (Xbox). Progress is above 20 per cent for the primary time in a decade. Richard Waters in San Francisco

3. Alphabet

SECTOR: INTERNET / HQ: MOUNTAIN VIEW, US


108%


change in market worth


$1.9tn


end-2021 market worth

Google’s mother or father went into the pandemic as a robust promoting firm. It’s popping out of it as one of many foremost engines of a booming digital financial system. Retailers’ a lot larger reliance on digital gross sales has fed its search and YouTube promoting, whereas its cloud computing division is lastly justifying its billing as a 3rd participant available in the market behind Amazon and Microsoft. Late within the yr, progress jumped to a unprecedented 40 per cent. Regulators are circling however Wall Road sees no speedy menace. Richard Waters

4. Tesla

SECTOR: AUTOMOTIVE / HQ: AUSTIN, US


1311%


change in market worth


$1.1tn


end-2021 market worth

The electrical automotive pioneer turned the primary $1tn automaker and made its co-founder and chief govt the richest man on this planet. To many, the inventory worth appears absurd, however even wanting 5 years out, it’s unlikely any of its a lot bigger rivals will outpace Tesla in producing electrical automobiles — and people are the one automobiles buyers care about in the mean time. Patrick McGee

5. Amazon

SECTOR: ECOMMERCE / HQ: SEATTLE, US


85%


change in market worth


$1.7tn


end-2021 market worth

With Jeff Bezos busy blasting himself to house, new chief Andy Jassy took over in July. Since then, the prices of doing enterprise throughout Covid-19 have throttled progress and earnings, with billions spent on conserving Amazon’s repute for quick supply intact. The corporate’s inventory underperformed in contrast with most large tech teams however analysts are optimistic. Staffing prices ought to drop in 2022, whereas the corporate’s rising promoting enterprise is shaping up as a bona fide challenger to the Google and Fb duopoly. Dave Lee in San Francisco

6. Nvidia

SECTOR: SEMICONDUCTORS / HQ: SANTA CLARA, US


411%


change in market worth


$735bn


end-2021 market worth

No different chip firm has ridden the pandemic wave in addition to Nvidia. Its graphics chips have change into the primary workhorse behind synthetic intelligence and different data-intensive functions which can be fuelling the rise of large cloud datacentres. The high-end gaming market and a helpful sideline in promoting chips to cryptominers have been a bonus. Its subsequent goal: the metaverse, the place it’s constructing a platform for different corporations that wish to attain their clients in new digital worlds. Richard Waters

7. Meta Platforms

SECTOR: INTERNET / HQ: MENLO PARK, US


60%


change in market worth


$936bn


end-2021 market worth

It has been a bruising yr for Meta (previously Fb), battered by accusations that its poor moderation contributed to January’s Capitol riots, whistleblower allegations that it prioritises earnings over security and new regulatory investigations. Nonetheless, its share worth has weathered the reputational hits, reaching a file $1tn for the primary time in June. Its resilience is testimony to the booming digital promoting market. It’s now in a headlong sprint to construct its model of the metaverse. Hannah Murphy in San Francisco

8. Taiwan Semiconductor Manufacturing Firm

Sector: semiconductors / HQ: hsinchu, Taiwan


100%


change in market worth


$575bn


end-2021 market worth

The world’s largest producer of made-to-order chips has not solely been boosted by a leap in demand for electronics devices throughout the pandemic. It additionally expects to continue to grow sooner till 2025 as 5G and AI additional push the usage of semiconductors in all the things from factories to automobiles to houses. TSMC is ratcheting up funding in new crops from a mean 30 per cent of income to greater than 40 per cent. The objective is to widen the lead it has over opponents corresponding to Samsung and Intel. Kathrin Hille in Taipei

9. ASML

SECTOR: SEMICONDUCTOR EQUIPMENT / HQ: VELDHOVEN, NETHERLANDS


164%


change in market worth


$327bn


end-2021 market worth

Of the various companies claiming to be “a very powerful tech firm you may have by no means heard of”, Dutch machine-maker ASML has maybe the perfect case. A Philips spinout, it’s the main producer of the large lithography methods utilized by just about all chip producers, together with Taiwan’s TSMC. The frenzy to broaden semiconductor manufacturing capability helped ASML promote a file variety of its most superior machines this yr, boosting earnings greater than 60 per cent in its most up-to-date quarter. Joe Miller in Frankfurt

10. The Dwelling Depot

SECTOR: RETAIL / HQ: ATLANTA, US


82%


change in market worth


$433bn


end-2021 market worth

Customers have spent extra time at house than traditional throughout the pandemic, prompting them to spruce up their dwelling areas with all the things from a contemporary coat of paint to new yard furnishings. The do-it-yourself frenzy has been a boon to Dwelling Depot, the biggest US home-improvement retailer. It has additionally benefited this yr from a rise in gross sales to skilled contractors and builders, whereas rising property costs have inspired Individuals to spend money on larger house renovations. Matthew Rocco in New York

11. UnitedHealth

Sector: HealtHCARE / HQ: Minnetonka, us


70%


change in market worth


$473bn


end-2021 market worth

America’s largest well being insurer has benefited from an uplift in healthcare spending and elevated collaboration between its insurance coverage and providers divisions. It has added 2m medical health insurance clients because the finish of 2020 and now has 50m clients. Its providers arm, Optum, is rising quickest. accounting for greater than half of group revenues. It owns a pharmacy profit supervisor, surgical hospitals and different healthcare companies. Jamie Smyth in New York

12. Kweichow Moutai

Sector: drinks/ HQ: zunyi, china


90%


change in market worth


$405bn


end-2021 market worth

State-backed Kweichow Moutai, the premium Chinese language liquor maker, posted income progress of simply 11 per cent within the first 9 months. However the progress determine has by no means been the main focus for Chinese language inventory pickers, who as a substitute prize the corporate’s 90 per cent gross revenue margins and Moutai’s place on the desk at virtually each enterprise assembly and upper-class perform. Its shares have been a certain guess for the previous decade and don’t look as if they are going to lose their shine any time quickly. Ryan McMorrow in Beijing

13. LVMH

Sector: luxurious items/ HQ: Paris, France


79%


change in market worth


$417bn


end-2021 market worth

When Covid arrived, buyers feared luxurious conglomerate LVMH could be laborious hit given its heavy reliance on prosperous Chinese language vacationers taking purchasing pilgrimages to Paris and Milan. As a substitute, the sector’s undisputed chief has gone from power to power. Customers not solely in China but in addition within the US stored shopping for regardless of the pandemic. Plus, when shops had been closed, LVMH overcame its conventional wariness about ecommerce to turbocharge its on-line gross sales. Analysts count on its gross sales to be 15 per cent larger than 2019 this yr, reaching roughly €61bn. Leila Abboud in Paris

14. Modern Amperex Know-how Co Ltd

Sector: BATTERIES / HQ: NINGDE, CHINA


539%


change in market worth


$216bn


end-2021 market worth

China’s dominant maker of batteries for electrical automobiles has boomed due to rising gross sales to world clients corresponding to Tesla, Daimler and BMW and the nation’s homegrown electrical car producers. Hefty help from Beijing continues to spice up electrical car gross sales on this planet’s largest auto market and, with few opponents capable of match its output, CATL has each pumped out extra batteries and raised costs. It’s engaged on a million-mile battery. Ryan McMorrow

15. Broadcom

Sector: semiconductors / HQ: San Jose, us


119%


change in market worth


$275bn


end-2021 market worth

Publicity to a variety of chip markets — notably smartphones, broadband and wi-fi networking — left Broadcom nicely positioned for the community funding increase that has accompanied the rising reliance on digital providers. Wall Road additionally grew extra assured that the chip business’s most acquisitive firm would take a again seat on offers for some time, and as a substitute reward shareholders with larger dividends and share buybacks. Richard Waters

16. Thermo Fisher

Sector: LIFE SCIENCES TOOLS / HQ: WALTHAM, us


102%


change in market worth


$263bn


end-2021 market worth

The scientific tools maker loved a $7bn income enhance throughout the first three quarters of 2021 from the provision of pandemic-related merchandise corresponding to Covid assessments and uncooked supplies utilized in vaccines. It additionally expanded by mergers and acquisitions, closing a $17.4bn deal to accumulate medical analysis firm PPD in December. It upgraded its 2022 gross sales and earnings forecasts in October and expects to generate $37.1bn in revenues subsequent yr, up 15 per cent on 2020. Jamie Smyth

17. Accenture

Sector: PROFESSIONAL SERVICES / HQ: Ny, US


96%


change in market worth


$262bn


end-2021 market worth

The pandemic has compelled corporations to speed up plans to function digitally. Accenture and different expertise consultants have gained mightily from the flurry of shoppers spending on digital transformations, cloud computing and cyber safety. The consultancy reported file revenues of $50.5bn within the yr to August 31. Gross sales continued to rise within the three months to November 30, new bookings hit file ranges and Accenture added 50,000 folks to its workforce to fulfill demand. Michael O’Dwyer in London

18. Shopify

Sector: ECOMMERCE / HQ: OTTAWA, CANADA


275%


change in market worth


$173bn


end-2021 market worth

Shopify had its first ever $1bn income quarter in July, with the Canadian ecommerce firm’s chief monetary officer telling analysts that on-line habits fashioned throughout 2020 would endure. Whereas progress slowed in 2021 in contrast with that breakout first pandemic yr, analysts see the corporate as being in prime place as a facilitator of “omnichannel” retail, a mix of on-line and in-store purchasing. There are additionally excessive hopes for the corporate’s Store app and its potential as a market and promoting hub. Dave Lee

19. Netflix

SECTOR: MEDIA / HQ: LOS GATOS, US


88%


change in market worth


$267bn


end-2021 market worth

With folks internationally staying at house throughout lockdowns, Netflix added a file 36m subscribers in 2020. That tempo slowed in 2021 as some nations went again to extra regular routines. However Netflix’s inventory surged once more this autumn due to a flood of contemporary content material, together with its largest hit ever: Squid Recreation. The South Korean drama sequence was considered by 142m households throughout the globe, giving buyers renewed confidence that Netflix can produce a smash hit. Anna Nicolaou in New York

20. Danaher

Sector: LIFE SCIENCES TOOLS / HQ: washington, us


113%


change in market worth


$235bn


end-2021 market worth

Danaher has a construction that fell additional out of vogue in 2021: it’s a conglomerate. However this constellation of 20 corporations will not be breaking apart. Executives credit score its reasonably cultish “Danaher Enterprise System” (Motto 3: “Kaizen is our Approach of Life”) for uniting the group and driving superior efficiency. Covid and the will for cleaner, safer environments have been boons. Danaher supplies substances for vaccines and antibody therapies; virus assessments; and instruments utilized in meals manufacturing and water purification. Tom Braithwaite

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Losers category heading

1. Alibaba

Sector: ECOMMERCE / HQ: HANGZHOU, CHINA


-43%


change in market worth


$322bn


end-2021 market worth

Jack Ma’s ecommerce group has been buffeted by one problem after one other this yr. Ma went lacking. Alibaba was hit with a file positive for antitrust abuses. Chinese language authorities stepped up their marketing campaign to dismantle its fintech arm Ant Group after cancelling its blockbuster preliminary public providing. Rivals together with Pinduoduo, JD.com and ByteDance’s Douyin have stolen away consumers and its cloud unit misplaced marquee worldwide buyer TikTok. As the biggest Chinese language firm listed in New York, its future is doubly unsure. Ryan McMorrow

2. AT&T

Sector: telecoms / HQ: Dallas, us


-38%


change in market worth


$176bn


end-2021 market worth

With the announcement that it might spin off WarnerMedia and merge it with rival Discovery, AT&T conceded defeat on its excessive stakes Hollywood gamble. Slashing the dividend by virtually 50 per cent despatched its inventory sinking. Whereas exiting its pricey media foray is welcomed by buyers, the injury will take longer to undo. AT&T’s $80bn acquisition of Warner left the corporate saddled in debt, proscribing its potential to spend money on its core enterprise: telecoms. Anna Nicolaou

3. Ping An

Sector: insurance coverage / HQ: Shenzhen, China


-41%


change in market worth


$138bn


end-2021 market worth

The Chinese language insurance coverage group reported its first annual fall in web earnings for greater than a decade in 2020. Regardless of a rebound in earnings within the first quarter of this yr, it suffered from its publicity to indebted developer China Fortune Land Growth, which defaulted on $530m of dollar-denominated debt in March. The group’s share worth was later affected by the disaster surrounding actual property developer China Evergrande and fears of contagion to the broader Chinese language financial system. William Langley in Hong Kong

4. Royal Dutch Shell

Sector: OIL AND GAS / HQ: The Hague, NETHERLANDS


-32%


change in market worth


$157bn


end-2021 market worth

The Anglo-Dutch supermajor has struggled to totally get better from a devastating 2020 when Covid restrictions crushed crude demand, sending its shares to lows not seen because the Nineties. Oil costs have rebounded and with them earnings, dividends and buybacks. However inexperienced headwinds have change into stronger and a brand new technique for the power transition is but to persuade buyers. With an activist shareholder pushing for a break-up, a Dutch court docket ruling to adjust to and a doable management transition to handle, the months forward might be difficult. Tom Wilson in London

5. The Boeing Firm

Sector: aerospace / HQ: Chicago, US


-35%


change in market worth


$118bn


end-2021 market worth

Final yr Boeing was nonetheless struggling from the fallout of two deadly crashes of the 737 Max when the pandemic crushed clients’ demand for plane. With governments proscribing journey, airways slashed flying schedules, parked jets and deferred orders for brand new ones. The aerospace producer has additionally been hampered by manufacturing issues with the 787 Dreamliner which have prevented it from delivering the wide-body for a lot of the final yr. Claire Bushey in Chicago

6. Anheuser-Busch InBev

Sector: BREWERS / HQ: Leuven, Belgium


-36%


change in market worth


$103bn


end-2021 market worth

The pandemic took the fizz out of drinks gross sales as lockdowns reduce sharply into high-margin income at bars and eating places. Shares on this planet’s largest brewer suffered greater than rivals Carlsberg and Heineken after it scrapped its interim dividend two years operating and decreased its full-year payout. Buyers have been nervous concerning the group’s $83bn debt pile courting from its 2016 acquisition of SABMiller. However third-quarter gross sales surged previous pre-pandemic ranges and new chief govt Michel Doukeris has pledged a renewed deal with customers. Judith Evans in London

7. Citigroup

Sector: bankS / HQ: big apple, us


-31%


change in market worth


$120bn


end-2021 market worth

In her first earnings name as chief in April, Jane Fraser introduced Citigroup was placing most of its Asia shopper enterprise up on the market — which buyers took as an indication it was making use of a brand new sense of urgency to closing its longstanding profitability hole with megabank friends. However progress is slower than many would really like. To date, the financial institution has solely efficiently exited three out of the 13 markets it highlighted and has booked greater than $2bn in losses all through the method. Imani Moise in New York

8. Intel

Sector: SEMICONDUCTORS / HQ: Santa Clara, us


-20%


change in market worth


$209bn


end-2021 market worth

Most chip corporations have thrived because the pandemic stoked demand for all issues digital. Not Intel. The arrival of a brand new chief raised hopes that the as soon as impregnable semiconductor firm would get again to competing with TSMC at the vanguard of superior chip manufacturing. However with the chip business’s lengthy funding cycles, and with AMD consuming into Intel’s PC and server markets, all buyers can see forward is heavier spending, with no restoration but in sight. Richard Waters

9. China Cellular

Sector: TELECOMS / HQ: Beijing, china


-29%


change in market worth


$123bn


end-2021 market worth

US sanctions rolled out in 2020 by then US president Donald Trump in opposition to corporations deemed to have hyperlinks to the Chinese language navy hit China Cellular laborious. The corporate’s share worth jumped in January after the New York Inventory Change backtracked twice on plans to delist the corporate to adjust to the sanctions, resulting in an attraction from China Cellular and two different telecoms corporations. However they tumbled once more when the attraction was rejected in Might. William Langley

10. Industrial and Business Financial institution of China

Sector: BANKS / HQ: BEIJING, CHINA


-17%


change in market worth


$245bn


end-2021 market worth

The financial institution, considered one of China’s largest, had a greater yr in 2021 than it did in 2020. Nevertheless, the function performed by state lenders in supporting the Chinese language financial system within the early days of the pandemic, adopted by publicity to failing distressed debt investor Huarong and China’s property sector dragged down their share costs. The string of difficulties took the shine off its proposed joint wealth administration firm with Goldman Sachs Asset Administration, which gained Chinese language regulatory approval in Might. William Langley

11. Itaú

Sector: banks / HQ: sao paulo, brazil


-58%


change in market worth


$35bn


end-2021 market worth

Brazilian banks revenue even in unhealthy occasions, so goes the saying — and Itaú was by no means an exception. On the top of the pandemic final yr, Brazil’s largest lender reported R$19bn ($3.3bn) web revenue. However the pandemic additionally accelerated structural modifications that now threaten the longstanding dominance of conventional lenders. Increasingly more clients are switching to fintechs or neobanks, corresponding to Nubank, which supply a lot simpler entry to digital services and products. For banking analysts, the “age of competitors” has lastly arrived in Brazil. Bryan Harris in São Paulo

12. China Development Financial institution

Sector: BANKS / HQ: BEIJING, CHINA


-19%


change in market worth


$175bn


end-2021 market worth

Chinese language banks had been enlisted to assist lengthen low cost loans to struggling companies throughout the early days of the pandemic, hitting their earnings in 2020. Shares in China Development Financial institution, like many different home rivals, had been later hit by issues over the well being of the nation’s banking sector after Huarong, the nation’s largest distressed debt investor, delayed the discharge of its monetary leads to April. This led to fears that Beijing would enable a big state-backed establishment to default. William Langley

13. Banco Bradesco

Sector: BANKS / HQ: SAO PAULO, BRAZIL


-56%


change in market worth


$31bn


end-2021 market worth

Like rival Itaú, Banco Bradesco’s efficiency was strong throughout the top of the pandemic, with the lender reporting R$16.5bn ($2.9bn) in web earnings in 2020. But in addition like Itaú, the group has a brand new breed of digital banks snapping at its heels. Bradesco is taken into account notably inclined as a result of its expertise has typically lagged that of its foremost opponents. Rising default charges and traditionally low rates of interest within the first half of the yr additionally harm the underside strains of Brazilian banks. Bryan Harris

14. BP

Sector: OIL AND GAS / HQ: london, UK


-30%


change in market worth


$88bn


end-2021 market worth

Chief govt Bernard Looney, who took the helm at BP simply because the world was shutting down in February 2020, has had a bruising pandemic. First, the oil worth collapsed. Then, days after outlining plans to take a position closely in clear power, the inventory fell to a 25-year low. Earnings rebounded this yr due to rising commodity costs, however exclusion from the COP26 local weather summit confirmed that neither politicians nor buyers are fairly able to again Looney’s inexperienced imaginative and prescient for BP’s future. Tom Wilson

15. Merck

Sector: PHARMA / HQ: KENILWORTH, us


-16%


change in market worth


$194bn


end-2021 market worth

Merck faces a progress problem due to the lack of exclusivity on its multibillion-dollar most cancers drug Keytruda in direction of the tip of the last decade. It additionally misplaced the race to develop a Covid vaccine, and its much-touted antiviral therapy, molnupiravir, has did not dwell as much as its early promise. The corporate is chasing mergers and acquisitions to beat the looming Keytruda patent cliff, and in November spent $11.5bn on Acceleron Pharma, a biotech firm that develops therapies for uncommon illness. Extra offers are doubtless in 2022. Jamie Smyth

16. HSBC

Sector: BANKS / HQ: LONDON, uk


-23%


change in market worth


$122bn


end-2021 market worth

HSBC executives are keen on the quip that it’s “the largest worldwide financial institution in China, in addition to probably the most worldwide Chinese language financial institution”. Sadly, it has not been a superb time to be both. HSBC’s shares have plunged 24 per cent because the begin of 2020 because it has struggled to navigate US-China geopolitical tensions, Beijing’s crackdown on Hong Kong and questions over London’s future post-Brexit. Its $3tn steadiness sheet has additionally suffered disproportionately from years of ultra-low world rates of interest. Stephen Morris in London

17. Wells Fargo

Sector: BANKS / HQ: SAN FRANCISCO, US


-16%


change in market worth


$191bn


end-2021 market worth

Wells Fargo hoped for a contemporary begin after years of scandals when it appointed Charlie Scharf as chief govt in late 2019, however turnround efforts took a again seat as soon as the pandemic hit. Now, Wells appears poised to bounce again. Though Scharf’s technique of slicing prices and investing in areas the place the third-largest US financial institution punches under its weight is hardly novel, his blunt commentary about Wells’ shortcomings provides credibility to its comeback story. Imani Moise

18. ExxonMobil

Sector: OIL AND GAS / HQ: IRVING, US


-12%


change in market worth


$259bn


end-2021 market worth

The 2020 pandemic-induced oil crash uncovered big issues at closely indebted ExxonMobil, the US’s largest oil firm, which by the tip of the yr had recorded its first annual loss, slashed deliberate spending and been ditched from the Dow index. In 2021, activist hedge fund Engine No 1 defeated Exxon’s administration in a proxy shareholder warfare, putting in three board administrators with a mission to revamp the supermajor’s power transition technique. Exxon introduced a number of low-carbon initiatives. Its shares regained worth as oil costs recovered. Derek Brower in New York

19. Verizon Communications

Sector: TELECOMS / HQ: NEW YORK, US


-14%


change in market worth


$218bn


end-2021 market worth

The US telecoms sector has been in a worth warfare for a number of years. In 2021, AT&T upped the ante with its “free telephones for all” marketing campaign, providing reductions even for present clients, forcing rival Verizon to broaden its personal provides. For many years, the group has held the perfect community within the US. However rival T-Cellular is more and more considered as providing superior 5G, additional undercutting investor sentiment. Anna Nicolaou

20. China Evergrande Group

Sector: PROPERTY / HQ: Shenzhen, china


-93%


change in market worth


$3bn


end-2021 market worth

Some corporations default immediately. Others favor to do it steadily. In August, the world’s most indebted actual property developer, China Evergrande, warned about stalled tasks. However no official affirmation got here in September, when offended retail buyers descended on its headquarters and the group did not pay worldwide bondholders. No affirmation got here in November, when Chinese language high-yield bond markets endured their worst interval because the monetary disaster. Eventually, in December, score company Fitch declared a default. Evergrande declined to remark. Thomas Hale in Hong Kong

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1. China Evergrande New Power Automobile Group

Sector: AUTOMOTIVE / HQ: GUANGZHOU, CHINA


+$78bn


Jan 1 2020 to peak


-94%


decline from peak

Shares in Evergrande New Power Automobile Group took off in the beginning of 2021 after tycoons within the territory purchased right into a share placement, taking its market valuation to $63bn, eclipsing that of Ford with out promoting a single car. The shares have since collapsed and the corporate, now price simply $4bn, is being intently watched by worldwide buyers in its indebted mother or father who imagine they might have recourse to it as a part of a restructuring course of. Thomas Hale

2. Alibaba Well being Info Know-how

Sector: HEALTHCARE / HQ: HONG KONG


+$38bn


Jan 1 2020 to peak


-78%


decline from peak

The fortunes of Chinese language ecommerce large Alibaba’s healthcare arm have slid this yr alongside these of its mother or father, because the group’s founder Jack Ma discovered himself in political bother and Chinese language authorities ramped up their scrutiny of Alibaba’s companies. AliHealth’s on-line medical providers have additionally misplaced some steam because the pandemic died down in China, and it swung to a loss in its newest half-year outcomes to the tip of September. Ryan McMorrow

3. Peloton

Sector: LEISURE PRODUCTS / HQ: NEW YORK, US


+$41bn


Jan 1 2020 to peak


-76%


decline from peak

Peloton’s preliminary public providing a number of months earlier than the pandemic was completely timed for buyers: as soon as the world locked down, house health boomed. The corporate’s worth soared from $8bn to virtually $50bn earlier than the narrative cycled off-track in 2021. Ready lists stretched to months because it struggled to construct bikes. Executives botched a response to calls for for a security recall for its $4,295 bike. And the model turned the butt of jokes on the Intercourse and the Metropolis reboot. Patrick McGee

4. Pinduoduo

Sector: Sector: ecommerce / HQ: SHANGHAI, CHINA


+$201bn


Jan 1 2020 to peak


-71%


decline from peak

The younger Chinese language ecommerce group traded blistering progress for profitability this yr — however reasonably than reinvesting these earnings or passing them to shareholders, it’s donating a lot of the cash to charity to get within the Communist get together’s good books. China’s complete tech sector has been buffeted by a regulatory crackdown this yr, and because the nation’s shiniest start-up — listed solely in geopolitical arch-rival the US, Pinduoduo’s fortunes have fallen quick. Ryan McMorrow

5. Bilibili

Sector: INTERACTIVE HOME ENTERTAINMENT / HQ: SHANGHAI, CHINA


+$47bn


Jan 1 2020 to peak


-67%


decline from peak

China’s Bilibili turned a pandemic darling as customers swarmed into its on-line world of video video games, anime, livestreams and movies. However the Communist get together’s tech crackdown has taken a number of the wind out of its sails. Underage avid gamers, as an example, have had their on-line time reduce to simply three hours every week. Regulators have come to damp the enjoyable for its livestreamers too, and income progress has ticked down as its losses accumulate. Ryan McMorrow

6. Zoom Video

Sector: APPLICATION SOFTWARE / HQ: SAN JOSE, US


+$143bn


Jan 1 2020 to peak


-66%


decline from peak

The corporate that turned synonymous with working from house throughout the pandemic is going through a harder second act. Its once-stratospheric progress is projected to fall under 20 per cent subsequent yr because the stream of latest clients ebbs and lots of the small companies that signed up month-by-month throughout the disaster abandon the service. Wall Road nonetheless has excessive hopes that Zoom will break into new markets corresponding to voice calling, however that may take time. Richard Waters

7. Pinterest

Sector: INTERNET / HQ: SAN FRANCISCO, US


+$46bn


Jan 1 2020 to peak


-58%


decline from peak

After a strong 2020, the healthful social media web site reported bumper revenues this yr however struggled to pin down new customers because the world started to reopen and competitors rose from deep-pocketed rivals corresponding to Meta and TikTok. The corporate’s shares loved a short uptick in October following experiences of a possible takeover by PayPal however resumed their slide after the funds group stated it was not pursuing a deal. Hannah Murphy

8. Baidu

Sector: web / HQ: Beijing, CHINA


+$68bn


Jan 1 2020 to peak


-55%


decline from peak

China’s perennially underperforming tech large dissatisfied buyers once more in 2021, regardless of beginning the yr with a lot hype for its rollout of an electrical car fitted with its autonomous driving expertise. Progress on the EV undertaking has been gradual, whereas the corporate’s video unit iQiyi faces big challenges together with an investigation by the Securities and Change Fee within the US. The corporate has not been helped by the Chinese language authorities’s sweeping crackdown on the tech sector. Ryan McMorrow

9. SoftBank

Sector: telecoms / HQ: Tokyo, Japan


+$91bn


Jan 1 2020 to peak


-55%


decline from peak

By November, Masayoshi Son was utilizing blizzard pictures to explain the standing of a directionless SoftBank close to the tip of a grim yr. The conglomerate’s large bets on China tech had been hit by politics, the $40bn sale of Arm to Nvidia was hit by US regulators and the flagship Imaginative and prescient Fund reported giant losses. SoftBank has all the time relied on investor religion within the risk-hungry genius of Son; he’s well-known for giant comeback surprises, however in 2021 believers weren’t rewarded. Leo Lewis in Tokyo

10. Roku

Sector: MEDIA / HQ: SAN JOSE, US


+$47bn


Jan 1 2020 to peak


-52%


decline from peak

Roku had a standout yr in 2020 when tens of millions joined the tv streaming platform. However as pandemic restrictions ease, streaming hours are down and account progress is at its slowest in two years — hitting the prospects of the promoting enterprise that accounts for four-fifths of income. In response, the corporate plans to create 50 new reveals in two years. Prices might be excessive, however so will margins: Roku takes 100 per cent of advert income by itself content material. Patrick McGee

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1. ConocoPhillips

Sector: OIL AND GAS / HQ: Houston, US


-$47bn


Jan 1 2020 to trough


288%


enhance from trough

The largest impartial oil producer within the US hunkered down and idled manufacturing because the crude worth crash of 2020 ravaged the business. Then costs surged and Conoco moved to take benefit, snapping up rival US producer Concho Sources and Shell’s shale belongings to construct a commanding place in Texas and New Mexico’s prolific Permian Basin. Buyers favored the brand new scale, but in addition Conoco’s resumption of share buybacks, rising dividend and deal with capital self-discipline. Derek Brower

2. Reliance Industries

SECTOR: INDUSTRIAL CONGLOMERATE / HQ: MUMBAI, INDIA


-$57bn


Jan 1 2020 to trough


195%


enhance from trough

Reliance chair and India’s richest man Mukesh Ambani is fond of huge targets, and 2021 has been about making an attempt to fulfill them. After elevating billions a yr earlier from buyers corresponding to Fb and Google, the energy-to-telecoms conglomerate’s plans to launch a low-cost smartphone and tackle Amazon in ecommerce have had restricted success. However Reliance’s share worth has been boosted by a rebound in demand for oil merchandise, which stay its core enterprise. Benjamin Parkin in New Delhi

3. Siemens

Sector: industrials / HQ: munich, Germany


-$55bn


Jan 1 2020 to trough


164%


enhance from trough

Underneath new administration after longstanding boss Joe Kaeser dismantled Germany’s largest conglomerate, a extra agile Siemens has benefited from authorities and central financial institution responses to the pandemic. Flush with money, Siemens’ shoppers, which embody the world’s largest chemical compounds and pharmaceutical corporations, have been racing to acquire its manufacturing unit administration providers as they wrestle to fulfill demand. Clients of its train-building unit have been rising their investments in greener infrastructure too. Joe Miller

4. BNP Paribas

Sector: BANKS / HQ: Paris, France


-$42bn


Jan 1 2020 to trough


155%


enhance from trough

When corporations cancelled dividends on the onset of the pandemic, it triggered an unsightly blip for BNP Paribas, with losses on advanced derivatives merchandise in its equities division. Nevertheless it has emerged as one of many strongest lenders of the well being disaster, and stole a march on hesitant rivals in debt underwriting throughout Europe. BNP hopes that drive will assist it win new company shoppers, and its earnings have rebounded this yr due to a stronger equities efficiency. Sarah White in Paris

5. Schlumberger

Sector: power providers / HQ: Houston, US


-$39bn


Jan 1 2020 to trough


151%


enhance from trough

The crude worth plunge of 2020 and deep capital spending cuts by oil producers delivered a savage blow to the world’s oilfield providers sector. Shares in Schlumberger, the largest of them, fell greater than 70 per cent because the pandemic hit. US shale patch bankruptcies harm its buyer base, and Schlumberger bought its North American fracking unit. The restoration since then in oil costs and drilling exercise — particularly internationally — has boosted income, money flows and share costs. Derek Brower

6. Rosneft

Sector: oil and Gasoline / HQ: moscow, Russia


-$47bn


Jan 1 2020 to trough


151%


enhance from trough

Russia’s high oil producer, chargeable for 40 per cent of the nation’s crude output, had a tough time in the beginning of the pandemic. Between January and early March 2020, it misplaced $47bn in market capitalisation as its share worth halved following a collapse in world oil costs. The following oil worth restoration, together with a weakening rouble that boosted export revenues, greater than doubled Rosneft’s share worth from its pandemic low to the tip of 2021, regardless of decreased oil manufacturing. Nastassia Astrasheuskaya in Moscow

7. Volkswagen

Sector: automotive / HQ: Wolfsburg, Germany


-$48bn


Jan 1 2020 to trough


146%


enhance from trough

Anybody being attentive to the dispute between unions and executives at Volkswagen’s headquarters over the previous few weeks could possibly be forgiven for pondering the German carmaker was on its uppers. However behind the scenes, the world’s second-largest auto producer has benefited from the semiconductor scarcity, which has allowed it to prioritise the manufacturing of high-end, and extra worthwhile, Porsche and Audi fashions. Hovering used-car costs have additionally pushed earnings at VW’s financing arm to a file excessive. Joe Miller

8. Petrobras

Sector: OIL AND GAS / HQ: RIO DE JANEIRO, BRAZIL


-$75bn


Jan 1 2020 to trough


145%


enhance from trough

The way forward for Petrobras appeared bleak after the pandemic-induced oil market crash of 2020 and Brazilian president Jair Bolsonaro’s transfer final February to switch the corporate’s College of Chicago-educated chief with a reserve military common with no expertise in oil and gasoline. Since then, nevertheless, the state-controlled group’s deal with exports has paid dividends as oil costs have surged. And the overall, Joaquim Silva e Luna, has proved a gradual pair of palms. Bryan Harris

9. Airbus

Sector: aerospace / HQ: Leiden, Netherlands


-$75bn


Jan 1 2020 to trough

The pandemic plunged Europe’s flagship plane maker into disaster. The collapse in air journey compelled it to chop jobs and slash manufacturing charges as airways cancelled and deferred orders. In January 2020, its shares had been buying and selling near €140. By April that yr, they had been under €50.


141%


enhance from trough

They’ve since recovered as journey has bounced again and amid indicators that airways are clamouring for brand new planes once more. Airbus appears on target to retain its title because the world’s largest airplane maker by way of plane constructed and delivered over US rival Boeing. Sylvia Pfeifer in London

10. Gazprom

Sector: Gasoline / HQ: St Petersburg, Russia


-$50bn


Jan 1 2020 to trough

The primary two years of the pandemic have been polar opposites for Russia’s gasoline large Gazprom, considered one of Europe’s foremost suppliers. Its share worth first misplaced a 3rd, then doubled and hit a file.


137%


share worth rise from a 2020 low to a brand new historic excessive in Oct 2021

The 2020 drop mirrored historic lows for European gasoline costs and firm earnings, after demand collapsed. A yr later, a gasoline provide crunch and falls in renewable power technology despatched European gasoline costs — and Gazprom’s earnings — to all-time highs, with forecasts of an additional bonanza. Nastassia Astrasheuskaya

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