Valuation of Brands and Intellectual Capital

20 Pages Posted: 29 May 2001 Last revised: 5 May 2023

Date Written: May 5, 2023


La versión española de este artículo se puede encontrar en:

I revise several methods used for valuing brands. Among them, those of Interbrand, Damodaran, Financial World, Houlihan Valuation Advisors, Market Facts, Young & Rubicam and CDB Research & Consulting.

In particular, I analyze in depth the valuations of Kellogg's and Coca-Cola performed by Damodaran and the method proposed by Interbrand. Damodaran valued the brand Coca-Cola in 24,6 billion dollars in 1993 and in 102,6 billion dollars in 1998. In recent years, a lot has been spoken about the value of companies' intellectual capital. However, almost all of the studies on the subject are highly descriptive and a long way from obtaining a quantitative valuation. It is by no means clear what the company's intellectual capital is, and even less so if we intend to value the company's brand and intellectual capital separately.

My goal is to show the limitations of a number of the methods proposed for valuing brands and intellectual capital and, within the limits imposed by the brand's intrinsic reality, establish guidelines for value creation through the study of brands and intellectual capital. We also propose a scheme for identifying brand value drivers, that is, the parameters influencing the brand's value.

Keywords: brand, brand value, brand value drivers, brand equity, intellectual capital, brand valuation, brand valuation process

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo, Valuation of Brands and Intellectual Capital (May 5, 2023). Available at SSRN: or

Pablo Fernandez (Contact Author)

IESE Business School ( email )

Avenida Pearson 21
Barcelona, 08034
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)


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