Value Creation for Industrials in Europe | Page 9

Company Performance : Cluster Movements

Overall industry performance was poor in 2022 , and TSR performance was unstable on a company level – only 16 companies in the industrial sector ( 5 % of the analyzed companies ) were able to achieve top performance in both periods .
PERFORMANCE CLUSTER MOVEMENTS
Clusters 2019 – 2021 Clusters 2021 – 2022 16 “ winners ” ( 19 % of top performers in the first period ) managed n = 333 TSR Ø + 16 % to be on top in both time periods . n = 333 TSR Ø -13%
TOP PERFORMERS ( Top 25 %)
n = 84 TSR Ø + 47 %
Many players with an asymmetric return pattern have performed correspondingly well during economic downturns
16 ( 19 %) 33 ( 20 %)
35 ( 42 %)
32 ( 38 %)
TOP PERFORMERS ( Top 25 %)
n = 84 TSR Ø + 11 %
AVERAGE PERFORMANCE ( Middle 50 %)
100 ( 60 %)
AVERAGE PERFORMANCE ( Middle 50 %)
n = 166 TSR Ø + 17 %
34 ( 41 %)
n = 166 TSR Ø -38 %
LOW PERFORMERS ( Bottom 25 %)
n = 83 TSR Ø -6%
36 ( 43 %) 33 ( 20 %) 14 ( 17 %)
LOW PERFORMERS ( Bottom 25 %)
n = 83 TSR Ø -43%
Note : TSR CAGRs Source : Public company information , goetzpartners analysis
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