The valuation of trademarks and brands is and will be a specialty within the valuation of intangibles, for several reasons.

  • Unlike with most other intangibles, no internal accounting data exist and can be used for the valuation of trademarks. The appraiser is highly dependent on external or comparable data.

  • Trademarks pertain to those intangibles whose useful lifetime is hard to pinpoint. However, the leverage of an indefinite lifetime on the results of the valuation is very high, and the appraiser has to set highest standards regarding the appropriateness of the valuation parameters and their documentation.

  • Depending on industry and business, the value of the trademark can account for large parts of the enterprise value.

  • There is a strong correlation between trademark value and customer value. According to the business model and market approach, the market-based value of a business is more on the trademark or more on the customer relations. A stand-alone valuation of the trademark – without customer – can be misleading.


MARKABLES is a cross-border venture of experienced trademark experts who deal with the challenges of trademark valuation from different perspectives. Years ago, we met to share our experiences with different trademark valuation approaches, and to share data and results from our valuations. Finally, we came to realize that an increasing number of trademark values were published in the financial reporting of public companies, and that such audited trademark values were extremely helpful as comparables. The challenge was to track and find them in hundreds of thousands of annual and interim financial statements. MARKABLES was established to identify such trademark valuation data in the public domain, to gather and document them, and to provide easy online access through a well structured database. MARKABLES is owned and operated by Trademark Comparables AG, a privately held company located in Switzerland.



Christof Binder, PhD, MBA    

Christof Binder is a veteran in brand transactions, brand transactions and brand licensing and owner of Germany based Capstone Branding GmbH. Prior to brand licensing, he was principal at one of the leading global strategy and management consultancies. Through his career, Dr. Binder was involved in the initiation of close to 500 brand license partnerships in Europe and worldwide, and he has overseen more than 1,500 such partnerships. Binder acted as financial expert in trademark valuation, as well as in trademark infringement and transfer pricing litigation issues to courts and arbitration panels in Europe. He is a regular author and speaker on trademark licensing, royalty rate and valuation issues. He contributes to MARKABLES an extensive knowledge of valuing and pricing trademarks in transactions.


Stefan Rüssli, MSc    

Stefan Rüssli is considered one of the most sought after experts in brand valuation, brand securitization and brand investment in Europe. He is owner of Assessa GmbH in Switzerland, a boutique advisory specializing on brand asset management. Prior to Assessa, he was head of brand valuation and analytics for Central and Eastern Europe at Interbrand, and investment and private banker at leading Swiss banks. Rüssli brings a rare combination of both finance and brand equity expertise. His brand valuation experience with Interbrand exceeds 1,000 cases. He has been serving as brand finance advisor to the banking, investment, M&A and accounting communities, mainly when it comes to the question of how much money to put on a brand or a branded business. Stefan contributed to the development of brand valuation standards as spokesman of the Brand Valuation Forum of German Trademark Association and as a member of the brand valuation expert group to the International Organization for Standardization ISO. Since end of 2017, Stefan works also as head of the new mobility department at AMAG, the Swiss importer of Volkswagen group cars, where he leads a team of innovation, development and start-up specialists.


MARKABLES’ advisory board provides non-binding strategic advice to the company’s directors. The members of our advisory board are renowned experts representing different perspectives on brands and their valuation, including corporate finance, valuation, marketing, accounting and tax. They provide advice how to improve the quality of our data and applications, their interpretation and use. The advisory board is of informal nature and does not bear formal, legal or fiduciary responsibilities.


Dominique Hanssens, PhD, MS    

Dominique Hanssens is Distinguished Research Professor of Marketing at the UCLA Anderson School of Management, where he has been on the faculty since 1977. He has served as the school's faculty chair, associate dean, and marketing area chair. He studied econometrics at the University of Antwerp in his native Belgium. He then obtained an M.S. and Ph.D. in marketing from Purdue University. Professor Hanssens is a widely recognized authority on marketing strategy, the effectiveness of marketing efforts, and brand metrics. He served as Executive Director of the distinguished Cambridge-based Marketing Science Institute (MSI), and as President of the INFORMS Society for Marketing Science. He has published several books and over 75 journal articles on marketing strategy, in particular the assessment of long-term impact of marketing activities. He has served as Area Editor for Marketing Science and Associate Editor for Journal of Marketing Research and Management Science. He has been a consultant to major companies around the world and is a co-founder of MarketShare, a global marketing analytics firm headquartered in Los Angeles.


José Roberto Martins, MSc    

José Roberto Martins is an expert in branding and finance, MBA professor, author and co-author of five books and numerous articles. Since 1995, he is the CEO of LLOYDS AND GLOBALBRANDS CONSULTING, the first Brazilian consulting firm dedicated to promote and manage branding services and the economic valuation of intangible assets. Roberto rendered valuation, branding and communication advisory for a selected group of about 400 clients in the last 22 years for companies such as Banco Santander, Nestlé, Tokio Marine Insurance, Banco do Brasil, Ceratti Foods, Groupe SEB, C&A, P&G, among others. He also worked in the financial market in mergers, acquisitions, trade finance, company and credit valuation at Lloyds Bank Plc., Midland Bank Plc., Chemical Bank and Commerce and Industry Bank for almost 15 years. Roberto holds a MSc in Communication at São Paulo University-USP, specialized in new digital media and intangible assets management and valuation, and a Bachelor’s degree in Business Management.


Robert B. Morrison, MBA, ASA BV/IA    

Robert B. “Bob” Morrison is Managing Partner of Morrison Valuation & Forensic Services, LLC in Orlando, Florida. Prior to starting his own firm, Bob was the Managing Director of McGladrey LLP’s valuation practice in the southeast United States. Bob performs many valuations of trademarks and other intangible assets for financial reporting purposes and served as one of McGladrey’s subject matter experts. Bob holds the Accredited Senior Appraiser designation from the American Society of Appraisers (ASA) from which he also earned the intangible asset appraisal specialty (ASA BV/IA). In 2017, Bob was elected as the ASA’s International Vice President and serves on the ASA’s Executive Committee. Bob formerly served as an elected member of the ASA’s Business Valuation Committee (BVC) for six years and, from 2013 to 2015, served as the elected Chairman of the BVC of the ASA. Bob also previously was elected Chairman of the International Institute of Business Valuers (IIBV). Bob continues to serve as an instructor for the ASA and the iiBV, and on the adjunct faculties of Stetson University and the University of Central Florida. Bob received his undergraduate degree in business and finance from Miami University (Ohio) and his MBA from the University of Central Florida, in Orlando.


Anke Nestler PhD, MBA, CVA, CLP    

Dr. Nestler is publicly appointed and sworn appraiser in Germany for the valuation of intangible assets and intellectual property as well as Certified Licensing Professional (CLP) and Certified Valuation Analyst (CVA). She is owner of Valnes GmbH, an independent valuation boutique based in Frankfurt/Germany and specializing in the valuation of companies and intangible assets. Prior to establishing Valnes, Dr. Nestler was project leader at PricewaterhouseCoopers Corporate Finance, and managing director at Oppenhoff Rädler Corporate Finance, an affiliate of Linklaters. Dr. Nestler is involved in transaction, accounting and litigation based valuation. She is most renowned when it comes to delicate valuation issues where full independence is required. Her expertise includes M&A, asset contributions, squeeze-outs, tax disputes, arbitration, succession and legacy issues. By statute, her expertise withstands strict scrutiny and transparency standards. Within that context, Dr. Nestler performed numerous brand valuations and royalty rate calculations. She is Head of the LES (Licensing Executive Society) IP Valuation Group in Germany and a regular speaker and author on various valuation issues to both academic and practitioners’ audiences.


Luc Paugam, PhD, MSc, CFA    

Luc Paugam is Associate Professor of Financial Accounting and Management Control at HEC Business School in Paris. His research interests focus on financial reporting of intangible assets (goodwill, brands), M&As, IFRS, and audit. He has published in academic journals including Abacus, Contemporary Accounting Research, Journal of Business Finance & Accounting, Journal of Accounting and Public Policy, and Comptabilité Contrôle Audit. Books co-authored by Professor Paugam include Evaluation Financière et Normes IFRS (Economica), Brand Valuation (Routledge), and Evaluation Financière de la Marque (Economica). He has been an Associate Professor at ESSEC Business School in Paris, and a Visiting Scholar at the University of Houston. Prior to his academic career, Professor Paugam worked at Accuracy in Paris. Luc is a CFA charterholder (chartered financial analyst) and a consultant in the area of valuation.


Trademark Comparables AG
Herrengasse 46a
6430 Schwyz / SZ
phone: +41 (41) 810 28 83