Oil giant Eni’s brand is worth more than utility Enel’s. And both are ahead of luxury goods group Gucci, phone company TIM and sportscar maker Ferrari. Brand Finance’s ranking of Italy’s most valuable brands is full of surprises. The study looks at the top 50 major Italian brands and gives them a value of €94 billion, based on the sum of four components that together contribute to the ranking of individual brands.

The components are: brand value or value of the intangible asset the brand represents; brand contribution or the turnover and margin that the brand brings to the company that owns it; branded business value or the value of a single business of the company; and finally the enterprise value or the value of the entire enterprise.