1 To put this in a broader perspective the average percentage
of individuals using the internet in Europe in 2013 was 75%, whilst in the UK on a similar basis the proportion was 87%, (Source: International Telecommunications Union 2012). A report by Eurostat in 2012 highlighted that the UK had the highest rate of online purchasing across the EU with 82% of internet users buying online. The combination of the growth in online purchasing, the evolution of digital services at both and industry and consumer level is indicative of the impacted of the digital revolution. In addition to the broad increase in access to the internet and digital services at a household level there has been a dramatic shift in the ways people are connecting to the internet. Over 53% of all adults now access the internet on a mobile phone, up from 24% just three years ago. As shown in the table, the trends in usage have grown across all age groups highlighting the depth of the change in internet usage. Whilst it is not surprising that in the 16-24 age group internet usage on a mobile phone has risen from 43% to 89%, there has been a more marked increase in the 35-44 age group where usage has jumped from 30% to 70%. Similarly household use of tablet computers has risen dramatically with usage doubling over the past year from 11% in Q1 2012 to 24% in Q1 2013 (Source: Ofcom).
Internet use “on the go” is part of the broader means of access that is increasingly promoting a shift in the range of activities impacted by the trends in digital services. The table of internet activities by all groups is indicative of the wide range of resources delivered on line as an alternative to traditional services. It also serves to highlight the dynamics of the range of industries impacted by this shift to digital services. The growth in digital services has also spurred new leisure activities such as social networking, consulting wikis and making video calls over the internal via a webcam. Other activities that are being dramatically impacted include financial services with 50% of all adults accessing bank accounts over the internet compared to 30% in 2007. In the context of the media industry and in line with reports of the decrease in physical newspaper readership there has been a continued shift to greater online access with 55% of adults using the internet to read or download news as opposed to only 20% in 2007. Travel and leisure has also witnessed continued growth in usage with 50% of adults using the internet to engage in this activity.
FTSE has created the UK Digital Services index series in order to reflect the representation of companies operating in these industries and that are providing digital services.
The use of the internet and the proliferation of digital
services have created substantial change in how
everyday activities are carried out. Over the past ten
years in the UK the proportion of households with
internet access has risen dramatically from 46% to
83% (Source: ONS).
Introduction
INTERNET USERS by REgIoN
2005b 2010b 2013 Ab
Europe 46% 67% 75%
Americas 36% 49% 61%
CIS 10% 34% 52%
Arab States 8% 26% 38%
Asia and Pacific 9% 23% 32%
Africa 2% 10% 16%
A Estimate. B Per 100 inhabitants.
Creating a representative index
FTSE has designed the UK Digital Services Index Series, so that it cuts across several aspects of index design that are currently used in the UK indices, in order to create a broad and representative index. The indices have been calculated based on the FTSE All-Share and the FTSE AIM benchmarks as well a composite index of both FTSE All-Share and FTSE AIM constituents.
The broadly defined Digital Services index seeks to encompass both those companies that operate in a B2C digital capacity and those serving B2B digitally. The design of the index is differentiated from the current Industry Classification Benchmark methodology used in FTSE’s indices and seeks to focus on how companies are perceived as providing internet related services. The range of activities currently pursued online and the table of purchases serves as a useful guideline to the sectors that contribute to the provision of digital services in the UK.
Structurally, ICB caters for such internet companies in two ways. Firstly, with the current “internet” sector and secondly distributed across ICB due to the look through nature of assigning business activities. Unravelling the latter process means that as a starting point a group of subsectors where internet related service companies may be allocated needs to be selected. In this context one can see clear trends in areas such as media, travel and leisure, various areas of retailing and telecommunications. At a B2B level sectors that are likely to have representative companies include software and computer services and technology hardware and equipment.
0 10 20 30 40 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 50 60 70 80 90
UK Households with Internet Access %
INTERNET USE oN A mobIlE phoNE, 2010 To 2013, %
2010 2011 2012 2013 All 24 36 51 53 Men 29 42 56 57 Women 19 30 46 49 AgE gRoUp 16-24 43 70 87 89 25-34 44 62 81 83 35-44 30 46 69 70 45-54 21 29 46 51 55-64 9 16 29 29 65+ 2 3 8 9
Base: Adults (aged 16+) in Great Britain Source: Office for National Statistics
4 5
The current internet sector in the UK
The definition of “Digital Services”
In terms of defining companies that are relevant to the index, companies have been considered if they obtain more than 50% of their revenues from providing a form of digital / online service. Alternatively, companies have to be engaged in providing services that are considered integral and critical for the provision of digital services.
More formally:
A company is eligible for the index if it derives more than 50% of its revenues from either digital or online services, or if it is considered to be engaged in providing services that are integral and critical for the functioning of digital services.
In the current FTSE All-Share, 26 companies meet this definition. In the FTSE AIM universe, 60 companies meet the definition.
The current ICB structure has an “internet” sector; however, this has only one constituent from the All-Share and only 11 from the AIM universe of stocks. To create a more widely applicable digital services index has required the analysis of companies from 17 sectors and 40 ICB subsectors. The full range of ICB subsectors and is shown in the Appendix on page 12. 0 5 10 15 20 2006 2007 2008 2009 2010 2011 2012 2013 25 30 35 40 0 10 20 30 40 50 60 70 80
Adults in the UK and daily internet usage
Number of adults using the internet daily % of adults using the internet daily (RHS)
INTERNET AcTIvITIES by All AgE gRoUpS, 2013
%
Sending/receiving emails 75
Finding information about goods and services 66
Reading or downloading online news, newspapers or magazines 55
Social networking, eg Facebook or Twitter 53
Using services related to travel or travel related accommodation 50
Internet banking 50
Seeking health related information 43
Consulting wikis 43
Looking for information about education, training or course offers 31
Downloading software (other than games software) 31
Selling goods or services over the Internet 28
Telephoning or making video calls over the Internet via a webcam 25
Looking for a job or sending a job application 24
Participating in professional networks 15
Posting opinions on civic or political issues 10
Doing an online course 9
Taking part in online consultations or voting on civic or political issues 7
Source: Office for National Statistics
pURchASES mADE ovER ThE INTERNET, by All AgE gRoUpS, 2013
%
Clothes, sports goods 47
Household goods 43
Films and music 36
Books, magazines, newspapers 34
Holiday accommodation 33
Other travel arrangements 32
Tickets for events 31
Food or groceries 21
Electronic equipment 20
Video games software and upgrades 19
Share purchases, insurance policies etc 18
Other computer software and upgrades 18
Telecommunication services 15
Computer hardware 10
Medicine 8
E-learning material 5
10 Industry 19 ICB Super Sectors
41 ICB Sectors 114 ICB Subsectors
38 ICB Subsectors – UK Digital Services Index Series Universe Index Consituents
ICB and Digital Services
Index design considerations
The FTSE All-Share constituents range from super large cap stocks, such as Vodafone, BT and ARM (£126bn – £16bn), to relatively small companies such as Emblaze and BATM (£50 – 60m). The AIM constituents are equally widely dispersed with ASOS with a market capitalisation of £2.7bn, whilst some of the smaller companies have market capitalisations below £10m.
A typical market capitalisation weighted index would not offer meaningful representation of many of the smaller constituents, and it may also be too highly concentrated. As an example if the FTSE All-Share Digital Services constituents were created as an index on a market capitalisation weighted basis the top 3 companies would account for over 88% of the index. Although not as extreme an example of concentration, the FTSE AIM Digital Services index, if calculated on a market capitalisation basis would result in seven constituents accounting for close to 75% of the index. In order to create an index that balances representation, investability and liquidity a £50m free float market capitalisation size threshold was chosen and this was combined with equal weighting.
The FTSE All-Share Digital Services index is based on eligible constituents with a market capitalisation greater than £50m, based on a September annual review, and equally weighted, reset on a quarterly basis. This index had, as of November 2013, a total of 24 constituents from the full list of 26, as two companies were removed by the size test. The FTSE AIM Digital Service index is similarly constructed and in this index, at the end of November 2013, there were a total of 19 constituents from the full list of 60.
The broad composite FTSE Digital Services UK index is based on the FTSE All Share and FTSE AIM constituents, equally weighted with a £50m threshold, based on a September annual review and with the weights reset on a quarterly basis. As of November 2013, there were 43 constituents and a broad representation across ICB Supersectors and subsectors.
Over the past 3 years, the FTSE UK Digital Services Index had an annual performance of 23.8%, compared to 11.3% for the FTSE All-Share. The FTSE UK Digital Services Index has also had lower realised one year volatility over the past two years compared to the FTSE All-Share.
Comparing the past 3 years, the FTSE AIM Digital Services Index had an annual performance of 27.0%, compared to -0.5% for the FTSE AIM All-Share. In contrast to the FTSE UK Digital Services Index, the FTSE AIM Digital Services Index has had relatively high realised volatility compared to the FTSE AIM All-Share benchmark.
The FTSE All-Share Digital Services index had annualised returns of 20.3% over the past 3 years, which compares to the 11.7% return of the FTSE All-Share. Since March 2013, one year realised volatility for the FTSE All-Share Digital Services Index has been higher than that of the FTSE All-Share.
8 9 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200
Sep 10 Feb 11 Jun 11 Nov 11 Mar 12 Aug 12 Jan 13 May 13 Oct 13
FTSE UK Digital Services Index Performance
FTSE UK Digital Services Equally Weighted Index FTSE All Share
80 90 100 110 120 130 140
Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
FTSE All-Share Digital Services Index Relative Performance
rel to Equal Weight All-Share rel to Cap weighted All-Share
80 100 120 140 160 180 200 220
FTSE AIM Digital Services Index Relative Performance
rel to Equal Weight AIM All-Share rel to Cap weighted AIM All-Share
Sep 10 Dec 10 Mar 11 Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13
pERFoRmANcE AND volATIlITy - ToTAl RETURN
Index (GBP) Return % Return
pa %* Volatility %**
3M 6M YTD 12M 3YR 3YR 1YR 3YR
FTSE UK Digital Services Equally Weighted 15.5 23.0 50.0 53.3 90.0 23.8 10.5 15.6 FTSE All-Share Digital Services Equally Weighted 5.1 7.0 35.0 37.5 74.0 20.3 12.8 15.8 FTSE AIM Digital Services Equally Weighted 28.3 44.1 67.7 71.9 104.7 27.0 12.7 19.3
FTSE All-Share 4.7 3.9 18.6 19.8 37.8 11.3 11.3 15.9
FTSE AIM All-Share 10.2 13.8 17.9 20.4 -0.5 -0.2 8.0 16.7
* Compound annual returns measured over 3 years
** Volatility – 1YR based on 12 months daily data. 3YR based on weekly data (Wednesday to Wednesday)
Source: FTSE
Source: FTSE
Source: FTSE Source: FTSE
Sector Diversification
Summary
The broad FTSE UK Digital Services Index covers 11 sectors and 15 subsectors and highlights the diversity of digital services companies represented in the UK indices. Although Software and Computer Services accounts for 23% of the index there is also a strong representation of other sectors such as Media (12.0%), Travel & Leisure (11.1%). In aggregate Fixed Line and Mobile Telecommunications has a weight of 21.1% in the index.
The FTSE All-Share Digital Services Index comprises nine sectors. In this index Technology Hardware and Equipment has the highest weight at 20% whilst the second largest sector weight is in Travel and Leisure at 17.2%. The combined weight of Fixed Line and Mobile Telecommunications is just under 22% whilst Software has a weight of just over 15%.
The FTSE AIM Digital Services Index also has representation from nine sectors with a substantial weighting of 31.3% in Software and Computer Services. Both Media and Technology sectors have weights of around 11.5%. Compared to the FTSE UK and FTSE All-Share Digital Services Indices, the weight of Travel and Leisure is significantly lower at below 5%. Unlike the FTSE All-Share Digital Services Index almost 10% of the index is represented by Financial Services and 6.3% in Support Services. There is also a substantial combined Telecommunications weight of 20.2%.
FTSE has created three indices that capture the
performance of companies listed and traded in the UK that are representative of Digital Services, either as providers to consumers or businesses. The FTSE Digital Services UK Index combines constituents from the FTSE All-Share and FTSE AIM and provides a diversified index that reflects the emerging trends in companies providing key digital services and products. The sector breakdown highlights that less than 40% of the index is made up of software and technology companies. There are significant weightings in key service areas such as travel and leisure, media and general retailers that make up close to 30% of the index.
FTSE’s new indices will allow market participants to monitor the performance of companies involved in this key part of the UK economy. The UK is one the leading countries in Europe with respect to the use of Digital Services and FTSE’s indices are designed to capture this trend.
FTSE UK DIgITAl SERvIcES INDEX SERIES
Sector Weights UK All-Share AIM
Support Services 3.1% – 6.3%
Food & Drug Retailers 2.3% 4.6% –
General Retailers 4.5% 4.1% 4.8%
Media 12.0% 12.4% 11.5%
Travel & Leisure 11.1% 17.2% 4.9%
Fixed Line Telecommunications 12.4% 13.4% 11.4%
Mobile Telecommunications 8.7% 8.5% 8.8%
Nonlife Insurance 2.4% 4.7% –
Financial Services 4.7% – 9.5%
Software & Computer Services 23.0% 15.1% 31.3%
Technology Hardware & Equipment 15.8% 20.0% 11.5%
DIgITAl SERvIcES SEcToR coNSTITUENT bREAKDowN
ICB Supersector UK All-Share AIM
Industrial Goods & Services 1 – 1
Retail 3 2 1
Media 5 3 2
Travel & Leisure 5 4 1
Telecommunications 9 5 4
Insurance 1 1 –
Financial Services 1 – 1
12 13
Industry
Supersector
Sector
Subsector
Definition
2000 Industrials
2700 Industrial Goods & Services
2790 Support Services
2795 Financial Administration
Providers of computerized transaction processing, data communication and
information services, including payroll, bill payment and employee benefit services.
3000 consumer goods
3700 Personal & Household Goods
3720 Household Goods & Home
Construction
3722 Durable Household Products
Manufacturers and distributors of domestic appliances, lighting, hand tools and
power tools, hardware, cutlery, tableware, garden equipment, luggage, towels and
linens.
3724 Nondurable Household Products
Producers and distributors of pens, paper goods, batteries, light bulbs, tissues, toilet
paper and cleaning products such as soaps and polishes.
3726 Furnishings
Manufacturers and distributors of furniture, including chairs, tables, desks,
carpeting, wallpaper and office furniture.
3740 Leisure Goods
3743 Consumer Electronics
Manufacturers and distributors of consumer electronics, such as TVs, VCRs, DVD
players, audio equipment, cable boxes, calculators and camcorders.
3745 Recreational Products
Manufacturers and distributors of recreational equipment. Includes musical
instruments, photographic equipment and supplies, RVs, ATVs and marine
recreational vehicles such as yachts, dinghies and speedboats.
3747 Toys
Manufacturers and distributors of toys and video/computer games, including such
toys and games as playing cards, board games, stuffed animals and dolls.
3760 Personal Goods
3763 Clothing & Accessories
Manufacturers and distributors of all types of clothing, jewellery, watches or textiles.
Includes sportswear, sunglasses, eyeglass frames, leather clothing and goods, and
processors of hides and skins.
3765 Footwear
Manufacturers and distributors of shoes, boots, sandals, sneakers and other types
of footwear.
3767 Personal Products
Makers and distributors of cosmetics, toiletries and personal-care and hygiene
products, including deodorants, soaps, toothpaste, perfumes, diapers, shampoos,
razors and feminine-hygiene products. Includes makers of contraceptives other
than oral contraceptives, which are classified under Pharmaceuticals.
FTSE UK Digital Services Subsector Universe
Constituents are selected from the following ICB Subsectors
Industry
Supersector
Sector
Subsector
Definition
5000 consumer Services
5300 Retail
5330 Food & Drug Retailers
5337 Food Retailers & Wholesalers
Supermarkets, food-oriented convenience stores and other food retailers and
distributors. Includes retailers of dietary supplements and vitamins.
5370 General Retailers
5371 Apparel Retailers
Retailers and wholesalers specializing mainly in clothing, shoes, jewellery,
sunglasses and other accessories.
5373 Broadline Retailers
Retail outlets and wholesalers offering a wide variety of products including both
hard goods and soft goods.
5375 Home Improvement Retailers
Retailers and wholesalers concentrating on the sale of home improvement
products, including garden equipment, carpets, wallpaper, paint, home furniture,
blinds and curtains, and building materials.
5377 Specialized Consumer Services
Providers of consumer services such as auction houses, day-care centres, dry
cleaners, schools, consumer rental companies, veterinary clinics, hair salons and
providers of funeral, lawn-maintenance, consumer-storage, heating and cooling
installation and plumbing services.
5379 Specialty Retailers
Retailers and wholesalers concentrating on a single class of goods, such as
electronics, books, automotive parts or closeouts. Includes automobile dealerships,
video rental stores, dollar stores, duty-free shops and automotive fuel stations not
owned by oil companies.
5379 Specialty Retailers
Retailers and wholesalers concentrating on a single class of goods, such as
electronics, books, automotive parts or closeouts. Includes automobile dealerships,
video rental stores, dollar stores, duty-free shops and automotive fuel stations not
owned by oil companies.
5500 Media
5550 Media
5553 Broadcasting & Entertainment
Producers, operators and broadcasters of radio, television, music and filmed
entertainment. Excludes movie theatres, which are classified under Recreational
Services.
5555 Media Agencies
Companies providing advertising, public relations and marketing services. Includes
billboard providers and telemarketers.
5557 Publishing
Publishers of information via printed or electronic media.
5700 Travel & Leisure
5750 Travel & Leisure
5752 Gambling
Providers of gambling and casino facilities. Includes online casinos, racetracks and
the manufacturers of pachinko machines and casino and lottery equipment.
5759 Travel & Tourism
Companies providing travel and tourism related services, including travel agents,
online travel reservation services, automobile rental firms and companies that
primarily provide passenger transportation, such as buses, taxis, passenger rail and
ferry companies.
6000 Telecommunications
6500 Telecommunications
6530 Fixed Line Telecommunications
6535 Fixed Line Telecommunications
Providers of fixed-line telephone services, including regional and long-distance.
Includes companies that primarily provides telephone services through the
internet. Excludes companies whose primary business is Internet access, which are
classified under Internet.
6570 Mobile Telecommunications
6575 Mobile Telecommunications
Providers of mobile telephone services, including cellular, satellite and paging
services. Includes wireless tower companies that own, operate and lease mobile
site towers to multiple wireless service providers.
16 17
Industry
Supersector
Sector
Subsector
Definition
8000 Financials
8300 Banks
8350 Banks
8355 Banks
Banks providing a broad range of financial services, including retail banking, loans
and money transmissions.
8500 Insurance
8530 Nonlife Insurance
8532 Full Line Insurance
Insurance companies with life, health, property & casualty and reinsurance
interests, no one of which predominates.
8534 Insurance Brokers
Insurance brokers and agencies.
8536 Property & Casualty Insurance
Companies engaged principally in accident, fire, automotive, marine, malpractice
and other classes of nonlife insurance.
8570 Life Insurance
8575 Life Insurance
Companies engaged principally in life and health insurance.
8600 Real Estate
8630 Real Estate Investment & Services
8637 Real Estate Services
Companies that provide services to real estate companies but do not own the
properties themselves. Includes agencies, brokers, leasing companies, management
companies and advisory services. Excludes real estate investment trusts and similar
entities, which are classified as Real Estate Investment Trusts.
8700 Financial Services
8770 Financial Services
8773 Consumer Finance
Credit card companies and providers of personal finance services such as personal
loans and check cashing companies.
8775 Specialty Finance
Companies engaged in financial activities not specified elsewhere. Includes
companies not classified under Equity Investment Instruments or Nonequity
Investment Instruments engaged primarily in owning stakes in a diversified range of
companies.
8777 Investment Services
Companies providing a range of specialized financial services, including securities
brokers and dealers, online brokers and security or commodity exchanges.
9000 Technology
9500 Technology
9530 Software & Computer Services
9533 Computer Services
Companies that provide consulting services to other businesses relating to
information technology. Includes providers of computer-system design, systems
integration, network and systems operations, data management and storage, repair
services and technical support.
9535 Internet
Companies providing Internet-related services, such as Internet access providers
and search engines and providers of Web site design, Web hosting, domain-name
registration and e-mail services.
9537 Software
Publishers and distributors of computer software for home or corporate use.
Excludes computer game producers, which are classified under Toys.
9570 Technology Hardware & Equipment
9572 Computer Hardware
Manufacturers and distributors of computers, servers, mainframes, workstations
and other computer hardware and subsystems, such as mass-storage drives, mice,
keyboards and printers.
9576 Semiconductors
Producers and distributors of semiconductors and other integrated chips, including
other products related to the semiconductor industry, such as semiconductor
capital equipment and motherboards. Excludes makers of printed circuit boards,
which are classified under Electrical Components & Equipment.
9578 Telecommunications Equipment
Makers and distributors of high-technology communication products, including
satellites, mobile telephones, fibres optics, switching devices, local and wide-area
networks, teleconferencing equipment and connectivity devices for computers,
including hubs and routers.
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