According to the results of a latest study, Ferrari is the world’s most powerful brand, outperforming much larger automakers such as BMW, Lexus, Mercedes-Benz and Volkswagen.

The Prancing Horse also managed to outpace giants such as Apple and Coca Cola when it came to brand power, although it fell short when it came to overall brand value.

Topping the list was Apple, with a brand value of 87.3 billion, followed by Samsung with a value of $58.8 billion and Google with a value of $52.1 billion for their respective brands.

By comparison, Ferrari’s brand value was only $3.6 billion.

The study, conducted by British research firm Brand Finance, compared the brands of the world’s top 500 companies.

One of the key drivers of brand value is revenue, which, as an exclusive luxury brand, Ferrari cannot compete on compared to huge multinationals. However, when you factor in other important financial metrics such as net margins, average revenue per customer, marketing and advertising spend, along with qualitative measures such as brand affection and loyalty, the Prancing Horse comes out on top.

According to the researchers, having a strong brand, though an intangible, is a key factor for driving profitable growth; something we’re sure will help Ferrari achieve more records in 2013. Crucially, having a strong brand helps with customer recognition, reputation and loyalty, as well as influence.

“It is always a pleasure to top any list and still more so when the competition includes some of the world's most famous companies,” Ferrari chairman Luca di Montezemolo said in a statement. “This achievement proves that even in very tough economic times, Italy can still offer the world businesses of excellence.”

Five Most Powerful Brands and their brand values (in billions):

1) Ferrari - $3.6
2) Google - $52.1
3) Coca Cola - $34.2
4) PwC - $16.4
5) Hermes - $4.5

Five Most Valuable Brands and their brand values (in billions):
1) Apple - $87.3
2) Samsung - $58.8
3) Google - $52.1
4) Microsoft - $45.5
5) Walmart - $42.3