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Cette analyse a été commandée et financée par l’entreprise concernée et constitue donc un avantage non-monétaire mineur tel que défini par MIFID2

Dolfines

CR 		Bloomberg   ALDOL FP
Ingénierie lourde  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache

Score de durabilité
Société (Secteur)
4,6 (6,3)

La durabilité est constituée d'éléments analytiques contribuant au E, au S et au G, qui peuvent être mis en évidence comme précurseurs de la durabilité et peuvent être combinés de manière satisfaisante.

More on Sustainability / ESG ...
  Score Poids  
Gouvernance   
Taux de membres indépendants du Conseil d'Administration 6/10 25 %More ...
Diversité géographique du Conseil d'Administration 0/10 20 %
Fonction de Chairman distincte de l’exécutif 5 %
Environnement   
Emissions CO² 10/1025 %More ...
Prélèvement d'eau 1/1010 %
Social   
Évolution de la dispersion des salaires0/105 %More ...
Satisfaction au travail0/105 %
Communication interne10/105 %

Score de durabilité 4,6/10 100%  
Sustainability matters

All in all, the group’s focus towards renewables is sound and in line with the ongoing energy transition. The acquisition of 8.2 France in 2021 reinforces this and allows for a recurring activity in wind services.


Score d'Environnement
Société (Secteur)
3,7 (5,4)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
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ParamètresScoreSecteurPoids
Emissions CO²10/106/10 30 %
Prélèvement d'eau1/105/10 30 %
Energie1/105/10 25 %
Déchets1/105/10 15 %
Score d'Environnement3,7  100%
Environment matters

A lack of data given the size of the company, yet as an engineering company with no hard assets, we expect Dolfines’ direct emissions to be minimal and tied to its consumption of energy (i.e. fuel for transport, electricity in offices).
Paramètres environnementaux

0
Energy (GJ) per €m in capital
employed 		0
CO² tons per €m in capital
employed 		0
Cubic meter water
withdrawal per €m in capital
employed 		0
Tons waste generated per €m in
capital employed
Dolfines Biens d'investissement
Données sectorielles
Société PaysScore d'EnvironnementEnergie (totale, GJ)Emissions CO2 (tonnes)CO2
Compensation
(in tons)		Prélèvement d'eau (m3)Déchets (total, tonnes)
        
Aalberts 6/104 062 000254 000 1 505 000 
ABB 9/105 101 200224 000 2 815 000182 000
Alfa Laval 10/101 125 88923 129 739 00027 574
Alstom 8/103 211 200179 000 1 412 00065 869
ANDRITZ BH 5/102 194 175134 229 1 678 83254 905
Atlas Copco 10/101 865 000108 000 403 00039 112
AutoStore 4/10 8 119   
Bekaert 3/1017 596 8001 606 581 8 402 000101 530
Bilfinger 8/10795 01752 191 108 2835 229
Bossard BH 7/1081 2025 692  1 548
Bucher Industries BH 4/101 366 77681 962 0 
Burckhardt Compression BH 8/10212 78520 070 78 6873 530
CNH Industrial N.V. 3/106 742 689252 804 1 467 000148 074
Danieli & Co 2/107 314 724762 507 2 135 000165 758
Datwyler BH 5/101 145 21090 116 1 782 69921 488
DolfinesCR 4/1000 00
Dürr BH 8/10485 37721 269 191 76111 145
Elecnor 4/10 77 732  35 904
FLSmidth & Co 6/10 36 767 178 064 
GEA Group 9/10876 59333 0180347 97213 437
Georg Fischer BH 2/103 092 000235 000 2 013 00083 000
Heidelberger Druck BH 8/10795 60065 717 165 22435 264
HUBER+SUHNER BH 7/10190 3147 735 677 0274 221
IMI 7/10569 60540 480 193 547387 000
Interroll BH 6/1011 178 0009 531 43 0004 286
ITM Power 5/1015 723184 0129
Jenoptik BH 8/10238 5466 515 98 8741 078
Jungheinrich Pref. BH 8/101 062 40785 700 293 00024 014
KION Group BH 9/102 212 046183 286 553 000101 934
Koenig & Bauer BH 9/10202 14823 441 46 5269 297
Komax BH 7/1022 7776 104 42 6671 772
Kone 7/101 953 720126 800 239 80039 000
Krones BH 7/10422 15724 298 189 8781 963
Landis+Gyr Group AG BH 10/10134 99913 107 95 8363 809
Legrand 9/101 688 400118 000 792 00061 000
Metso Corporation 8/101 645 000127 206 381 00077 455
Nel 6/1052 2001 624   
Nexans 5/104 226 392224 274 1 766 97370 736
Nordex SE 8/10583 96727 665 133 50026 051
NORMA Group BH 9/10453 8525 064 171 94311 456
OC Oerlikon BH 8/101 547 640145 000 769 30022 974
Ocado Group PLC 5/108 526118 299   
Prysmian 5/109 971 915665 104 7 761 474234 406
Quadient 10/1060 7079 299 20 7701 127
RATIONAL BH 10/1047 7292 397 20 4111 839
Rieter BH 7/10448 00050 000 287 00012 750
Rosenbauer BH 8/10212 02211 942 75 0973 752
Sandvik 10/103 745 000303 000 4 040 000421 765
Schindler 7/102 467 083149 681 651 10046 147
Schneider Electric 9/104 324 594229 347 1 921 569131 402
Schweiter Technologies BH 1/101 513 638103 058  19 433
Semperit BH 4/104 314 690328 163 7 700 00024 890
SFS Group BH 5/101 218 74095 000  21 249
Siemens 9/109 802 000582 000 12 900 000257 000
Siemens Energy 8/105 797 000215 000 6 910 000139 000
Sulzer BH 1/10878 10981 339 987 57619 546
VAT Group BH 9/10161 71314 456 114 0814 876
Vestas Wind Systems 9/102 307 600100 000 341 00047 000
Vossloh BH 6/10678 29342 332 182 988 
Wärtsilä 6/101 171 00077 334 13 897 00013 043

Social score
Société (Secteur)
4,3 (6,5)
Social matters

Given the size of the company, there is limited information on social matters.
Paramètres Quantitatifs (67 %)
Ensemble de mesures numériques liées au personnel, disponibles dans le modèle propriétaire AlphaValue, visant à établir un classement sur les questions sociales et de ressources humaines.
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ParamètresScorePoids
Evolution du personnel total3/10 20 %
Evolution du salaire moyen9/10 35 %
Part de la valeur ajoutée absorbée par les frais de personnel1/10 25 %
Part de la valeur ajoutée absorbée par les impôts1/10 20 %
Évolution de la dispersion des salaires0/10 0 %
Bonus Effectif et Retraites (0 ou 1)0
Quantitative score4,2/10 100%
Paramètres Qualitatifs (33 %)
Ensemble de critères qualitatifs, à cocher par l'analyste


More ...
ParamètresScorePoids
Accidents du travail10/10 25 %
Developpement des ressources humaines3/10 35 %
Paye0/10 20 %
Satisfaction au travail0/10 10 %
Communication interne10/10 10 %
  
Score Qualitatif4,6/10 100%


Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
      
Siemens Energy 8,48,19,094 940
Dürr BH 8,17,49,420 825
Schneider Electric 8,07,010,0170 565
Interroll BH 8,07,010,02 183
KION Group BH 7,97,97,942 063
Siemens 7,87,19,3317 000
Nel 7,88,36,9663
NORMA Group BH 7,67,38,46 135
Rosenbauer BH 7,67,18,64 400
IMI 7,56,59,710 664
Krones BH 7,56,89,018 550
RATIONAL BH 7,57,57,72 615
ABB 7,46,49,7108 900
FLSmidth & Co 7,47,57,311 500
Rieter BH 7,46,110,04 747
Koenig & Bauer BH 7,37,86,45 771
GEA Group 7,36,98,318 310
Jungheinrich Pref. BH 7,37,07,920 950
ANDRITZ BH 7,36,010,029 909
Vestas Wind Systems 7,36,010,031 381
Schindler 7,36,010,070 758
Bilfinger 7,37,07,928 454
Aalberts 7,25,810,015 500
Alfa Laval 7,16,68,221 115
Quadient 7,16,29,04 998
Prysmian 7,06,19,030 944
Metso Corporation 7,06,77,615 550
Jenoptik BH 6,96,97,14 678
Heidelberger Druck BH 6,97,06,89 450
Atlas Copco 6,86,08,648 755
Legrand 6,85,310,037 579
Ocado Group PLC 6,87,55,421 829
Bossard BH 6,87,06,42 830
Georg Fischer BH 6,77,74,815 868
Nordex SE 6,66,37,39 891
OC Oerlikon BH 6,65,68,612 963
Elecnor 6,57,05,523 709
VAT Group BH 6,44,610,02 968
Alstom 6,47,05,283 743
Wärtsilä 6,35,77,517 891
Bekaert 6,25,87,127 795
Kone 6,25,28,263 854
Nexans 6,14,49,727 997
Datwyler BH 6,15,47,68 885
Bucher Industries BH 6,16,16,114 473
Komax BH 5,66,24,53 631
AutoStore 5,64,47,91 089
Burckhardt Compression BH 5,55,45,72 718
Sandvik 5,44,86,644 049
HUBER+SUHNER BH 5,24,17,64 929
SFS Group BH 5,27,80,013 683
Danieli & Co 5,15,83,99 400
CNH Industrial N.V. 4,93,87,240 066
Schweiter Technologies BH 4,86,41,70,00
Sulzer BH 4,45,42,513 192
ITM Power 4,42,87,6444
Semperit BH 4,36,40,04 585
Landis+Gyr Group AG BH 4,21,59,30,00
Vossloh BH 1,01,50,00,00

Sustainability / ESG by AlphaValue:

Doubt driven, focused on dynamics


AlphaValue was set up in 2009 as an ESG native firm: since inception, no research could be published without filling up the ESG relevant items. ESG has always been there as a natural building block of the research effort.

Without much pretence, AlphaValue has accumulated 11 years of proprietary, practical data in a consistent way that has been made to “talk” with financial data. The efforts have been aimed at solving the main conundrum of ESG analytics: avoiding useless and noisy data. AlphaValue ESG data is intimately connected to the fundamental research work and its continuous updating process. In other words, AlphaValue ESG data can be made to resonate at will in terms of financial implications for those investors with the willingness to do so.

Over the last 3 years, this data, or rather the dynamic of this data, has been put at work so that it impacts directly and consistently on valuations across AlphaValue’s 450 + stocks universe. This is considerable progress vs. the dominant “consumption” of ESG raw data: ESG-type conclusions are sitting next to valuation fundamentals but hardly any investor is in a position to bridge effectively the two in a consistent and repeatable way. It takes more than a spreadsheet to get stable and auditable results that work 100% of the time.

AlphaValue reckons that it currently is the only equity research provider in Europe to have reached this stage: a perfectly smooth on-boarding of ESG data, on a continuing basis, impacting valuation fundamentals day and night.

This is available on every stock, every sector, every stock selection, every day.

Heretical ESG opinions?

ESG is a contradiction in terms. Without a good Governance, the Social and Environment items will never show progress. Social is for stakeholders and thus unlikely to please shareholders. The long-term view that good pay/working conditions are ultimately good for shareholders is, like any promise, better left to those who want to believe in it. It does not work for normal investment horizons

Environmental gains will not happen without good Governance but this is not enough as environmental progress will not happen without coercion from governments/supra-governments. There is no reason why a corporate will spend more for a possible collective gain tomorrow when it can have better returns now for its shareholders.

The environment is a cost of massive complexity and a universal one as data improves and allows for intricate tracking of what corporates are up to. There is no practical way a corporate can be valued through a web of changing definitions of environmental data. AlphaValue holds the view that all corporates are made to pay through lower GDP growth expectations resulting from friction costs. The only dimension that really matters from an investment perspective is whether a given corporate makes an extra effort vs. peers. A good ‘E’ rating shall not be driven by absolute levels but by the dynamic of emission controls relative to peers. Dumping cement stocks because they spit out carbon is a narrow view of what ESG implies.

Sustainability scores only

AlphaValue always refused to supply a pecking order of its coverage along some improbable ESG scale. It just does not make sense to mix opposing signals in a single ranking.

Sustainability is a different proposition where analytical items contributing to the E, the S and the G can be highlighted as sustainability precursors and combined in an intellectually acceptable way. This is the only scale made available by AlphaValue.

Sustainability impacts target prices

From 1-12-2020, AlphaValue substituted sustainability metrics for its Governance and Social ones when it comes to impacting valuations;

Indeed since 2019, all DCF (or DCF equivalents for Financials) have been impacted by Governance and Social metrics to connect directly ESG-type findings into share price targets and bring consistency across the board. The impact is driven by adjusting the small ‘g’ conventionally used to assess the growth to infinity. This is being tweaked to recognise, say, that good governance ultimately pays off.

The same procedure is now stemming from Sustainability metrics instead.

For the record, this has been made possible as AlphaValue has finalised its proprietary E scoring, now extended to 4 items (GHG, Waste, Water, Energy) on which a degree of data stability seems to emerge.