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

Chargeurs

CR
Bloomberg   CRI FP
Service aux entreprises  /  France  Web Site   |   Investors Relation
En bonne voie pour atteindre les objectifs à l’horizon 2025

Score de durabilité
Société (Secteur)
4,7 (5,0)

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.

  Score Poids  
Gouvernance   
Taux de membres indépendants du Conseil d'Administration 4/10 25 %More ...
Diversité géographique du Conseil d'Administration 3/10 20 %
Fonction de Chairman distincte de l’exécutif 5 %
Environnement   
Emissions CO² 9/1025 %More ...
Prélèvement d'eau 1/1010 %
Social   
Évolution de la dispersion des salaires3/105 %More ...
Satisfaction au travail0/105 %
Communication interne10/105 %


Score de durabilité 4,7/10 100%  

Score d'Environnement
Société (Secteur)
4,05 (4,69)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
ParamètresScoreSecteurPoids
Energie 3/105/1025 %
Emissions CO² 9/105/1030 %
Déchets 2/104/1015 %
Prélèvement d'eau 1/104/1030 %
Paramètres environnementaux

3 001
Energy (GJ) per €m in capital
employed
0
CO² tons per €m in capital
employed
2 427
Cubic meter water
withdrawal per €m in capital
employed
34
Tons waste generated per €m in
capital employed
Chargeurs Services aux entreprises
Données sectorielles
Société PaysScore d'EnvironnementEnergie (totale, GJ)Emissions CO2 (tonnes)CO2
Compensation
(in tons)
Prélèvement d'eau (m3)Déchets (total, tonnes)
        
Adecco 3/10n/a86 660 n/an/a
Bureau Veritas 5/10909 212136 093 1 074 000n/a
Chargeurs 4/101 018 27154 823 51111 589
DKSH 4/10377 77057 876 n/an/a
Eurofins Scientific 4/10n/a250 000100 000n/an/a
Experian 6/10289 80024 400 n/an/a
Randstad Holding 7/101 188 37963 957 165 000900
Rentokil Initial 3/10830 452185 145 n/an/a
Securitas 5/10n/a150 900 n/an/a
SGS 4/103 104 840110 138 1 720 00049 570

Social score
Société (Secteur)
5,8 (5,9)
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.
ParamètresScorePoids
Evolution du personnel total8/1015 %
Evolution du salaire moyen2/1030 %
Part de la valeur ajoutée absorbée par les frais de personnel5/1020 %
Part de la valeur ajoutée absorbée par les impôts5/1015 %
Évolution de la dispersion des salaires3/1020 %
Bonus Effectif et Retraites (0 ou 1)0 
Paramètres Qualitatifs (33 %)
Ensemble de critères qualitatifs, à cocher par l'analyste


ParamètresScorePoids
Accidents du travail10/1025 %
Developpement des ressources humaines10/1035 %
Paye10/1020 %
Satisfaction au travail0/1010 %
Communication interne10/1010 %
   




Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
      
Rentokil Initial 6,86,96,848 222
Securitas 6,67,84,2312 538
Experian 6,25,87,217 761
Randstad Holding 6,05,66,938 451
Eurofins Scientific 6,07,04,147 466
SGS 5,63,99,390 889
DKSH 5,45,45,533 427
Bureau Veritas 5,14,85,977 914
Adecco 4,94,85,130 567

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.