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

Blackstone Resources

CR
Bloomberg   BLS SW
Batteries (et syst. de)  /  Suisse  Web Site   |   Investors Relation
Banking on big-bang battery technology initiatives

Score de durabilité
Société (Secteur)
4,2 (5,6)

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 7/10 25 %More ...
Diversité géographique du Conseil d'Administration 6/10 20 %
Fonction de Chairman distincte de l’exécutif 5 %
Environnement   
Emissions CO² 1/1025 %More ...
Prélèvement d'eau 1/1010 %
Social   
Évolution de la dispersion des salaires0/105 %More ...
Satisfaction au travail10/105 %
Communication interne10/105 %


Score de durabilité 4,2/10 100%  

Score d'Environnement
Société (Secteur)
1,15 (4,76)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
ParamètresScoreSecteurPoids
Energie 1/105/1025 %
Emissions CO² 1/105/1030 %
Déchets 2/105/1015 %
Prélèvement d'eau 1/105/1030 %
Paramètres environnementaux


Energy (GJ) per €m in capital
employed

CO² tons per €m in capital
employed

Cubic meter water
withdrawal per €m in capital
employed

Tons waste generated per €m in
capital employed
Blackstone Resources 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)
        
ABB 8/105 817 600562 000 3 224 000192 000
Alfa Laval 10/101 158 07728 458 665 00025 923
Alstom 9/101 688 40099 000 773 00036 848
ANDRITZ BH 5/102 012 203120 700 954 85440 739
Atlas Copco 10/101 386 00052 000 395 00035 071
AutoStore 4/10 737   
Bekaert 2/1016 477 2001 454 875 8 088 000 
Bilfinger 3/10 59 373   
Blackstone ResourcesCR 1/10     
Bossard BH 1/10     
Bucher Industries BH 7/101 184 82880 317 0 
Burckhardt Compression BH 7/1024 250  24 800341
Danieli & Co 2/107 941 000767 744   
Datwyler BH 4/10889 48489 387 1 564 02814 119
Dürr BH 7/10442 83248 372 317 97510 556
Elecnor 2/10 63 959   
FLSmidth & Co 6/10 34 737 201 997 
GEA Group BH 8/10915 23950 803 357 84913 037
Georg Fischer BH 3/103 092 000284 000 2 013 00083 000
Heidelberger Druck BH 7/10878 40079 533 149 16924 650
HUBER+SUHNER BH 7/10173 44811 203 915 9333 941
IMI 5/10603 64245 498   
Interroll BH 1/10     
ITM Power 5/10   039
Jenoptik BH 9/10223 9927 714 72 0091 354
Jungheinrich Pref. BH 6/10202 80242 166  16 275
KION Group BH 8/102 271 351200 980 584 00076 307
Komax BH 7/1022 777  2 88042
Kone 3/101 763 280135 100 315 30039 600
Krones BH 7/10422 15734 155 183 5341 657
KUKA 9/10283 29527 569 93 3555 689
Legrand 9/101 461 600148 000 698 00050 000
Metso Outotec 6/101 482 000134 927 1 271 00063 700
Nexans 4/103 976 408252 999 1 702 39170 670
Nordex SE 7/10405 68122 582 143 28227 599
NORMA Group BH 7/10468 61243 449 160 58612 905
OC Oerlikon BH 7/101 403 280146 300 706 40020 400
Ocado Group PLC 4/101 693 127118 846   
PNE AG BH 1/10     
Prysmian 4/109 448 439832 938 8 847 815190 984
Quadient 9/1078 49112 014 33 0251 697
RATIONAL BH 4/10 2 299   
Rieter BH 2/10120 00046 000 270 0008 800
Sandvik 9/107 337 000417 000 7 858 000352 000
Schindler 6/102 267 719172 474 541 39541 826
Schneider Electric 9/104 335 772287 356 1 928 032125 292
Schweiter Technologies BH 3/101 494 202110 645  19 285
Semperit BH 2/105 662 998422 536 9 900 00024 890
SFS Group BH 2/10 112 441   
Siemens 9/109 863 000594 000 15 050 000275 500
Siemens Gamesa Renewable E... 9/101 153 47128 805 553 27063 127
Sulzer BH 7/10878 10981 339 987 57619 546
VAT Group BH 1/10     
Vestas Wind Systems 9/102 235 60073 000 421 00089 000
Wärtsilä 5/101 339 00090 773 11 348 00016 020

Social score
Société (Secteur)
5,2 (6,4)
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 total10/1020 %
Evolution du salaire moyen1/1035 %
Part de la valeur ajoutée absorbée par les frais de personnel1/1025 %
Part de la valeur ajoutée absorbée par les impôts1/1020 %
Évolution de la dispersion des salaires0/100 %
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 travail10/1010 %
Communication interne10/1010 %
   




Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
      
Interroll BH 8,67,910,02 560
GEA Group BH 8,58,09,718 230
Rieter BH 7,96,910,00,00
Siemens 7,87,29,0304 515
ANDRITZ BH 7,76,610,027 300
Schneider Electric 7,67,28,6167 686
Dürr BH 7,67,28,418 350
Jungheinrich Pref. BH 7,47,96,519 000
AutoStore 7,47,27,91 053
Alfa Laval 7,46,49,318 290
Bossard BH 7,27,66,42 642
Schindler 7,25,810,069 368
Siemens Gamesa Renewable En... 7,26,58,626 331
OC Oerlikon BH 7,16,48,612 398
Ocado Group PLC 7,17,95,420 333
Bilfinger 7,16,77,929 601
IMI 7,06,48,311 401
ABB 6,86,57,6104 922
NORMA Group BH 6,86,57,66 400
VAT Group BH 6,85,210,03 164
Krones BH 6,87,25,916 450
Atlas Copco 6,75,88,640 430
KION Group BH 6,66,96,240 600
Bucher Industries BH 6,66,86,113 843
Prysmian 6,55,49,029 465
Bekaert 6,56,27,126 365
FLSmidth & Co 6,56,17,312 234
Legrand 6,35,87,238 780
Jenoptik BH 6,35,18,64 700
Nexans 6,24,69,725 461
Elecnor 6,26,55,522 503
Vestas Wind Systems 6,14,310,029 747
Kone 6,15,37,865 372
Wärtsilä 6,15,57,517 470
Georg Fischer BH 6,06,64,815 262
PNE AG BH 6,06,25,6492
Heidelberger Druck BH 6,05,66,80,00
Sandvik 5,95,66,640 887
Quadient 5,94,98,05 446
Alstom 5,96,25,274 973
KUKA 5,86,05,613 720
Metso Outotec 5,84,97,615 284
Burckhardt Compression BH 5,65,65,72 732
Datwyler BH 5,64,77,67 077
Schweiter Technologies BH 5,37,11,74 572
HUBER+SUHNER BH 5,24,07,64 645
ITM Power 5,14,66,1320
Danieli & Co 5,06,12,910 025
Komax BH 5,05,34,50,00
Nordex SE 4,95,24,48 745
Sulzer BH 4,45,42,514 203
SFS Group BH 4,46,60,010 824
Semperit BH 4,16,20,00,00
RATIONAL BH 4,05,11,70,00

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.