Blackstone Resources | BLS SW | Batteries (et syst. de) | Suisse | Sustainability / ESG

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.

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	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	1/10	25 %	More ...
Prélèvement d'eau	1/10	10 %

Social
Évolution de la dispersion des salaires	0/10	5 %	More ...
Satisfaction au travail	10/10	5 %
Communication interne	10/10	5 %

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

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Paramètres	Score	Secteur	Poids
Energie	1/10	5/10	25 %
Emissions CO²	1/10	5/10	30 %
Déchets	2/10	5/10	15 %
Prélèvement d'eau	1/10	5/10	30 %

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	Score d'Environnement	Energie (totale, GJ)	Emissions CO2 (tonnes)	Prélèvement d'eau (m3)	Déchets (total, tonnes)

ABB	8/10	5 817 600	562 000	3 224 000	192 000
Alfa Laval	10/10	1 158 077	28 458	665 000	25 923
Alstom	9/10	1 688 400	99 000	773 000	36 848
ANDRITZ^BH	5/10	2 012 203	120 700	954 854	40 739
Atlas Copco	10/10	1 386 000	52 000	395 000	35 071
AutoStore	4/10		737
Bekaert	2/10	16 477 200	1 454 875	8 088 000
Bilfinger	3/10		59 373
Blackstone Resources^CR	1/10
Bossard^BH	1/10
Bucher Industries^BH	7/10	1 184 828	80 317	0
Burckhardt Compression^BH	7/10	24 250		24 800	341
Danieli & Co	2/10	7 941 000	767 744
Datwyler^BH	4/10	889 484	89 387	1 564 028	14 119
Dürr^BH	7/10	442 832	48 372	317 975	10 556
Elecnor	2/10		63 959
FLSmidth & Co	6/10		34 737	201 997
GEA Group^BH	8/10	915 239	50 803	357 849	13 037
Georg Fischer^BH	3/10	3 092 000	284 000	2 013 000	83 000
Heidelberger Druck^BH	7/10	878 400	79 533	149 169	24 650
HUBER+SUHNER^BH	7/10	173 448	11 203	915 933	3 941
IMI	5/10	603 642	45 498
Interroll^BH	1/10
ITM Power	5/10			0	39
Jenoptik^BH	9/10	223 992	7 714	72 009	1 354
Jungheinrich Pref.^BH	6/10	202 802	42 166		16 275
KION Group^BH	8/10	2 271 351	200 980	584 000	76 307
Komax^BH	7/10	22 777		2 880	42
Kone	3/10	1 763 280	135 100	315 300	39 600
Krones^BH	7/10	422 157	34 155	183 534	1 657
KUKA	9/10	283 295	27 569	93 355	5 689
Legrand	9/10	1 461 600	148 000	698 000	50 000
Metso Outotec	6/10	1 482 000	134 927	1 271 000	63 700
Nexans	4/10	3 976 408	252 999	1 702 391	70 670
Nordex SE	7/10	405 681	22 582	143 282	27 599
NORMA Group^BH	7/10	468 612	43 449	160 586	12 905
OC Oerlikon^BH	7/10	1 403 280	146 300	706 400	20 400
Ocado Group PLC	4/10	1 693 127	118 846
PNE AG^BH	1/10
Prysmian	4/10	9 448 439	832 938	8 847 815	190 984
Quadient	9/10	78 491	12 014	33 025	1 697
RATIONAL^BH	4/10		2 299
Rieter^BH	2/10	120 000	46 000	270 000	8 800
Sandvik	9/10	7 337 000	417 000	7 858 000	352 000
Schindler	6/10	2 267 719	172 474	541 395	41 826
Schneider Electric	9/10	4 335 772	287 356	1 928 032	125 292
Schweiter Technologies^BH	3/10	1 494 202	110 645		19 285
Semperit^BH	2/10	5 662 998	422 536	9 900 000	24 890
SFS Group^BH	2/10		112 441
Siemens	9/10	9 863 000	594 000	15 050 000	275 500
Siemens Gamesa Renewable E...	9/10	1 153 471	28 805	553 270	63 127
Sulzer^BH	7/10	878 109	81 339	987 576	19 546
VAT Group^BH	1/10
Vestas Wind Systems	9/10	2 235 600	73 000	421 000	89 000
Wärtsilä	5/10	1 339 000	90 773	11 348 000	16 020

MORE DATA

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.

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Paramètres	Score	Poids
Evolution du personnel total	10/10	20 %
Evolution du salaire moyen	1/10	35 %
Part de la valeur ajoutée absorbée par les frais de personnel	1/10	25 %
Part de la valeur ajoutée absorbée par les impôts	1/10	20 %
Évolution de la dispersion des salaires	0/10	0 %
Bonus Effectif et Retraites (0 ou 1)	0

Paramètres Qualitatifs (33 %)

Ensemble de critères qualitatifs, à cocher par l'analyste

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Paramètres	Score	Poids
Accidents du travail	10/10	25 %
Developpement des ressources humaines	10/10	35 %
Paye	10/10	20 %
Satisfaction au travail	10/10	10 %
Communication interne	10/10	10 %

Sector figures

Société	Social Score	Score Quantitatif	Score Qualitatif	Staffing

Interroll^BH	8,6	7,9	10,0	2 560
GEA Group^BH	8,5	8,0	9,7	18 230
Rieter^BH	7,9	6,9	10,0	0,00
Siemens	7,8	7,2	9,0	304 515
ANDRITZ^BH	7,7	6,6	10,0	27 300
Schneider Electric	7,6	7,2	8,6	167 686
Dürr^BH	7,6	7,2	8,4	18 350
Jungheinrich Pref.^BH	7,4	7,9	6,5	19 000
AutoStore	7,4	7,2	7,9	1 053
Alfa Laval	7,4	6,4	9,3	18 290
Bossard^BH	7,2	7,6	6,4	2 642
Schindler	7,2	5,8	10,0	69 368
Siemens Gamesa Renewable En...	7,2	6,5	8,6	26 331
OC Oerlikon^BH	7,1	6,4	8,6	12 398
Ocado Group PLC	7,1	7,9	5,4	20 333
Bilfinger	7,1	6,7	7,9	29 601
IMI	7,0	6,4	8,3	11 401
ABB	6,8	6,5	7,6	104 922
NORMA Group^BH	6,8	6,5	7,6	6 400
VAT Group^BH	6,8	5,2	10,0	3 164
Krones^BH	6,8	7,2	5,9	16 450
Atlas Copco	6,7	5,8	8,6	40 430
KION Group^BH	6,6	6,9	6,2	40 600
Bucher Industries^BH	6,6	6,8	6,1	13 843
Prysmian	6,5	5,4	9,0	29 465
Bekaert	6,5	6,2	7,1	26 365
FLSmidth & Co	6,5	6,1	7,3	12 234
Legrand	6,3	5,8	7,2	38 780
Jenoptik^BH	6,3	5,1	8,6	4 700
Nexans	6,2	4,6	9,7	25 461
Elecnor	6,2	6,5	5,5	22 503
Vestas Wind Systems	6,1	4,3	10,0	29 747
Kone	6,1	5,3	7,8	65 372
Wärtsilä	6,1	5,5	7,5	17 470
Georg Fischer^BH	6,0	6,6	4,8	15 262
PNE AG^BH	6,0	6,2	5,6	492
Heidelberger Druck^BH	6,0	5,6	6,8	0,00
Sandvik	5,9	5,6	6,6	40 887
Quadient	5,9	4,9	8,0	5 446
Alstom	5,9	6,2	5,2	74 973
KUKA	5,8	6,0	5,6	13 720
Metso Outotec	5,8	4,9	7,6	15 284
Burckhardt Compression^BH	5,6	5,6	5,7	2 732
Datwyler^BH	5,6	4,7	7,6	7 077
Schweiter Technologies^BH	5,3	7,1	1,7	4 572
HUBER+SUHNER^BH	5,2	4,0	7,6	4 645
ITM Power	5,1	4,6	6,1	320
Danieli & Co	5,0	6,1	2,9	10 025
Komax^BH	5,0	5,3	4,5	0,00
Nordex SE	4,9	5,2	4,4	8 745
Sulzer^BH	4,4	5,4	2,5	14 203
SFS Group^BH	4,4	6,6	0,0	10 824
Semperit^BH	4,1	6,2	0,0	0,00
RATIONAL^BH	4,0	5,1	1,7	0,00

MORE DATA

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.