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

IDI

CR
Bloomberg   IDIP FP
Sociétés holdings  /  France  Web Site   |   Investors Relation
Après une année record, la conjoncture est devenue difficile pour le private equity

Score de durabilité
Société (Secteur)
2,9 (5,2)

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 5/10 25 %More ...
Diversité géographique du Conseil d'Administration 0/10 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 travail3/105 %
Communication interne10/105 %


Score de durabilité 2,9/10 100%  
Sustainability matters

Le score de durabilité issu des outils d’AlphaValue n’est pas applicable à IDI, étant donné que plusieurs données nécessaires au calcul des scores environnementaux et sociaux ne concernent pas les structures de type holding telles que IDI. Par conséquent, le calcul du score de durabilité n’est pas pertinent dans le cas de cet émetteur.


Score d'Environnement
Société (Secteur)
1,2 (3,6)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
ParamètresScoreSecteurPoids
Emissions CO²1/105/10 30 %
Prélèvement d'eau1/103/10 30 %
Energie1/104/10 25 %
Déchets2/103/10 15 %
Score d'Environnement1,2  100%
Environment matters

Le score d’Environnement issu des outils d’AlphaValue n’est pas applicable à IDI, étant donné que plusieurs données nécessaires au calcul de la notation de l’environnement ne concernent ni ne s’appliquent à des structures de type holding telles qu’IDI.

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
IDI Autres Financières
Données sectorielles
Société PaysScore d'EnvironnementEnergie (totale, GJ)Emissions CO2 (tonnes)CO2
Compensation
(in tons)
Prélèvement d'eau (m3)Déchets (total, tonnes)
        
Ackermans & van Haaren 4/10 229 811 
Adyen 5/1049 9692 443   
Amundi 10/1069 7392 932 19 753161
AURELIUS BH 4/10 507   
Bolloré 10/101 002 974377 805 1 641 11535 823
Bouygues 2/1030 772 8002 250 000 1 000 000 
Corporacion Financiera Alba 9/1028 0554 957 34 99040 890
D’Ieteren Group 5/102 436 594150 015  170 502
Deutsche Beteiligungs AG BH 4/10 210   
Deutsche Boerse 7/10275 9153 989 74 63322
DWS 4/10 4 329   
EdenRed 4/1053 3347 427 32 312467
En+ 2/10326 400 00052 100 000 872 100 000213 300 000
Eurazeo 1/1010 062 709790 076 37 181 10841 600
Euronext NV 4/1023 5224 660 253 892 
Exor 4/10 72   
GBL 4/10 140   
Hal Trust 1/10     
HBM Healthcare Investments BH 1/10     
Heineken Holding 6/1020 900 0001 303 000 90 200 0004 253 600
IDICR 1/10     
Industrivärden 4/10 24   
Investor 6/104 16577   
Kinnevik Investment 4/10 11   
London Stock Exchange Group 5/10240 8764 138 1 166185
MPC Capital BH 1/10     
Nexi 5/1095 5716 471 974 300751
Partners Group BH 4/10 578 076 2 374 472 
Picanol 1/10     
Porsche SE 1/10     
Prosus 3/1081 40823 561 n/an/a
Sonae 8/102 733 179190 357 1 906 82097 190
Tessenderlo Group 5/102 026  17 254 251n/a
Vivendi 7/10536 72238 194  20 237
Wendel 4/10 128   
Wise 4/107 486807   
Worldline 10/10336 7818 993 16 8261 501

Social score
Société (Secteur)
5,0 (5,5)
Social matters

Le score Social issu des outils d’AlphaValue n’est pas applicable à IDI, étant donné que plusieurs données nécessaires au calcul du score social ne concernent ni ne s’appliquent à des structures de type holding telles qu’IDI.

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 total4/10 20 %
Evolution du salaire moyen10/10 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 score4,8/10 100%
Paramètres Qualitatifs (33 %)
Ensemble de critères qualitatifs, à cocher par l'analyste


ParamètresScorePoids
Accidents du travail10/10 25 %
Developpement des ressources humaines5/10 35 %
Paye0/10 20 %
Satisfaction au travail3/10 10 %
Communication interne10/10 10 %
  
Score Qualitatif5,6/10 100%


Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
      
Wise 7,88,26,24 974
Investor 7,77,66,915 214
Worldline 7,27,38,015 675
AURELIUS BH 7,27,57,011 819
Vivendi 7,06,08,036 500
Prosus 7,05,99,036 800
Industrivärden 6,45,19,714,0
Nexi 6,46,65,59 075
Adyen 6,36,67,23 076
Ackermans & van Haaren 6,26,07,223 124
Bouygues 6,05,25,9208 500
Picanol 5,94,97,67 030
Tessenderlo Group 5,84,97,67 030
Amundi 5,85,55,64 541
DWS 5,85,07,93 750
Heineken Holding 5,74,37,983 082
Euronext NV 5,73,97,02 299
Exor 5,75,28,325,0
D’Ieteren Group 5,64,47,529 388
Deutsche Beteiligungs AG BH 5,64,57,685,0
Eurazeo 5,55,83,722 688
EdenRed 5,24,46,610 861
Deutsche Boerse 5,24,18,310 300
Bolloré 5,25,62,973 496
Sonae 5,15,53,347 923
London Stock Exchange Group 5,03,25,827 336
Wendel 4,85,92,795 376
En+ 4,85,54,586 429
Kinnevik Investment 4,83,39,340,0
Corporacion Financiera Alba 4,64,62,71 900
GBL 4,66,53,088 684
Partners Group BH 4,65,91,31 836
Hal Trust 4,55,02,127 051
MPC Capital BH 4,43,26,7221
HBM Healthcare Investments BH 3,91,09,79,00
Porsche SE 3,71,45,1924

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.