AlphaValue Corporate Services
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IDI

CR
Bloomberg   IDIP FP
Sociétés holdings  /  France  Web Site   |   Investors Relation
Les acteurs du private equity pénalisés par une conjoncture économique peu porteuse.

Score de durabilité
Société (Secteur)
2,9 (4,9)

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)
1,0 (3,7)
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 %
Déchets1/103/10 15 %
Score d'Environnement1,0  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 2/10 672 792   
Adyen 3/10n/a10 168 n/an/a
Amundi 9/1077 6454 875 29 764161
Bolloré 9/10979 880347 629 1 463 06237 675
Bouygues 4/105 466 4991 900 000 1 000 000 
Corporacion Financiera Alba 10/1029 9523 729 39 88319 701
D’Ieteren Group 6/101 952 302145 291  166 600
Deutsche Beteiligungs AG BH 1/10 210   
Deutsche Boerse 7/10303 0769 227 74 63320
DWS 4/10 2 126   
EdenRed 4/1044 3567 812 44 166468
En+ 3/10367 200 00053 700 000 992 900 000199 946 600
Eurazeo 6/109 827 411771 602 36 311 69440 627
Euronext NV 3/1023 5226 687 253 892 
Exor 3/10 351 370   
GBL 4/10 150   
Hal Trust 1/10     
HBM Healthcare Investments BH 1/10     
Heineken Holding 7/108 287 2001 478 000 92 500 0005 238 188
IDICR 1/10     
Industrivärden 4/10 26   
Investor 7/103 66869  49
Kinnevik Investment 6/1059011 n/an/a
London Stock Exchange Group 10/10593 8425 617 893 331
MPC Capital BH 1/10     
Nexi 5/10240 60211 573 605 6001 319
Partners Group BH 4/10 2 297 2 374 472 
Pluxee 1/10     
Porsche SE 1/10     
Prosus 2/10n/a21 736 n/an/a
Sonae 8/102 902 000171 598 2 185 426102 446
Tessenderlo Group 3/1013 530 000  19 000 000n/a
Vivendi 8/10558 49034 589 28 54820 237
Wendel 4/10 173   
Wise 4/1012 565868 n/a227
Worldline 10/10278 0949 109 17 3722 092

Social score
Société (Secteur)
3,7 (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 total1/10 20 %
Evolution du salaire moyen6/10 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 score2,8/10 100%
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
      
Prosus 7,87,29,027 387
Worldline 7,57,28,018 009
Wise 7,48,06,26 032
Adyen 7,27,27,24 299
Investor 7,27,46,917 391
Vivendi 7,16,78,063 500
Tessenderlo Group 6,35,77,65 200
Industrivärden 6,34,69,714,0
Kinnevik Investment 6,34,89,345,0
Bouygues 6,06,15,9192 650
D’Ieteren Group 6,05,27,531 521
Ackermans & van Haaren 5,95,47,221 858
Heineken Holding 5,84,87,987 256
EdenRed 5,85,56,611 621
Deutsche Boerse 5,74,58,314 218
Deutsche Beteiligungs AG BH 5,74,87,687,0
Pluxee 5,67,22,35 560
Sonae 5,46,43,349 065
DWS 5,44,17,94 350
Exor 5,33,88,322,0
Eurazeo 5,36,13,7454
Amundi 5,25,05,65 589
London Stock Exchange Group 5,24,95,826 548
Wendel 5,16,42,797 232
MPC Capital BH 4,94,06,7174
Nexi 4,74,35,510 856
Euronext NV 4,73,67,02 327
Hal Trust 4,76,02,132 402
Porsche SE 4,54,25,143,0
En+ 4,34,34,589 163
Corporacion Financiera Alba 4,35,12,71 950
GBL 4,34,93,0139 356
Partners Group BH 3,95,21,32 013
Bolloré 3,84,32,992 232
HBM Healthcare Investments BH 3,70,89,79,00

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.