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

Swissquote Group Holding

Bloomberg   SQN SW
Bques/Brok. en ligne  /  Suisse  Web Site   |   Investors Relation
A must have, now licensed to conquer Europe

Score de durabilité
Société (Secteur)
6,4 (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  
Taux de membres indépendants du Conseil d'Administration 5/10 25 %More ...
Diversité géographique du Conseil d'Administration 4/10 20 %
Fonction de Chairman distincte de l’exécutif 5 %
Emissions CO² 9/1025 %More ...
Prélèvement d'eau 1/1010 %
Évolution de la dispersion des salaires9/105 %More ...
Satisfaction au travail10/105 %
Communication interne10/105 %

Score de durabilité 6,4/10 100%  
Sustainability matters
What the numbers say

Swissquote’s sustainability score is very slightly below the sector’s average. Social and Governance pull the firm towards a great performance while the Environmental score is a drag mainly due to lack of reported data.

Our analysis

Beyond the very satisfying performance on Social and Governance, which are very much under management’s control, the hiccup might come from the Environmental side.
In fact, Swissquote is structurally dependent on its customers’ behaviour and their willingness to invest responsibly and invest the right products (cryptos, which are highly energy-consuming). While the firm, in the future, will launch further trading products/assets and attract more customers, this will be at the expense of customers potentially looking for profits instead of a “sustainable” and “responsible” behaviour.

Score d'Environnement
Société (Secteur)
5,8 (3,6)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
Emissions CO²9/105/10 30 %
Prélèvement d'eau1/103/10 30 %
Energie10/104/10 25 %
Déchets2/103/10 15 %
Score d'Environnement5,8  100%
Environment matters
What the numbers say

Swissquote’s Environmental score is very low and below the sector’s. This is fully due to the lack of available data.

Our analysis

We believe that Swissquote’s Environmental score can only improve as the firm discloses further information on its environmental footprint.
Beyond that, we believe that its business is very sensitive. In fact, its score would be very much tied to its customers’ investment philosophies and willigness to invest responsibly.

Paramètres environnementaux

Energy (GJ) per €m in capital
CO² tons per €m in capital

Cubic meter water
withdrawal per €m in capital

Tons waste generated per €m in
capital employed
Swissquote Group Holding Autres Financières
Données sectorielles
Société PaysScore d'EnvironnementEnergie (totale, GJ)Emissions CO2 (tonnes)CO2
(in tons)
Prélèvement d'eau (m3)Déchets (total, tonnes)
Ackermans & van Haaren 4/10 229 811 
Adyen 5/1049 9694 561   
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 7/10278 4208 771 74 63320
DWS 4/10 4 329   
EdenRed 4/1046 1528 474 32 312478
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
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 
Porsche SE 1/10     
Prosus 3/1081 40823 561 n/an/a
Sonae 8/102 733 179190 357 1 906 82097 190
Swissquote Group HoldingCR 6/1011 279362   
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)
7,2 (5,4)
Social matters
What the numbers say

Swissquote’s Social score is well above the sector’s. This is mainly driven by qualitative metrics as well as the average wage trend (meaning a positive wage evolution) and share of added value taken up by taxes (meaning a fair tax contribution).

Our analysis

Swissquote’s workforce profile is qualified and much demanded. In order to feed its growth, the firm will have to compete with the broader FinTech/Neo bank peers, implying an attractive packages. We believe that Swissquote has the resources to attract people with these profiles and, consequently, should maintain a high Social score.

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.
Evolution du personnel total7/10 15 %
Evolution du salaire moyen7/10 30 %
Part de la valeur ajoutée absorbée par les frais de personnel4/10 20 %
Part de la valeur ajoutée absorbée par les impôts4/10 15 %
Évolution de la dispersion des salaires9/10 20 %
Bonus Effectif et Retraites (0 ou 1)0
Quantitative score6,4/10 100%
Paramètres Qualitatifs (33 %)
Ensemble de critères qualitatifs, à cocher par l'analyste

Accidents du travail10/10 25 %
Developpement des ressources humaines7/10 35 %
Paye10/10 20 %
Satisfaction au travail10/10 10 %
Communication interne10/10 10 %
Score Qualitatif9,0/10 100%

Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
Wise 7,67,46,24 974
Investor 7,56,96,915 214
Worldline 7,16,88,018 957
Prosus 7,16,39,036 800
Vivendi 7,06,08,036 500
AURELIUS BH 6,96,77,010 448
Bouygues 6,26,25,9196 450
Industrivärden 6,24,59,714,0
Adyen 6,26,17,23 869
Tessenderlo Group 6,05,37,67 030
Ackermans & van Haaren 6,05,27,223 124
Nexi 5,94,75,510 338
Amundi 5,85,55,64 541
Exor 5,75,58,325,0
Euronext NV 5,73,87,02 299
Deutsche Beteiligungs AG BH 5,64,67,685,0
Heineken Holding 5,63,67,983 082
Eurazeo 5,65,93,722 688
D’Ieteren Group 5,54,07,529 388
DWS 5,53,87,94 320
EdenRed 5,24,46,610 861
Deutsche Boerse 5,23,88,313 200
Sonae 5,15,43,347 923
Bolloré 5,15,22,973 496
London Stock Exchange Group 4,82,65,827 336
Kinnevik Investment 4,73,19,340,0
Hal Trust 4,75,92,127 051
Wendel 4,75,32,795 376
Corporacion Financiera Alba 4,64,62,71 900
En+ 4,64,74,586 429
GBL 4,66,53,088 684
MPC Capital BH 4,53,46,7221
Porsche SE 4,34,05,136,0
Partners Group BH 4,35,11,31 988
HBM Healthcare Investments BH 3,91,09,79,00

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.