Swissquote Group Holding | SQN SW | Bques/Brok. en ligne | Suisse | Sustainability / ESG

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Swissquote Group Holding ^CR	Bloomberg SQN SW
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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.

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	Score	Poids

Gouvernance
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 %

Environnement
Emissions CO²	9/10	25 %	More ...
Prélèvement d'eau	1/10	10 %

Social
Évolution de la dispersion des salaires	9/10	5 %	More ...
Satisfaction au travail	10/10	5 %
Communication interne	10/10	5 %

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

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Paramètres	Score	Secteur	Poids
Emissions CO²	9/10	5/10	30 %
Prélèvement d'eau	1/10	3/10	30 %
Energie	10/10	4/10	25 %
Déchets	2/10	3/10	15 %
Score d'Environnement	5,8		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

40 Energy (GJ) per €m in capital employed	1 CO² tons per €m in capital employed	Cubic meter water withdrawal per €m in capital employed	Tons waste generated per €m in capital employed

Swissquote Group Holding Autres Financières

Données sectorielles

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

Ackermans & van Haaren	4/10		229	811
Adyen	5/10	49 969	4 561
Amundi	10/10	69 739	2 932	19 753	161
AURELIUS^BH	4/10		507
Bolloré	10/10	1 002 974	377 805	1 641 115	35 823
Bouygues	2/10	30 772 800	2 250 000	1 000 000
Corporacion Financiera Alba	9/10	28 055	4 957	34 990	40 890
D’Ieteren Group	5/10	2 436 594	150 015		170 502
Deutsche Beteiligungs AG^BH	4/10		210
Deutsche Boerse	7/10	278 420	8 771	74 633	20
DWS	4/10		4 329
EdenRed	4/10	46 152	8 474	32 312	478
En+	2/10	326 400 000	52 100 000	872 100 000	213 300 000
Eurazeo	1/10	10 062 709	790 076	37 181 108	41 600
Euronext NV	4/10	23 522	4 660	253 892
Exor	4/10		72
GBL	4/10		140
Hal Trust	1/10
HBM Healthcare Investments^BH	1/10
Heineken Holding	6/10	20 900 000	1 303 000	90 200 000	4 253 600
Industrivärden	4/10		24
Investor	6/10	4 165	77
Kinnevik Investment	4/10		11
London Stock Exchange Group	5/10	240 876	4 138	1 166	185
MPC Capital^BH	1/10
Nexi	5/10	95 571	6 471	974 300	751
Partners Group^BH	4/10		578 076	2 374 472
Porsche SE	1/10
Prosus	3/10	81 408	23 561	n/a	n/a
Sonae	8/10	2 733 179	190 357	1 906 820	97 190
Swissquote Group Holding^CR	6/10	11 279	362
Tessenderlo Group	5/10	2 026		17 254 251	n/a
Vivendi	7/10	536 722	38 194		20 237
Wendel	4/10		128
Wise	4/10	7 486	807
Worldline	10/10	336 781	8 993	16 826	1 501

MORE DATA

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.

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Paramètres	Score	Poids
Evolution du personnel total	7/10	15 %
Evolution du salaire moyen	7/10	30 %
Part de la valeur ajoutée absorbée par les frais de personnel	4/10	20 %
Part de la valeur ajoutée absorbée par les impôts	4/10	15 %
Évolution de la dispersion des salaires	9/10	20 %
Bonus Effectif et Retraites (0 ou 1)	0
Quantitative score	6,4/10	100%

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	7/10	35 %
Paye	10/10	20 %
Satisfaction au travail	10/10	10 %
Communication interne	10/10	10 %

Score Qualitatif	9,0/10	100%

Sector figures

Société	Social Score	Score Quantitatif	Score Qualitatif	Staffing

Wise	7,6	7,4	6,2	4 974
Investor	7,5	6,9	6,9	15 214
Worldline	7,1	6,8	8,0	18 957
Prosus	7,1	6,3	9,0	36 800
Vivendi	7,0	6,0	8,0	36 500
AURELIUS^BH	6,9	6,7	7,0	10 448
Bouygues	6,2	6,2	5,9	196 450
Industrivärden	6,2	4,5	9,7	14,0
Adyen	6,2	6,1	7,2	3 869
Tessenderlo Group	6,0	5,3	7,6	7 030
Ackermans & van Haaren	6,0	5,2	7,2	23 124
Nexi	5,9	4,7	5,5	10 338
Amundi	5,8	5,5	5,6	4 541
Exor	5,7	5,5	8,3	25,0
Euronext NV	5,7	3,8	7,0	2 299
Deutsche Beteiligungs AG^BH	5,6	4,6	7,6	85,0
Heineken Holding	5,6	3,6	7,9	83 082
Eurazeo	5,6	5,9	3,7	22 688
D’Ieteren Group	5,5	4,0	7,5	29 388
DWS	5,5	3,8	7,9	4 320
EdenRed	5,2	4,4	6,6	10 861
Deutsche Boerse	5,2	3,8	8,3	13 200
Sonae	5,1	5,4	3,3	47 923
Bolloré	5,1	5,2	2,9	73 496
London Stock Exchange Group	4,8	2,6	5,8	27 336
Kinnevik Investment	4,7	3,1	9,3	40,0
Hal Trust	4,7	5,9	2,1	27 051
Wendel	4,7	5,3	2,7	95 376
Corporacion Financiera Alba	4,6	4,6	2,7	1 900
En+	4,6	4,7	4,5	86 429
GBL	4,6	6,5	3,0	88 684
MPC Capital^BH	4,5	3,4	6,7	221
Porsche SE	4,3	4,0	5,1	36,0
Partners Group^BH	4,3	5,1	1,3	1 988
HBM Healthcare Investments^BH	3,9	1,0	9,7	9,00

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.