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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

CR
Bloomberg   SQN SW
Bques/Brok. en ligne  /  Suisse  Web Site   |   Investors Relation
Suited for all market seasons

Score de durabilité
Société (Secteur)
6,9 (5,3)

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 6/10 20 %
Fonction de Chairman distincte de l’exécutif 5 %
Environnement   
Emissions CO² 10/1025 %More ...
Prélèvement d'eau 1/1010 %
Social   
Évolution de la dispersion des salaires7/105 %More ...
Satisfaction au travail10/105 %
Communication interne10/105 %


Score de durabilité 6,9/10 100%  
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)
7,3 (3,9)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
ParamètresScoreSecteurPoids
Emissions CO²10/105/10 30 %
Prélèvement d'eau1/103/10 30 %
Energie10/104/10 25 %
Déchets10/104/10 15 %
Score d'Environnement7,3  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

33
Energy (GJ) per €m in capital
employed
0
CO² tons per €m in capital
employed
n/a
Cubic meter water
withdrawal per €m in capital
employed
1
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
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 5/1042 149 0002 300 000 1 000 000 
Corporacion Financiera Alba 10/1034 5381 972 37 045373
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+ 2/10353 000 00053 800 000 1 035 300 000225 000 000
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 7/107 009 0001 200 000 86 000 0005 092 000
Industrivärden 10/103 490 125291 000 2 128 12585 125
Investor 10/1019 224 680217 114 11 137 056397 752
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
Swissquote Group HoldingCR 7/1012 751113 n/a276
Tessenderlo Group 3/1013 530 000  19 000 000n/a
Vivendi 10/10458 42424 512 20 00010 007
VZ Holding BH 4/10 461 000   
Wendel 4/10 173   
Wise 4/1012 565868 n/a227
Worldline 10/10278 0949 109 17 3722 092

Social score
Société (Secteur)
6,6 (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.
ParamètresScorePoids
Evolution du personnel total8/10 15 %
Evolution du salaire moyen5/10 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 salaires7/10 20 %
Bonus Effectif et Retraites (0 ou 1)0
Quantitative score5,5/10 100%
Paramètres Qualitatifs (33 %)
Ensemble de critères qualitatifs, à cocher par l'analyste


ParamètresScorePoids
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
      
Prosus 7,87,29,027 387
Wise 7,48,06,26 032
Worldline 7,36,98,018 009
Adyen 7,27,27,24 299
Investor 7,27,46,917 391
Vivendi 7,16,78,063 500
Industrivärden 6,44,89,714,0
Tessenderlo Group 6,35,77,65 200
Kinnevik Investment 6,34,89,345,0
D’Ieteren Group 6,15,47,531 521
Bouygues 6,06,15,9192 650
Heineken Holding 6,05,07,987 256
Ackermans & van Haaren 5,95,47,221 858
EdenRed 5,85,56,611 621
Deutsche Beteiligungs AG BH 5,84,97,687,0
Deutsche Boerse 5,74,58,314 218
Pluxee 5,67,22,35 560
Exor 5,54,28,322,0
Sonae 5,46,43,349 065
London Stock Exchange Group 5,45,25,827 290
DWS 5,44,17,94 350
Amundi 5,35,15,65 589
Eurazeo 5,15,83,7454
Hal Trust 5,06,52,132 483
MPC Capital BH 4,94,06,7174
Wendel 4,96,02,789 921
Nexi 4,74,35,510 856
Euronext NV 4,73,67,02 327
Porsche SE 4,54,25,143,0
En+ 4,54,54,589 163
HBM Healthcare Investments BH 3,91,09,79,00
Bolloré 3,84,32,992 232
GBL 3,84,23,013 910
Partners Group BH 3,74,91,32 013
Corporacion Financiera Alba 3,74,22,7205
VZ Holding BH 1,11,60,00,00

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.