AlphaValue Corporate Services
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ROTH2

CR 		Bloomberg   MLROT FP
Ingénierie lourde  /  France  Web Site
Un nouvel intervenant sur les marchés du transport et stockage de l’hydrogène

Score de durabilité
Société (Secteur)
1,4 (5,8)

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.

More on Sustainability / ESG ...
  Score Poids  
Gouvernance   
Taux de membres indépendants du Conseil d'Administration 4/10 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 travail0/105 %
Communication interne0/105 %

Score de durabilité 1,4/10 100%  

Score d'Environnement
Société (Secteur)
1,0 (4,5)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
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ParamètresScoreSecteurPoids
Emissions CO₂1/104/10 30 %
Prélèvement d'eau1/104/10 30 %
Energie1/105/10 25 %
Déchets1/104/10 15 %
Score d'Environnement1,0  100%
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
ROTH2 Biens d'investissement
Données sectorielles
Société PaysScore d'EnvironnementEnergie (totale, GJ)Emissions CO₂ (tonnes)CO₂
Compensation
(in tons)		Prélèvement d'eau (m3)Déchets (total, tonnes)
        
Aalberts 4/103 624 000235 033 1 243 00053 338
ABB 8/105 058 000134 000 2 252 000218 000
Alfa Laval 10/101 202 47618 100 770 57639 556
Alstom 7/103 400 470110 864 1 529 00082 371
ASTA Energy Solutions AG BH 1/10     
Atlas Copco 10/102 724 717227 000 722 00064 304
AutoStore 7/1032 3602 101 n/a34
Bekaert 1/1013 708 2961 271 516 6 372 875198 798
Belimo 9/1056 9811 956 20 5871 529
Bossard 5/10113 8218 072  2 763
Bucher Industries 3/101 228 82460 927 0 
Burckhardt Compression 6/10176 9517 910 75 4143 268
CNH 3/102 878 512182 720 957 00093 170
Danieli & Co 2/107 168 000571 682 1 142 000149 954
Datwyler 2/101 134 10145 093 1 585 85822 348
Dürr BH 4/10479 04824 792 177 37313 208
Elecnor 1/101 898 449119 125 n/a85 324
Epiroc 10/101 148 00055 000 147 38837 413
FLSmidth & Co 10/10355 91727 221 139 00714 540
GEA Group 7/10850 54059 9590362 96516 921
Georg Fischer 4/103 250 00092 000 3 420 00083 300
HUBER+SUHNER 6/10190 4946 632 249 3803 864
IMI 6/10475 70832 798 162 201220 000
Interroll 7/10113 0604 947 36 5704 204
ITM Power 3/1022 9511 144 0129
Jungheinrich Pref. 5/101 049 82479 000 293 00028 163
Kardex 5/10137 5158 278 11 3554 673
KION Group 8/102 259 111183 813 n/a84 981
Kone 5/101 896 840140 000 268 20037 000
Krones 7/10748 08051 061 274 141930
Landis+Gyr Group AG 10/10125 4655 824 73 1523 919
Legrand 8/101 697 96252 831 710 00060 000
Metso Corporation 6/101 433 000120 976 320 00081 000
Nel 10/1071 5971 600 9 945800
Nexans 3/104 004 510227 159 1 227 33067 709
Nordex SE 3/10775 13468 45253 412190 66631 289
OC Oerlikon 5/101 462 680114 700 816 70016 928
Ocado Group PLC 5/101 984 860127 761 307 00035 828
Prysmian 4/1010 539 875705 475 6 587 710262 977
Quadient 9/1043 1606 540 n/a1 331
RATIONAL 6/1051 2228 550 19 8462 169
ROTH2CR 1/10     
Sandvik 9/103 969 385296 080 n/a352 102
Schindler 6/102 372 558179 364 610 51646 707
Schneider Electric 9/104 273 632124 158 1 944 796138 322
SFS Group 4/101 251 593103 448  7 569
Siemens 8/1010 745 057359 000 12 963 000188 127
Siemens Energy 6/105 802 259194 460 5 040 000123 467
Steyr Motors AG 5/1011 613  1 49554
Sulzer 4/10614 71458 600 n/a20 291
Vestas Wind Systems 3/102 437 200109 000 323 00054 000
Vossloh 6/10756 03233 995 156 108 
Wärtsilä 8/10914 81846 808 229 46411 833

Social score
Société (Secteur)
1,9 (6,4)
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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ParamètresScorePoids
Evolution du personnel total10/10 20 %
Evolution du salaire moyen1/10 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


More ...
ParamètresScorePoids
Accidents du travail0/10 25 %
Developpement des ressources humaines0/10 35 %
Paye0/10 20 %
Satisfaction au travail0/10 10 %
Communication interne0/10 10 %
  
Score Qualitatif0,0/10 100%


Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
      
Schneider Electric 8,27,310,0167 044
Siemens Energy 8,17,79,0105 457
Dürr BH 7,98,07,918 150
Kardex 7,96,910,03 194
Siemens 7,77,09,3318 000
Vestas Wind Systems 7,66,510,038 647
Steyr Motors AG 7,47,18,1160
Interroll 7,46,110,02 400
ABB 7,26,19,7113 578
Nordex SE 7,27,07,711 669
KION Group 7,26,97,942 500
Prysmian 7,26,39,032 934
Nel 7,17,26,9381
Vossloh 7,06,19,04 600
Epiroc 6,97,36,218 750
Schindler 6,95,410,067 718
Krones 6,85,89,021 050
Alfa Laval 6,86,28,223 834
Alstom 6,87,65,290 049
Jungheinrich Pref. 6,86,37,921 200
AutoStore 6,86,37,91 200
Legrand 6,85,210,040 007
IMI 6,85,49,710 389
GEA Group 6,75,98,319 187
Ocado Group PLC 6,77,35,421 640
Bossard 6,76,66,72 900
Atlas Copco 6,55,58,656 500
Elecnor 6,55,97,627 556
Aalberts 6,44,610,013 522
Belimo 6,44,610,02 486
Landis+Gyr Group AG 6,44,79,87 200
Quadient 6,35,67,84 795
Wärtsilä 6,35,87,518 592
RATIONAL 6,35,77,72 950
FLSmidth & Co 6,25,77,38 505
Bekaert 6,15,67,118 573
Kone 6,15,18,265 304
Metso Corporation 6,05,27,617 220
Nexans 5,94,19,726 192
Datwyler 5,95,17,68 500
Sandvik 5,95,66,643 055
OC Oerlikon 5,94,58,613 600
HUBER+SUHNER 5,95,07,65 204
Burckhardt Compression 5,85,95,72 850
Bucher Industries 5,35,06,114 500
Danieli & Co 5,15,83,910 750
CNH 4,93,87,233 855
ITM Power 4,53,17,6334
Georg Fischer 4,54,34,819 146
SFS Group 3,85,70,013 557
ASTA Energy Solutions AG BH 3,62,56,10,00
Sulzer 3,33,72,513 590

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.