Odiot | MLODT FP | Luxe | France | Sustainability / ESG

Score de durabilité

Société (Secteur)
3,5 (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	7/10	25 %	More ...
Diversité géographique du Conseil d'Administration	4/10	20 %
Fonction de Chairman distincte de l’exécutif		5 %

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

Social
Évolution de la dispersion des salaires	0/10	5 %	More ...
Satisfaction au travail	3/10	5 %
Communication interne	10/10	5 %

Score de durabilité

3,5/10

100%

Score d'Environnement

Société (Secteur)
1,4 (4,4)

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	1/10	4/10	30 %
Prélèvement d'eau	1/10	5/10	30 %
Energie	2/10	4/10	25 %
Déchets	2/10	5/10	15 %
Score d'Environnement	1,4		100%

Environment matters

The environmental score is mediocre as Odiot SA is not in a position to suplly carbon and water data at this juncture

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

Odiot Consommation durable

Données sectorielles

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

adidas^BH	3/10	1 790 201	135 814		301 906	26 382
Burberry	5/10	202 545	17 885	17 885	185 930
CEWE^BH	2/10	140 134	4 421	20 000		12 601
Electrolux	6/10	2 862 313	216 000		2 816 000	152 270
Haier Smart Home - D shares	6/10	5 110 537	650 677		5 822 925	115 132
Hermes International	6/10	841 446	52 257	22 000	628 000	18 717
HUGO BOSS^BH	4/10	493 758	25 520		58 180	7 870
Husqvarna	8/10	963 090	27 722		477 445	24 013
Kering	8/10	1 566 302	43 480		870 384	23 331
Knaus Tabbert	4/10	143 741	3 222		48 343	8 934
LVMH	7/10	6 333 156	198 368	256 000	4 244 877	157 780
Moncler	5/10	224 240	20 140		5 428 118	1 700
Odiot^CR	1/10
Prada	7/10	376 585	31 567	31 567	422 500	2 951
PUMA^BH	7/10	446 123	6 574		123 523	6 767
Richemont	7/10	1 167 505	20 630		2 557 443	15 403
Seb	2/10	n/a	211 978		2 654 000	57 616
Swatch	7/10	1 343 880	61 489		391 734	8 111
TomTom	6/10	32 130	1 393		8 670	134

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Social score

Société (Secteur)
5,3 (6,4)

Social matters

The HR score is weakened by the lack of historical staffing data. Silversmiths seem however happy to deploy their experience under the new growth plans.

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	5/10	20 %
Evolution du salaire moyen	10/10	35 %
Part de la valeur ajoutée absorbée par les frais de personnel	1/10	25 %
Part de la valeur ajoutée absorbée par les impôts	1/10	20 %
Évolution de la dispersion des salaires	0/10	0 %
Bonus Effectif et Retraites (0 ou 1)	0
Quantitative score	5,0/10	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	6/10	35 %
Paye	0/10	20 %
Satisfaction au travail	3/10	10 %
Communication interne	10/10	10 %

Score Qualitatif	5,9/10	100%

Sector figures

Société	Social Score	Score Quantitatif	Score Qualitatif	Staffing

PUMA^BH	7,8	6,9	9,7	19 415
CEWE^BH	7,7	7,6	7,9	4 038
Seb	7,4	6,9	8,6	32 785
HUGO BOSS^BH	7,2	6,1	9,7	24 000
LVMH	7,2	6,7	8,3	216 075
adidas^BH	7,1	5,9	9,7	0,00
TomTom	6,9	7,4	6,1	3 561
Hermes International	6,8	5,3	10,0	26 696
Husqvarna	6,6	7,1	5,8	13 219
Electrolux	6,5	7,8	4,0	40 379
Swatch	6,4	6,0	7,3	32 647
Prada	6,4	6,9	5,5	15 477
Knaus Tabbert	6,0	5,5	7,2	3 550
Richemont	6,0	6,6	4,7	40 452
Moncler	5,9	5,4	7,1	7 074
Haier Smart Home - D shares	4,4	4,0	5,4	123 960
Burberry	4,3	4,8	3,3	8 005
Kering	4,2	4,1	4,4	45 991

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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.