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Crossject

CR 		Bloomberg   ALCJ FP
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Les choses commencent à se mettre en place… avec l’espoir d’une concrétisation prochaine.

Score de durabilité
Société (Secteur)
3,4 (5,7)

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 5/10 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 salaires5/105 %More ...
Satisfaction au travail10/105 %
Communication interne10/105 %

Score de durabilité 3,4/10 100%  
Sustainability matters

En tant que petite entreprise à capitalisation boursière, Crossject accorde probablement moins de priorité aux questions ESG que les grandes sociétés. Une brève section de son rapport annuel décrit sept domaines où ces préoccupations devraient croître : la gouvernance, les droits de l’homme, l’environnement, les relations de travail, l’éthique, le développement local et les problèmes liés aux consommateurs. L’entreprise note également qu’une charte éthique, particulièrement pertinente dans le contexte américain, a été introduite dès l’exercice 20.

Score d'Environnement
Société (Secteur)
1,0 (3,9)
Ensembles de données évalués en tant que tendances sur un calendrier glissant, en fonction du secteur
More ...
ParamètresScoreSecteurPoids
Emissions CO₂1/104/10 30 %
Prélèvement d'eau1/104/10 30 %
Energie1/104/10 25 %
Déchets1/104/10 15 %
Score d'Environnement1,0  100%
Environment matters

En tant que petite entreprise à capitalisation boursière, Crossject fournit des informations limitées sur ce sujet. Le rapport annuel aborde brièvement certaines questions de durabilité (voir la section pertinente). Il est cependant assez courant que les petites entreprises à capitalisation boursière ne divulguent pas de détails étendus à ce stade.
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
Crossject Pharmacie
Données sectorielles
Société PaysScore d'EnvironnementEnergie (totale, GJ)Emissions CO₂ (tonnes)CO₂
Compensation
(in tons)		Prélèvement d'eau (m3)Déchets (total, tonnes)
        
AstraZeneca 9/105 803 69073 903 3 440 00023 409
Bachem 7/10217 3367 648 216 13020 934
Bayer 3/1031 878 0002 790 000710 00051 610 000968 990
BioNTech 9/10379 8618 0030235 0001 617
CrossjectCR 1/10     
Faes Farma 6/10260 00610 697 233 9632 491
Genmab 6/1045 824799 n/an/a
Grifols 5/103 765 798205 777 4 509 97078 071
GSK plc 6/108 935 200486 000 6 800 00039 000
H Lundbeck 9/10577 72823 263 284 34111 677
Hikma Pharmaceuticals 4/101 739 365130 743 1 473 43812 301
Ipsen 8/10278 65414 267 119 6742 637
Lonza Group 2/107 065 000524 000028 350 00060 400
Merck 5/108 750 704854 907012 340 028152 959
Novartis 7/106 201 000207 200 33 900 00035 500
Novo Nordisk 9/106 213 600183 000 5 988 000271 771
Novonesis 3/105 561 953441 643 10 272 168951 159
PolyPeptide 3/10217 18412 469 174 98518 361
Roche Holding 7/107 990 906220 491 14 403 22553 669
Sandoz 4/102 800 000196 100 17 000 00053 100
Sanofi 8/109 617 962305 000 8 500 000118 720
Siegfried 1/101 850 00068 000 6 069 00081 700
UCB 8/10757 17422 209 484 4405 763
Virbac 4/10430 37335 892 330 6196 538

Social score
Société (Secteur)
4,5 (6,1)
Social matters

Le niveau d’information concernant les problèmes sociaux est également assez limité, ce qui n’est guère surprenant pour une petite entreprise. Cependant, Ethifinance ESG Ratings, l’agence de notation spécialisée dans l’évaluation de la performance ESG des petites et moyennes entreprises cotées sur les marchés européens, a décerné à Crossject le certificat Ethifinance 2024 de niveau Argent pour reconnaître sa performance ESG en FY23. Cette reconnaissance de l’engagement du groupe confirme sa volonté de développer sa responsabilité sociale d’entreprise.
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.
More ...
ParamètresScorePoids
Evolution du personnel total9/10 15 %
Evolution du salaire moyen3/10 30 %
Part de la valeur ajoutée absorbée par les frais de personnel1/10 20 %
Part de la valeur ajoutée absorbée par les impôts1/10 15 %
Évolution de la dispersion des salaires5/10 20 %
Bonus Effectif et Retraites (0 ou 1)0
Quantitative score3,6/10 100%
Paramètres Qualitatifs (33 %)
Ensemble de critères qualitatifs, à cocher par l'analyste


More ...
ParamètresScorePoids
Accidents du travail4/10 25 %
Developpement des ressources humaines8/10 35 %
Paye3/10 20 %
Satisfaction au travail10/10 10 %
Communication interne10/10 10 %
  
Score Qualitatif6,4/10 100%


Sector figures
SociétéPaysSocial Score Score QuantitatifScore QualitatifStaffing
      
AstraZeneca 7,37,37,594 149
Bayer 7,16,78,088 856
UCB 7,16,29,010 421
GSK plc 6,85,98,666 507
Lonza Group 6,86,47,617 709
Genmab 6,75,98,32 748
Sanofi 6,66,17,674 752
Novo Nordisk 6,55,48,769 482
Bachem 6,55,48,62 794
Roche Holding 6,45,09,3112 492
Grifols 6,35,58,023 165
Novartis 6,25,47,974 514
H Lundbeck 6,25,48,05 570
Merck 6,16,65,363 086
Virbac 6,04,69,06 577
BioNTech 5,96,05,88 213
Ipsen 5,74,28,75 549
Sandoz 5,65,95,123 467
Hikma Pharmaceuticals 5,65,26,49 627
PolyPeptide 5,46,14,01 507
Siegfried 5,43,88,74 211
Novonesis 5,24,27,211 359
Faes Farma 3,24,21,32 257

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.