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Crossject

CR 		Bloomberg   ALCJ FP
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Les choses bougent

Score de durabilité
Société (Secteur)
4,0 (5,9)

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 8/10 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 salaires6/105 %More ...
Satisfaction au travail10/105 %
Communication interne10/105 %

Score de durabilité 4,0/10 100%  
Sustainability matters

En tant que Small cap, Crossject accorde probablement moins d’importance aux sujets ESG que les grands groupes à ce stade. Néanmoins, une brève section de son rapport annuel décrit ce que le groupe considère comme les sept domaines dans lesquels ces préoccupations sont vouées à croître : la gouvernance (cf. section correspondante), les droits de l’homme, l’environnement, les relations dans le travail, l’éthique, le développement local et les questions liées aux consommateurs. Le groupe indique également qu’une charte éthique (particulièrement utile dans le contexte américain) a été publiée en 2020.

Score d'Environnement
Société (Secteur)
1,0 (3,8)
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 capitalisation, Crossject ne publie à ce jour que très peu d’informations sur ce thème. Si le rapport annuel aborde brièvement un certain nombre de points relatifs au développement durable (cf. section correspondante), à ce stade, il est clairement habituel pour une petite capitalisation de ne pas trop s’attarder sur le sujet.
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 8/105 440 802200 838 3 590 00030 217
ATAI Life Sciences BH 1/10     
Bachem BH 1/10155 7058 476 139 31514 439
Bayer 3/1035 010 0003 000 000053 000 0001 164 000
BB Biotech BH 4/10 33 3 4349
BioNTech 8/10187 1604 6810102 0001 590
CrossjectCR 1/10     
CureVac 1/10     
Faes Farma 5/1091 9817 580 166 4711 389
Genmab 6/1011 855555 n/an/a
Grifols 5/103 343 532204 565 3 676 80951 119
GSK plc 4/109 489 600644 000 7 400 00049 700
H Lundbeck 9/10386 91725 291 229 87416 694
Hikma Pharmaceuticals 4/101 549 422123 638 1 231 31214 876
Idorsia BH 6/1056 300444 27 642260
Ipsen 8/10268 33718 104 101 8244 038
Lonza Group 3/106 269 000551 000028 628 00061 664
Merck 4/108 413 2001 690 000012 100 000291 000
Novartis 7/106 200 000298 100 34 600 00034 900
Novo Nordisk 9/103 784 00093 000 4 150 000189 091
PolyPeptide BH 4/10116 0609 927 138 
Roche Holding 6/1010 258 000339 430 16 700 00027 589
Sandoz 3/102 790 000229 680 15 360 00059 650
Sanofi 7/1011 490 415450 361 10 700 000164 091
Siegfried BH 3/101 901 62768 166 6 329 00080 605
UCB 8/10932 60022 166 476 86610 858
Virbac 4/10284 49422 630 264 0614 642

Social score
Société (Secteur)
4,8 (6,0)
Social matters

Le niveau d’information sur les questions sociales est également assez limité, ce qui n’est pas vraiment surprenant pour une small cap. Toutefois, le groupe indique que son indice d’égalité (indice Gaia) a atteint 60/100 pour 2022 contre 46 en 2021. L’agence de notation ESG Gaia Research évalue les performances ESG des PME cotées sur les marchés européens, soit plus de 2300 entreprises, cf. la rubrique sur les effectifs.
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 total8/10 15 %
Evolution du salaire moyen4/10 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 salaires6/10 20 %
Bonus Effectif et Retraites (0 ou 1)0
Quantitative score4,0/10 100%
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
      
Genmab 7,57,18,32 237
AstraZeneca 7,47,37,585 536
BB Biotech BH 7,26,19,710,0
Lonza Group 7,27,17,618 665
GSK plc 7,06,38,669 861
UCB 6,95,99,09 355
Virbac 6,85,89,05 638
Bachem BH 6,86,27,92 200
Roche Holding 6,65,39,3103 346
Novo Nordisk 6,65,68,768 091
Sanofi 6,66,17,685 980
Siegfried BH 6,55,58,74 012
Novartis 6,45,77,975 296
Grifols 6,35,58,021 579
Bayer 6,35,58,099 588
H Lundbeck 6,35,58,05 677
Ipsen 6,25,08,75 338
Hikma Pharmaceuticals 6,26,16,48 989
PolyPeptide BH 6,27,24,01 240
Sandoz 6,16,65,123 748
BioNTech 6,16,25,86 191
Merck 6,06,45,363 193
Faes Farma 3,34,31,31 796
Idorsia BH 3,22,15,50,00
CureVac 2,72,43,3984
ATAI Life Sciences BH 1,42,10,00,00

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.