IDI

This research has been commissioned and paid for by the company and does therefore not constitute an inducement caught by the prohibition under MiFID II

IDI ^CR	Bloomberg IDIP FP
Holding Companies / France	Web Site \| Investors Relation

Resilient to macro-economic headwinds

Sustainability score

Company (Sector)
2.9 (5.6)

Sustainability is made of analytical items contributing to the E, the S and the G, that can be highlighted as sustainability precursors and can be combined in an intellectually acceptable way. This is the only scale made available

More on Sustainability / ESG ...

	Score	Weight

Governance
Independent directors rate	5/10	25%	More ...
Board geographic diversity	0/10	20%
Chairman vs. Executive split		5%

Environment
CO² Emission	1/10	25%	More ...
Water withdrawal	1/10	10%

Social
Wage dispersion trend	0/10	5%	More ...
Job satisfaction	3/10	5%
Internal communication	10/10	5%

Sustainability score

2.9/10

100%

Sustainability matters

AlphaValue’s automated Sustainability scoring is not applicable to IDI, given that several data inputs necessary for the computation of the Environment and Social scores do not pertain nor apply to holding company-type structures such as IDI. Hence, the Sustainability score calculation is not relevant in this issuer’s case.

Governance score

Company (Sector)	Independent board
5.0 (5.5)	Yes

Parameters	Company	Sector	Score	Weight
Number of board members	11	10	7/10	5.0%
Board feminization (%)	45	36	9/10	5.0%
Board domestic density (%)	100	65	0/10	10.0%
Average age of board's members	60	58	5/10	5.0%
Type of company : Small cap, controlled			4/10	10.0%
Independent directors rate	54	44	5/10	20.0%
One share, one vote				10.0%
Chairman vs. Executive split				0.0%
Chairman not ex executive				5.0%
Full disclosure on mgt pay				5.0%
Disclosure of performance anchor for bonus trigger				5.0%
Compensation committee reporting to board of directors				5.0%
Straightforward, clean by-laws				15.0%
Governance score			5.0/10	100.0%

Governance matters

The four active managers are part of an executive committee. Checks and balances are provided by a supervisory board of 11 members (six of whom we judge as independent based on AlphaValue’s criteria) with three of them sharing responsibilities on an Audit committee.

The supervisory board has a limited sway as, ultimately, the general partner (Ancelle et Associés; see Worth Knowing) has all the power. Ancelle is as per the by-laws not represented on the supervisory board but two members of the controlling family (Langlois-Meurine) have seats.

Name (11)	Indep. (6/11)	Function	Completion of current mandate	Birth date	Date in	Date out	Fees / indemnity, in k€ (year)	Value of holding, in k€ (year)

Luce GENDRY	F	President/Ch...	2023	1950	2008		20.0 (2023)
Gilles BABINET	M	Member	2022	1967	2019		6.75 (2023)	ND (2023)
Nathalie BALLA	F	Member	2023	1967	2021		9.00 (2023)	ND (2023)
Sebastien BRETEAU	M	Member	2025	1971	2019		9.00 (2023)	ND (2023)
Philippe CHARQUET	M	Member	2023	1963	2011		17.0 (2023)	ND (2023)
Grégoire CHERTOK	M	Member	2023	1966	2017		9.00 (2023)	ND (2023)
Cyrille CHEVRILLON	M	Member	2025	1953	2022		6.75 (2023)
Iris LANGLOIS-MEURINNE	F	Member	2023	1976	2017		9.00 (2023)	ND (2023)
Domitille MEHEUT	F	Member	2023	1973	2014		14.0 (2023)	ND (2023)
Hélène MOLINARI	F	Member	2023	1963	2020		14.0 (2023)	ND (2023)
Jacques RICHIER	M	Member	2023	1955	2016		9.00 (2023)
Aimery LANGLOIS-MEURINNE	M	Member	2023	1943	2008	2023	9.00 (2022)
Corentin PETIT	M	Member	2023	1986	2021	2023	ND (2022)

Changes to Board of directors : 30/08/2024

Name (11)	Indep. (6/11)	Challenged (conflicted interests, distant or current)	Die hard (7 years or more)	Improbable (too young, disconnected profile)	Overloaded (too many boards, too old)	Specific agenda (gov. or staff rep)	Tied (family, business relations, executive)	Unknown (lack of history, short CV)

Luce GENDRY
Gilles BABINET
Nathalie BALLA
Sebastien BRETEAU
Philippe CHARQUET
Grégoire CHERTOK
Cyrille CHEVRILLON
Iris LANGLOIS-MEURINNE
Domitille MEHEUT
Hélène MOLINARI
Jacques RICHIER

Name (4)				Function	Birth date	Date in	Date out	Compensation, in k€ (year)
Name (4)				Function	Birth date	Date in	Date out	Cash	Equity linked

Christian LANGLOIS-MEURINNE	M	CEO	1944	1971	ND (2024)	ND (2023)
Julien BENTZ	M	Managing Part...	1975	2005	ND (2023)	ND (2023)
Marco DE ALFARO	M	Partner	1961	2004	ND (2023)	ND (2023)
Tatiana NOURISSAT	F	General Secret...	1969	2004	ND (2023)	ND (2023)

Changes to Management : 19/07/2024

Existing committees

Audit / Governance Committee
Compensation committee
Financial Statements Committee
Litigation Committee
Nomination Committee
Safety committee
SRI / Environment

Environmental score

Company (Sector)
1.0 (4.0)

Data sets evaluated as trends on rolling calendar, made sector relative

More ...

Parameters	Score	Sector	Weight
CO² Emission	1/10	5/10	30%
Water withdrawal	1/10	3/10	30%
Energy	1/10	4/10	25%
Waste	1/10	4/10	15%
Environmental score	1.0		100%

Environment matters

AlphaValue’s automated Environment scoring is not applicable to IDI, given that several data inputs necessary for the computation of the Environment score do not pertain nor apply to holding company-type structures such as IDI.

Environmental metrics

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

IDI Other Financials

Sector figures

Company	Environment score	Energy (total, in GJ)	CO2 Emissions (in tons)	Water Withdrawal (in m3)	Waste (total, (in tons)

Ackermans & van Haaren	2/10		672,792
Adyen	3/10	n/a	10,168	n/a	n/a
Amundi	9/10	56,282	6,392	32,085	161
Bolloré	10/10	1,066,597	56,876	242,705	22,515
Bouygues	6/10	42,149,000	2,300,000	1,000,000
Corporacion Financiera Alba	10/10	34,538	1,972	37,045	373
D’Ieteren Group	6/10	1,971,982	127,460		163,955
Deutsche Beteiligungs AG^BH	1/10		210
Deutsche Boerse	7/10	303,076	9,227	74,633	20
DWS	4/10		2,126
EdenRed	4/10	44,356	7,812	44,166	468
En+	2/10	353,000,000	53,800,000	1,035,300,000	225,000,000
Eurazeo	6/10	9,827,411	832,409	36,311,694	40,627
Euronext NV	4/10	23,522	6,714	253,892
Exor	3/10		351,370
GBL	4/10		171
Hal Trust	1/10
HBM Healthcare Investments^BH	1/10
Heineken Holding	7/10	7,009,000	1,200,000	86,000,000	5,092,000
IDI^CR	1/10
Industrivärden	10/10	3,490,125	291,000	2,128,125	85,125
Investor	10/10	19,224,680	217,114	11,137,056	397,752
Kinnevik Investment	6/10	688	229,124	n/a	n/a
Leonteq AG	6/10	12,294	321
London Stock Exchange Group	6/10	593,842	73,836	1,166	185
Nexi	5/10	240,602	11,573	605,600	1,319
Partners Group^BH	4/10		2,297	2,374,472
Pluxee	1/10
Porsche SE	1/10
Prosus	5/10	1,850	18,743	1,074	23
Sonae	8/10	3,023,469	157,568	2,232,119	110,054
Swissquote Group Holding	7/10	12,751	113	n/a	276
Tessenderlo Group	5/10	15,647,684	900,413	18,023,972	213,499
Vivendi	10/10	458,424	24,512	20,000	10,007
VZ Holding^BH	4/10		461,000
Wendel	4/10		116
Wise	4/10	12,565	868	n/a	227
Worldline	10/10	278,094	9,109	17,372	2,092

MORE DATA

Social score

Company (Sector)
4.3 (5.5)

Social matters

AlphaValue’s automated Social scoring is not applicable to IDI, given that several data inputs necessary for the computation of the Social score do not pertain nor apply to holding company-type structures such as IDI.

Quantitative metrics (67%)

Set of staff related numerical metrics available in AlphaValue proprietary modelling aimed at ranking on social/HR matters

More ...

Parameters	Score	Weight
Staffing Trend	2/10	20%
Average wage trend	8/10	35%
Share of added value taken up by staff cost	1/10	25%
Share of added value taken up by taxes	1/10	20%
Wage dispersion trend	0/10	0%
Pension bonus (0 or 1)	0
Quantitative score	3.7/10	100%

Qualitative metrics (33%)

Set of listed qualitative criterias and for the analyst to tick

More ...

Parameters	Score	Weight
Accidents at work	10/10	25%
Human resources development	5/10	35%
Pay	0/10	20%
Job satisfaction	3/10	10%
Internal communication	10/10	10%

Qualitative score	5.6/10	100%

Sector figures

Company	Social Score	Quantitative score	Qualitative score	Staffing

Wise	7.7	8.5	6.2	6,415
Prosus	7.6	7.0	9.0	27,387
Adyen	7.3	7.4	7.2	4,299
Worldline	7.3	6.9	8.0	18,009
Vivendi	7.1	6.7	8.0	63,500
Swissquote Group Holding	6.7	5.7	9.0	1,157
Amundi	6.7	5.4	9.3	5,486
London Stock Exchange Group	6.5	5.2	9.3	27,290
Investor	6.3	7.4	4.1	17,391
Industrivärden	6.2	4.5	9.7	15.0
Sonae	6.1	6.4	5.4	49,065
Ackermans & van Haaren	6.1	5.6	7.2	21,858
Bouygues	6.0	6.1	5.9	192,650
D’Ieteren Group	6.0	5.2	7.5	31,521
Leonteq AG	6.0	4.3	9.3	567
Kinnevik Investment	5.9	4.1	9.7	46.0
Heineken Holding	5.8	4.8	7.9	87,256
EdenRed	5.8	5.5	6.6	11,621
Deutsche Beteiligungs AG^BH	5.8	4.9	7.6	87.0
Pluxee	5.7	7.4	2.3	5,560
Deutsche Boerse	5.7	4.5	8.3	14,218
Tessenderlo Group	5.5	4.6	7.6	7,314
Exor	5.5	4.1	8.3	23.0
DWS	5.3	4.0	7.9	4,350
Euronext NV	5.2	3.3	9.3	2,327
Eurazeo	5.2	6.0	3.7	454
Wendel	4.7	5.8	2.7	89,921
Hal Trust	4.7	6.0	2.1	32,483
Porsche SE	4.6	4.4	5.1	43.0
Nexi	4.5	4.0	5.5	10,856
En+	4.3	4.3	4.5	89,163
Bolloré	4.2	5.2	2.4	92,232
Partners Group^BH	3.8	5.1	1.3	1,800
Corporacion Financiera Alba	3.8	4.4	2.7	205
GBL	3.8	4.2	3.0	13,910
HBM Healthcare Investments^BH	3.7	0.8	9.7	9.00
VZ Holding^BH	1.1	1.6	0.0	0.00

MORE DATA

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.

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