AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II


Bloomberg   MHM FP
Travel Services  /  France  Web Site   |   Investors Relation
Preparing to launch Matching App

Sustainability score
Company (Sector)
2.5 (5.9)

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

  Score Weight  
Independent directors rate 3/10 25%More ...
Board geographic diversity 5/10 20%
Chairman vs. Executive split 5%
CO² Emission 1/1025%More ...
Water withdrawal 1/1010%
Wage dispersion trend0/105%More ...
Job satisfaction0/105%
Internal communication10/105%

Sustainability score 2.5/10 100%  
Sustainability matters
Sustainability of the activity

By extension, the development model can be considered sustainable. In run rate, the application consumes few incremental resources. MHM has the opportunity to promote sustainable tourism by favouring green tourism by nature (type of accommodation) or proximity (limitation of carbon emissions).

MHM reporting

As MHM’s activity is embryonic, the company does not publish an environmental report.

Environmental score
Company (Sector)
1.2 (3.7)
Data sets evaluated as trends on rolling calendar, made sector relative
CO² Emission1/104/10 30%
Water withdrawal1/103/10 30%
Energy1/104/10 25%
Waste2/103/10 15%
Environmental score1.2  100%
Environment matters
Direct impact

As a service business with a high technical and technological content (IT, algorithms, data management), the impact on the environment concerning scope 1 & scope 2 is reduced to the operation of the application: energy (mainly electricity) and data storage (datacentre). We do not consider that the environmental costs associated with the hotel business are part of MHM’s scopes 1&2. As a simple intermediary between the consumer and the hotelier, the responsibility for scope 3 lies with the first two.

Indirect impact

The models for optimising the use of infrastructure help to limit the development of under-utilised (cold bed type) or under-performing assets. They are therefore by nature considered to have a positive impact on the environment. Nevertheless, this effect cannot be quantified.

Through the creation of “sub-communities”, MHM has the opportunity to highlight and promote low environmental impact accommodation models.

MHM environmental reporting

Because MHM’s business is in its infancy, the company does not publish an environmental report. It does not publish forecasts of emissions of any kind. The production of waste and the consumption of water in scopes 1 and 2 can nevertheless be anticipated as marginal even in the mature phase of the project.

Environmental metrics

Energy (GJ) per €m in capital

CO² tons per €m in capital
Cubic meter water
withdrawal per €m in capital
Tons waste generated per €m in
capital employed
MyHotelMatch Hotel, Catering & Leisure
Sector figures
Company CountryEnvironment
in GJ)
(in tons)
(in tons)
(in m3)
(in tons)
AccorHotels 2/1027,468,0002,928,000 35,000,000260,000
Compass 6/102,072,862146,807   
Elior 8/10433,78654,000 260,723 
Entain 10/10455,24830,409 117,8074,624
Flutter Entertainment 6/1037,3468,708 n/an/a
Intercontinental Hotels Group 2/1048,393,2342,482,807 114,436,601633,357
J D Wetherspoon 4/101,617,932114,883   
Kindred Group 4/1022,9461,324   
La Française des Jeux 9/1073,9452,071 14,627 
Melia Hotels International 5/103,560,210303,152 16,654,26031,734
Mitchells & Butlers 4/102,749,380152,949   
MyHotelMatchCR 1/10n/a  n/an/a
NH Hotel Group 8/101,940,80288,8163,4083,505,320341
OPAP 10/1040,7483,901 64,6691,455
Sodexo 7/101,841,940104,184 3,411,298 
TUI Group 1/1080,395,2225,664,960   
Whitbread 8/102,454,980138,942 5,744,00045,228

Social score
Company (Sector)
2.9 (6.3)
Social matters

MHM has built a small team in “commando format” to complete the development of the platform and prepare for launch. Following the acquisition of MyAgency, the number of direct employees of the group is expected to be in the range of 30-33. With the launch of the application, we expect the number of employees (backoffice, moderation, IT maintenance, payment) to increase to around 50-60 by the time it reaches breakeven. This figure does not take into account the possibility of using staff via external subcontractors (SSII) or an international deployment.

Social reporting MHM

As MHM’s activity is in its infancy, the company does not publish a social report. The remuneration policies are not known to date, nor their structure (internal / external to MHM). To our knowledge, at the end of 2021, there were no specific regulated agreements to be continued in 2023.

Quantitative metrics (67%)
Set of staff related numerical metrics available in AlphaValue proprietary modelling aimed at ranking on social/HR matters
Staffing Trend4/10 20%
Average wage trend1/10 35%
Share of added value taken up by staff cost1/10 25%
Share of added value taken up by taxes1/10 20%
Wage dispersion trend0/10 0%
Pension bonus (0 or 1)0
Quantitative score1.6/10 100%
Qualitative metrics (33%)
Set of listed qualitative criterias and for the analyst to tick

Accidents at work10/10 25%
Human resources development6/10 35%
Pay0/10 20%
Job satisfaction0/10 10%
Internal communication10/10 10%
Qualitative score5.6/10 100%

Sector figures
CompanyCountrySocial Score Quantitative scoreQualitative scoreStaffing
J D Wetherspoon,786
NH Hotel Group,610
Mitchells & Butlers,259
Melia Hotels International,377
TUI Group,338
Flutter Entertainment,877
Intercontinental Hotels Group,837
Kindred Group,395
La Française des Jeux,338

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.