AlphaValue Corporate Services
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MyHotelMatch

CR
Bloomberg   MHM FP
Travel Services  /  France  Web Site   |   Investors Relation
Préparation du lancement de l'application de Matching

Sustainability score
Company (Sector)
2.5 (6.4)

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


Sustainability score 2.5/10 100%  
Sustainability matters
Soutenabilité de l’activité

Par extension le modèle de développement peut être estimé soutenable. En run rate l’application consomme peu de ressources incrémentales. MHM a l’opportunité de mettre en avant un tourisme durable en favorisant un tourisme vert par nature (type d’hébergement) ou de proximité (limitation d’émissions carbone).

Reporting MHM

L’activité de MHM étant embryonnaire, la société ne publie pas de rapport environnemental.


Environmental score
Company (Sector)
1.2 (3.8)
Data sets evaluated as trends on rolling calendar, made sector relative
ParametersScoreSectorWeight
CO² Emission1/105/10 30%
Water withdrawal1/103/10 30%
Energy1/104/10 25%
Waste2/103/10 15%
Environmental score1.2  100%
Environment matters
Impact direct

En tant que métier de services à fort contenu technique et technologique (informatique, algorithme, data management), l’impact sur l’environnement scope 1 & scope 2 est réduit au fonctionnement de l’application : énergie (électricité essentiellement) et stockage des données (datacenter). Nous ne considérons pas que les coûts environnementaux associés à l’hôtellerie font partie des scopes 1&2 de MHM. En tant que simple intermédiaire entre le consommateur et l’hôtelier, la responsabilité du scope 3 revient aux deux premiers.

Impact indirect

Les modèles d’optimisation de fréquentation des infrastructures contribuent à limiter le développement d’actifs sous-utilisés (types lits froids) ou sous-performants. Ils sont donc par nature considérés comme avoir un impact positif sur l’environnement. Néanmoins, cet effet ne peut être quantifié.

Via la création de « sous-communautés », MHM a l’opportunité de mettre en avant et promouvoir les modèles d’hébergement à faible impact environnemental.

Reporting environnemental MHM

L’activité de MHM étant embryonnaire, la société ne publie pas de rapport environnemental. Elle ne publie pas de prévisions d’émissions de toutes natures. Les productions de déchets et la consommation d’eau en scopes 1 & 2 peuvent néanmoins être anticipées comme marginales même en phase de maturité du Projet.

Environmental metrics

n/a
Energy (GJ) per €m in capital
employed

CO² tons per €m in capital
employed
n/a
Cubic meter water
withdrawal per €m in capital
employed
n/a
Tons waste generated per €m in
capital employed
MyHotelMatch Hotel, Catering & Leisure
Sector figures
Company CountryEnvironment
score
Energy
(total,
in GJ)
CO2
Emissions
(in tons)
CO2
Compensation
(in tons)
Water
Withdrawal
(in m3)
Waste
(total,
(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
HomeToGo SE BH 4/10 394   
Intercontinental Hotels Group 1/1048,393,2342,482,807 114,436,601633,357
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 5/102,749,380152,949   
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 8/101,841,940104,184 3,411,298 
TUI Group 1/1080,395,2225,664,960   
Whitbread 9/102,454,980138,942 5,744,00045,228

Social score
Company (Sector)
2.9 (6.2)
Social matters
Equipe

MHM a construit une équipe restreinte en « format commando » afin d’achever le développement de la plateforme et en préparer le lancement. Suite à l’acquisition de MyAgency, le nombre des salariés directs du groupe devrait être de l’ordre de 30-33. Avec le lancement de l’application, nous anticipons une montée en puissance du nombre des salariés (backoffice, modération, maintenance IT, paiement) jusque environ 50-60 personnes à horizon d’atteinte du point mort. Ce chiffre ne tient pas compte des possibilités d’utilisation de personnel via prestataires externes en sous-traitance (SSII) ni d’un déploiement à l’international.

Reporting social MHM

L’activité de MHM étant embryonnaire, la société ne publie pas de rapport social. Les politiques de rémunération ne sont pas connues à ce jour, ni leur structure (interne / externe à MHM). A notre connaissance, il n’existait pas à fin 2021 de conventions réglementées particulières appelées à se poursuivre en 2023.

Quantitative metrics (67%)
Set of staff related numerical metrics available in AlphaValue proprietary modelling aimed at ranking on social/HR matters
ParametersScoreWeight
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

ParametersScoreWeight
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 7.96.910.041,786
Sodexo 7.66.89.3448,756
Whitbread 7.36.98.346,190
Compass 7.36.19.7629,891
TUI Group 7.16.97.669,338
Mitchells & Butlers 7.16.97.650,259
Melia Hotels International 6.95.79.319,605
Intercontinental Hotels Group 6.66.56.815,799
Flutter Entertainment 6.55.68.319,877
NH Hotel Group 6.14.49.711,463
AccorHotels 5.84.09.7318,620
Entain 5.34.76.628,006
Kindred Group 5.33.88.32,395
HomeToGo SE BH 4.72.88.60.00
Elior 4.75.43.3136,103
La Française des Jeux 4.43.85.93,338
OPAP 4.24.04.71,661

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.