Scribd
Upload
80 views5 pages

CLP Group B 翻譯

The document discusses an analyst incorporating ESG factors into valuation of an electric utility company. It describes the analyst gathering data on the company's ESG initiatives and financials. It also discusses approaches to quantifying the impact of ESG factors, and the analyst deciding to adjust the company's weighted average cost of capital to incorporate ESG.

Uploaded by

xin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
80 views5 pages

CLP Group B 翻譯

The document discusses an analyst incorporating ESG factors into valuation of an electric utility company. It describes the analyst gathering data on the company's ESG initiatives and financials. It also discusses approaches to quantifying the impact of ESG factors, and the analyst deciding to adjust the company's weighted average cost of capital to incorporate ESG.

Uploaded by

xin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 5

CLP Group: Environmental, Social, and Governance Factors and Their Effects

on Valuation (B)'

中華電力集團：環境、社會和管治因素及其對估值的影響（B）

Susan Chen, a Hong Kong-based equity analyst, was making good progress on
writing her research report on China Light and Power Holdings (CLP).

香港股票分析師陳素珊（Susan Chen）正在積極撰寫有關中華電力控股有限公
司（CLP）的研究報告，進展頗為順利。

Following the outcome of the United Nations Climate Change Conference in


December 2015, at which world nations pledged measurably to reduce greenhouse gas
emissions, Susan had begun to explore how this outcome might affect valuations of
electric utilities. She reasoned that companies that had already begun to disclose
environmental and other social initiatives should receive a valuation boost. The
challenge was to quantify this boost.

在 2015 年 12 月聯合國氣候變化大會的結果出爐後，世界各國承諾有實際成效
地減少溫室氣體排放。陳素珊開始探討這一結果可能如何影響電力公用事業的
估值。她推斷，已經開始披露環境和其他社會倡議的公司應該會獲得估值提
升。挑戰在於量化這種提升。

Now, one week after the end of the December 2015 Climate Change Conference,
Susan had gathered substantial amounts of data on CLP. She hadcollected the usual
cash flow, growth, and cost of capital figures needed for traditional company
valuation. In addition, she had identified CLP's environmental, social, and governance
(ESG) initiatives and assessed the financial importance of these to investors. She had
prepared CLP's materiality matrix, which plotted the strength of each ESG factor's
potential business impact against its potential sustainability impact.

現在，距離 2015 年 12 月氣候變化大會結束已經一週，陳素珊已經收集了大量


關於中華電力的數據。她已經收集了傳統公司估值所需的現金流、增長和資本
成本等數字。此外，她還確定了中華電力的環境、社會和管治（ESG）倡議，
並評估了這些倡議對投資者的財務重要性。她已經準備好了中華電力的實質性
矩陣，該矩陣將每個 ESG 因素的潛在業務影響力與其潛在的可持續性影響力相
比較。
Susan now had to prepare CLP's valuation, incorporating the ESG factors and the
materiality matrix into the financial projections. Matthew Lok, her boss, was wary of
introducing ESG factors into his department's valuations. This meant that any
assumptions Susan made about ESG's impact would have to be backed by solid logic
and evidence.

現在，陳素珊需要準備中華電力的估值，將 ESG 因素和實質性矩陣納入財務預


測中。她的上司駱偉文（Matthew Lok）對於將 ESG 因素納入部門的估值感到
謹慎。這意味著陳素珊對 ESG 影響的任何假設都必須有堅實的邏輯和證據支
持。

Ways of Incorporating ESG into Valuation

Many analysts and investors did not consider ESG in their company valuation models,
on the basis that the relevant factors were difficult to quantify. Some portfolio
managers used ESG as a filter, stating that they would only invest in companies with a
defined minimum level ofattention to ESG factors. However, this binary approach did
not distinguish between different levels of ESG policies beyond the minimum.
Filtering companies in this way did not directly affect company valuation, beyond the
supply and demand effects resulting from diminished investor demand for companies
that did not pass the screen.

許多分析師和投資者在其公司估值模型中沒有考慮 ESG，因為相關因素很難量
化。一些投資組合經理將 ESG 作為篩選標準，表示他們只會投資於對 ESG 因
素有一定關注的公司。然而，這種二元方法並未區分不同程度的 ESG 政策，只
是過濾公司，不會直接影響公司估值，除非因為投資者對未通過篩選的公司需
求減少而導致的供需影響。

Leading investment firm Robeco defineda more integrated approach. Its methodology
incorporated ESG factorsdirectly into acompany's valuation calculation, assessinghow
each factor would affect the company's cash flows and/or its cost of capital.? The
Robeco methodology mapped ESG KPIs to value drivers, based on the KPIs' impact
on business drivers and on the company's competitive position. The premise was that
if
a company had a competitive edge on ESG factors, this edge should be reflected in its
value drivers and therefore in its growth rate, margins, perceived risk profile, and/or
cost of capital.
領先的投資公司 Robeco 定義了一種更為綜合的方法。其方法將 ESG 因素直接
納入公司估值計算中，評估每個因素將如何影響公司的現金流和/或其資本成
本。Robeco 的方法將 ESG 關鍵績效指標（KPIs）映射到價值驅動因素上，基
於 KPI 對業務驅動因素和公司競爭地位的影響。其假設是，如果一家公司在
ESG 因素上具有競爭優勢，則這種優勢應該反映在其價值驅動因素中，從而反
映在其增長率、利潤率、風險概況和/或資本成本中。

This integrated approach appealed to Susan, and she decided to use it to estimate the
impact of ESG factors into CLP's valuation

這種綜合方法吸引了陳素珊，她決定使用它來估計 ESG 因素對中華電力的估值


產生的影響。

CLP's Integrated Valuation

Susan first prepared a conventional forecast ofC L P ' s cash flows for the next five
years. [See Exhibits 1 and 2 for CLP's historical financial statements, forecast cash
flows, and the assumptions used in the forecast."

陳素珊首先為中華電力未來五年的現金流量做了一份傳統的預測。您可以查看
附件 1 和 2，其中包含中華電力的歷史財務報表、預測現金流量以及預測中使
用的假設。

Susan estimated CLP's weighted average cost of capital (WACC) to be 7.9%, based
on its 10.42% cost of equity and 4.18% after-tax cost of debt. [See Exhibit I for
detailed calculation.] Applying this WACC to the forecasted cash flows gave Susan a
value ofHKD76.03 per share, as shown in Exhibit 2. Exhibit 3 shows CLP's share
price in December 2015.

陳素珊估計中華電力的加權平均成本資本（WACC）為 7.9％，基於其 10.42％


的權益成本和 4.18％的稅後負債成本。將這個 WACC 應用於預測的現金流量，
得出的每股價值為 76.03 港元，如附件 2 所示。附件 3 顯示了 2015 年 12 月中
華電力的股價。

She then pondered how to adiust this traditional discounted cash flow (DCF)
valuation for the ESG factors. Her research indicated that either cash flows or WACC
could be adiusted. For companies that focusedon a specific ESG area, it was
appropriate to adjust the relevant revenue or expense line items. For example, if a
company's particular strength was fuel efficiency, resulting in cost savings, then
forecast expenses would be reduced. This would increase forecast cash flows and lead
to a higher valuation.

然後，她思考如何調整這個傳統的現金流量折現（DCF）估值以考慮 ESG 因
素。她的研究指出，可以調整現金流量或 WACC。對於專注於特定 ESG 領域的
公司，調整相關的收入或支出項目是合適的。例如，如果一家公司的特別優勢
是燃料效率，導致成本節省，那麼預測支出將會減少。這將增加預測的現金流
量，從而導致更高的估值

On the other hand, if a company was a clear leader across a range of ESG factors,
then it was more appropriate ot adjust WACC downward rather than adjusting specific
cash flows.'This WACC adiustment reflected the favorable prospects for overall firm
value of clear ESG leaders. The size of the WACC adjustment was difficult to
quantify; it was expected to reflect the risk profile and competitive landscape of the
industry sector, and was normally based on the analyst's experience and judgment.

另一方面，如果一家公司在多個 ESG 因素上是明顯的領先者，那麼調整 WACC


向下調整而不是調整特定的現金流量會更為合適。這種 WACC 調整反映了明顯
的 ESG 領先者對整體公司價值的有利前景。WACC 調整的大小很難量化；它預
計將反映行業風險概況和競爭環境，通常基於分析師的經驗和判斷。

[Exhibits 4and 5show ESG disclosurescores for CLP and other Hong Kong
companies.] As CLP was a strong ESG leader ni the industry, Susan thought the
adjusted WACC approach seemed the most reasonable choice.

由於中華電力在行業中是一家強大的 ESG 領先者，陳素珊認為調整後的 WACC


方法似乎是最合理的選擇。您可以參考附件 4 和 5，其中展示了中華電力和其
他香港公司的 ESG 披露分數。

After compiling a base valuation and a valuation incorporating ESG, Susan wanted to
understand how sensitive the valuation results were to her key ESG assumptions. To
achieve this understanding, she performed sensitivity analysis. If the ESG-linked
valuations were significantly different from the non-ESG valuations even after
carrying out sensitivity analysis, then Susan would have a strong case to persuade
Matthew that considering ESG factors could be an important tool in identifying
mispriced securities.
在編制了基準估值和納入 ESG 的估值之後，陳素珊想要了解估值結果對她的關
鍵 ESG 假設有多敏感。為了獲得這種理解，她進行了敏感性分析。如果即使在
進行了敏感性分析後，ESG 相關的估值與非 ESG 相關的估值有顯著不同，那麼
陳素珊將有強有力的理由說服駱偉文，認為考慮 ESG 因素可能是識別定價不正
確的證券的重要工具。

You might also like