Market & internal analysis of a PE firm’s portfolio companies’ valuation with an emphasis on ESG reporting & incorporation

Gimv is a private equity firm that specializes in the European midmarket space. Therefore it is not immune to the new developments in the financial markets in both Belgium and Europe. A green wave is flowing over Europe and brings along new regulations, stricter reporting standards, higher expectations from customers and the need for improved valuation techniques. Private equity firms have to adapt to these new changes. This report conducts an extensive revision of the valuation processes of Gimv and evaluates the possible integration of ESG metrics into these processes. In the second phase, an extensive outlook into the future regulation and disclosure requirement is given. The first part of the paper required a study of the internal valuation documents of Gimv and was combined with a literature review on the valuation techniques of Gimv’s peers. Both Gimv’s techniques and those of the peers were checked against guidelines provided by the appropriate legal frameworks. Following this initial research an exploratory analysis was performed on the historical data of Gimv’s portfolio companies. The initial results of the exploratory analysis prompted a volatility analysis of the valuations of these portfolio companies. The findings of the first part of the report show that the current valuation technique of Gimv, the multiples method combined with a discount that corrects for liquidity, market circumstances etc. appears to be the industry standard. The main reason for this choice can be found in the speed and efficiency by which a valuation can be conducted in this way. The exploratory analysis and the following volatility analysis provided insights on the size of the discounts applied by Gimv. The first part of the paper concludes that a reduction in the size of the discounts would bring the valuation of the portfolio companies closer to their fair value. For the second part of this paper, an examination on the current and future reporting standards and the possibility to incorporate these into valuation practices is performed. Overviews of the different regulatory frameworks, ESG rating practices and academic literature are given next to interviews with experts in the field of ESG. Additionally, the current sustainability approach of Gimv and its listed European peers are evaluated by reviewing their annual (sustainability) reports. The regulatory research concludes that the vast alphabetic soup of rules and standards will consolidate towards two frameworks, one established by the EU and one set up by the ISSB. The attempted construction of a ESG scoring framework yielded interesting insights in how ESG scoring remains very difficult even when enough data could be amassed and in how ESG scoring, even when done by experts, still result in biased outcomes. Finally, although Gimv is on track to become a leading company in terms of reporting, more efforts will have to be made to gather data, to explain their negative externalities and allow for thorough reviews of their portfolio companies.GIM

A new Python3 module for TELEMAC-MASCARET dedicated to post-treatment: Postel

Hydrodynamic

Skin mucus of Cyprinus carpio inhibits cyprinid herpesvirus 3 binding to epidermal cells

Cyprinid herpesvirus 3 (CyHV-3) is the aetiological agent of a mortal and highly contagious disease in common and koi carp. The skin is the major portal of entry of CyHV-3 in carp after immersion in water containing the virus. In the present study, we used in vivo bioluminescence imaging to investigate the effect of skin mucus removal and skin epidermis lesion on CyHV-3 entry. Physical treatments inducing removal of the mucus up to complete erosion of the epidermis were applied on a defined area of carp skin just before inoculation by immersion in infectious water. CyHV-3 entry in carp was drastically enhanced on the area of the skin where the mucus was removed with or without associated epidermal lesion. To investigate whether skin mucus inhibits CyHV-3 binding to epidermal cells, tail fins with an intact mucus layer or without mucus were inoculated ex vivo. While electron microscopy examination revealed numerous viral particles bound on the fins inoculated after mucus removal, no particle could be detected after infection of mucus-covered fins. Finally, anti-CyHV-3 neutralising activity of mucus extract was tested in vitro. Incubation of CyHV-3 with mucus extract reduced its infectivity in a dose dependent manner. The present study demonstrates that skin mucus removal and epidermal lesions enhance CyHV-3 entry in carp. It highlights the role of fish skin mucus as an innate immune protection against viral epidermal entry

Glucose-derived spiro-isoxazolines are anti-hyperglycemic agents against type 2 diabetes through glycogen phosphorylase inhibition

International audienceGlycogen phosphorylase (GP) is a target for the treatment of hyperglycaemia in the context of type 2 diabetes. This enzyme is responsible for the depolymerization of glycogen into glucose thereby affecting the levels of glucose in the blood stream. Twelve new d-glucopyranosylidene-spiro-isoxazolines have been prepared from O-peracylated exo-D-glucals by regio- and stereoselective 1,3-dipolar cycloaddition of nitrile oxides generated in situ by treatment of the corresponding oximes with bleach. This mild and direct procedure appeared to be applicable to a broad range of substrates. The corresponding O-unprotected spiro-isoxazolines were evaluated as glycogen phosphorylase (GP) inhibitors and exhibited IC50 values ranging from 1 to 800 μM. Selected inhibitors were further evaluated in vitro using rat and human hepatocytes and exhibited significant inhibitory properties in the primary cell culture. Interestingly, when tested with human hepatocytes, the tetra-O-acetylated spiro-isoxazoline bearing a 2-naphthyl residue showed a much lower IC50 value (2.5 μM), compared to that of the O-unprotected analog (19.95 μM). The most promising compounds were investigated in Zucker fa/fa rat model in acute and sub-chronic assays and decreased hepatic glucose production, which is known to be elevated in type 2 diabetes. This indicates that glucose-based spiro-isoxazolines can be considered as anti-hyperglycemic agents in the context of type 2 diabetes

Profile sellers of bushmeat and evaluation of biomass sold in municipal markets of Brazzaville, Congo

peer reviewedThe consumption of wildlife meat is an important source of animal protein for rural and urban population in Congo. A survey on bushmeat trade was undertaken in 21 municipal markets during four weeks, in Brazzaville. The objective of this study was to define the traders’ profile and to evaluate the quantities of games and meat merchandised on the municipal markets. The study methodology combined two approaches: a quantitative one using a questionnaire as principal tool for collecting data, and a qualitative one associating informal survey methods via individual or group interviews. The results showed that women were the most involved in this trade (52%). Markets trader’s monthly income was estimated at 210,428 (US$420) ± 49,128 (US$98,256) FCFA. On average, the bushmeat traders’ were 39 ± 10 years old and 69% of them attended the two levels of secondary education. During four weeks, 3,711 animal carcasses were recorded on the 21 surveyed markets, representing almost 35,790 kg of biomass. Overall, 35 animal species were identified, including 9 the hunting of which was prohibited. The mammals constituted 93.8% of total number of hunted animals, with three dominant orders as the artiodactyls (49.2%), the rodents (22.6%) and the primates (17.7%), of which the Cephalophus, the Potamochoerus, the Atherurus and the Cercopithecus were the most represented. It was also noticed that trapping, an activity which leads to great losses, becomes very important, followed by be helpful alternatives to meet Congolese demand for bushmeat. For a sustainable management of the Congo’s faunic resources, this study suggests the introduction gun-hunting. The Congo-Ocean Railway and the National Road n°2 were used regularly in the transportation of game, to a 72% level. The district of Niari, Lekoumou, Sangha and Pool were the main sources of supply. At the present time, the meat quantities offered in Brazzaville markets don’t seem to be reduced because hunting areas extend always further, often to the detriment of protected areas. Despite the fact that such business squarely growths and shows evidence of overexploitation, activities promoting game farming and breeding of domestic species, in Brazzaville suburbs, are needed to mitigate the impact of bushmeat trade

L’Intelligence Collective dans la Conception et le Déploiement d’une Unité d’Enseignement Transversale et Interdisciplinaire à Grande Échelle : l’UE CATI

L’Unité d’Enseignement (UE) CATI est basée sur l’apprentissage par projets, la transversalité et l’interdisciplinarité de sa conception jusqu’à sa valorisation. Expérimentées pour la première2fois en 2020-2021 pour les 1086 étudiants de 1ʳᵉ année de licence inscrits au sein de l’institut sciences et techniques de CY Cergy Paris Université (CY), la construction et la réalisation en apprentissage par projet d’une UE interdisciplinaire de cette envergure ont été rendues possibles par l’implication de plusieurs acteurs, en mobilisant les principes de l’intelligence collective.Dans cet article, nous indiquerons comment l’intégration des principes de l’intelligence collective à toutes les étapes a permis d’engager et de mettre en mouvement ces différents acteurs : la conception de l’UE par 15 enseignants issus de 8 départements disciplinaires, sa mise en oeuvre/animation par 44 étudiants-tuteurs, eux-mêmes accompagnés par deux services distincts de l’université, a permis au millier d’étudiants de 1ʳᵉ année organisés en 143 groupes autonomes, de travailler en apprentissage par projet, de produire dans les délais imposés des livrables ancrés dans des problématiques sociétales et territoriales

Les droits disciplinaires des fonctions publiques : « unification », « harmonisation » ou « distanciation ». A propos de la loi du 26 avril 2016 relative à la déontologie et aux droits et obligations des fonctionnaires

The production of tt‾ , W+bb‾ and W+cc‾ is studied in the forward region of proton–proton collisions collected at a centre-of-mass energy of 8 TeV by the LHCb experiment, corresponding to an integrated luminosity of 1.98±0.02 fb−1 . The W bosons are reconstructed in the decays W→ℓν , where ℓ denotes muon or electron, while the b and c quarks are reconstructed as jets. All measured cross-sections are in agreement with next-to-leading-order Standard Model predictions.The production of $t\overline{t}$, $W+b\overline{b}$ and $W+c\overline{c}$ is studied in the forward region of proton-proton collisions collected at a centre-of-mass energy of 8 TeV by the LHCb experiment, corresponding to an integrated luminosity of 1.98 $\pm$ 0.02 \mbox{fb}^{-1}. The $W$ bosons are reconstructed in the decays $W\rightarrow\ell\nu$, where $\ell$ denotes muon or electron, while the $b$ and $c$ quarks are reconstructed as jets. All measured cross-sections are in agreement with next-to-leading-order Standard Model predictions

A study of CP violation in B-+/- -> DK +/- and B-+/- -> D pi(+/-) decays with D -> (KSK +/-)-K-0 pi(-/+) final states

A first study of CP violation in the decay modes $B^\pm\to [K^0_{\rm S} K^\pm \pi^\mp]_D h^\pm$ and $B^\pm\to [K^0_{\rm S} K^\mp \pi^\pm]_D h^\pm$, where $h$ labels a $K$ or $\pi$ meson and $D$ labels a $D^0$ or $\overline{D}^0$ meson, is performed. The analysis uses the LHCb data set collected in $pp$ collisions, corresponding to an integrated luminosity of 3 fb$^{-1}$. The analysis is sensitive to the CP-violating CKM phase $\gamma$ through seven observables: one charge asymmetry in each of the four modes and three ratios of the charge-integrated yields. The results are consistent with measurements of $\gamma$ using other decay modes

Study of the rare B-s(0) and B-0 decays into the pi(+) pi(-) mu(+) mu(-) final state

A search for the rare decays $B_s^0 \to \pi^+\pi^-\mu^+\mu^-$ and $B^0 \to \pi^+\pi^-\mu^+\mu^-$ is performed in a data set corresponding to an integrated luminosity of 3.0 fb$^{-1}$ collected by the LHCb detector in proton-proton collisions at centre-of-mass energies of 7 and 8 TeV. Decay candidates with pion pairs that have invariant mass in the range 0.5-1.3 GeV/$c^2$ and with muon pairs that do not originate from a resonance are considered. The first observation of the decay $B_s^0 \to \pi^+\pi^-\mu^+\mu^-$ and the first evidence of the decay $B^0 \to \pi^+\pi^-\mu^+\mu^-$ are obtained and the branching fractions are measured to be $\mathcal{B}(B_s^0 \to \pi^+\pi^-\mu^+\mu^-)=(8.6\pm 1.5\,({\rm stat}) \pm 0.7\,({\rm syst})\pm 0.7\,({\rm norm}))\times 10^{-8}$ and $\mathcal{B}(B^0 \to \pi^+\pi^-\mu^+\mu^-)=(2.11\pm 0.51\,({\rm stat}) \pm 0.15\,({\rm syst})\pm 0.16\,({\rm norm}) )\times 10^{-8}$, where the third uncertainty is due to the branching fraction of the decay $B^0\to J/\psi(\to \mu^+\mu^-)K^*(890)^0(\to K^+\pi^-)$, used as a normalisation.A search for the rare decays Bs0→π+π−μ+μ− and B0→π+π−μ+μ− is performed in a data set corresponding to an integrated luminosity of 3.0 fb−1 collected by the LHCb detector in proton–proton collisions at centre-of-mass energies of 7 and 8 TeV . Decay candidates with pion pairs that have invariant mass in the range 0.5–1.3 GeV/c2 and with muon pairs that do not originate from a resonance are considered. The first observation of the decay Bs0→π+π−μ+μ− and the first evidence of the decay B0→π+π−μ+μ− are obtained and the branching fractions, restricted to the dipion-mass range considered, are measured to be B(Bs0→π+π−μ+μ−)=(8.6±1.5 (stat)±0.7 (syst)±0.7(norm))×10−8 and B(B0→π+π−μ+μ−)=(2.11±0.51(stat)±0.15(syst)±0.16(norm))×10−8 , where the third uncertainty is due to the branching fraction of the decay B0→J/ψ(→μ+μ−)K⁎(892)0(→K+π−) , used as a normalisation.A search for the rare decays Bs0→π+π−μ+μ− and B0→π+π−μ+μ− is performed in a data set corresponding to an integrated luminosity of 3.0 fb−1 collected by the LHCb detector in proton–proton collisions at centre-of-mass energies of 7 and 8 TeV . Decay candidates with pion pairs that have invariant mass in the range 0.5–1.3 GeV/c2 and with muon pairs that do not originate from a resonance are considered. The first observation of the decay Bs0→π+π−μ+μ− and the first evidence of the decay B0→π+π−μ+μ− are obtained and the branching fractions, restricted to the dipion-mass range considered, are measured to be B(Bs0→π+π−μ+μ−)=(8.6±1.5 (stat)±0.7 (syst)±0.7(norm))×10−8 and B(B0→π+π−μ+μ−)=(2.11±0.51(stat)±0.15(syst)±0.16(norm))×10−8 , where the third uncertainty is due to the branching fraction of the decay B0→J/ψ(→μ+μ−)K⁎(892)0(→K+π−) , used as a normalisation.A search for the rare decays $B_s^0 \to \pi^+\pi^-\mu^+\mu^-$ and $B^0 \to \pi^+\pi^-\mu^+\mu^-$ is performed in a data set corresponding to an integrated luminosity of 3.0 fb$^{-1}$ collected by the LHCb detector in proton-proton collisions at centre-of-mass energies of 7 and 8 TeV. Decay candidates with pion pairs that have invariant mass in the range 0.5-1.3 GeV/$c^2$ and with muon pairs that do not originate from a resonance are considered. The first observation of the decay $B_s^0 \to \pi^+\pi^-\mu^+\mu^-$ and the first evidence of the decay $B^0 \to \pi^+\pi^-\mu^+\mu^-$ are obtained and the branching fractions, restricted to the dipion-mass range considered, are measured to be $\mathcal{B}(B_s^0 \to \pi^+\pi^-\mu^+\mu^-)=(8.6\pm 1.5\,({\rm stat}) \pm 0.7\,({\rm syst})\pm 0.7\,({\rm norm}))\times 10^{-8}$ and $\mathcal{B}(B^0 \to \pi^+\pi^-\mu^+\mu^-)=(2.11\pm 0.51\,({\rm stat}) \pm 0.15\,({\rm syst})\pm 0.16\,({\rm norm}) )\times 10^{-8}$, where the third uncertainty is due to the branching fraction of the decay $B^0\to J/\psi(\to \mu^+\mu^-)K^*(890)^0(\to K^+\pi^-)$, used as a normalisation