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Note:ThefollowingisaredactedversionoftheoriginalreportpublishedAugust29,2024[73pgs].
EQUITYRESEARCH|August29,2024|3:58AMBST
Nature&Biodiversity
AnalysingrisksandopportunitiesthroughanewNatureDataTool
AsmorecompaniesfocusonBiodiversityandNaturetobothmeet
corporatesustainabilitystrategiesandmanagebusinessrisks,wesee
risinginterestbycorporatesandSustainableinvestorstoquantify
Nature-relatedperformance,riskandenablement.Withthisreportwe
introducetheGSSUSTAINNatureFramework,anewdatasetthatlookstobetterquantify1)corporateexposureandrelevance,2)transparencyandstrategy,and3)performanceonfourdifferentdriversinfluencingnatureoutcomes.
AsNatureandBiodiversityisearlyinitsemergenceasathemeinvestorsarelookingtoquantifyatthecompany-specificlevel,wewouldhesitatetodrawstrongconclusionsaboutNature'scurrentimpactonequity
valuation,thoughwemayseegreaterdivergenceovertime.Wedo,
however,findthatcompanieswithstrongerrelativeNaturePerformance(basedonourNatureFramework)tradeatmodestpremiumstolaggardpeers,whilemoreTransparentcompaniestendtotradeatdiscounted
valuationvslesstransparentpeers.Webelievethissupportstheview
thatthemarketmaybemorewillingtorewardfavourableperformance-
drivenoutcomesfromcompanies,ratherthanjustdisclosurealone,consistentwithourviewsonbroadESGintegrationandClimate
Transition.
MadelineMeyer
+44207774-4593
madeline.r.meyer@GoldmanSachsInternational
ShubhamJain
+1(332)245-7652
shubham.jain@GoldmanSachsIndiaSPL
EvanTylenda,CFA
+44207774-1153
evan.tylenda@
GoldmanSachsInternational
RachitAggarwal
+1(212)934-7689
rachit.aggarwal@GoldmanSachsIndiaSPL
GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcertificationandotherimportantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USaffiliatesarenot
TheGoldmanSachsGroup,Inc.
registered/qualifiedasresearchanalystswithFINRAintheU.S.
Forthefulllistofauthors,seeinside.
CONTRIBUTINGAUTHORS
MadelineMeyer
+44(20)7774-4593
madeline.r.meyer@
GoldmanSachsInternational
DerekR.Bingham
+1(415)249-7435
derek.bingham@GoldmanSachs&Co.LLC
ShubhamJain
+1(332)245-7652
shubham.jain@
GoldmanSachsIndiaSPL
BrianSinger,CFA
+1(212)902-8259
brian.singer@
GoldmanSachs&Co.LLC
BrendanCorbett
+1(415)249-7440
brendan.corbett@GoldmanSachs&Co.LLC
RachitAggarwal
+1(212)934-7689
rachit.aggarwal@GoldmanSachsIndiaSPL
EvanTylenda,CFA
+44(20)7774-1153
evan.tylenda@
GoldmanSachsInternational
EmmaJones
+61(2)9320-1041
emma.jones@
GoldmanSachsAustraliaPtyLtd
GraceChen
+44(20)7774-5119grace.j.chen@
GoldmanSachsInternational
GoldmanSachs
GSSUSTAIN:Nature&Biodiversity
TableofContents
ExecutiveSummary
3
TheGSSUSTAINNatureTool:MeasuringBiodiversity&NatureAdopters
9
Movingbeyondmanagingrisk:IdentifyingBiodiversity&NatureEnablers
23
Whatsustainableinvestorsmaylooktoassessbutwheredisclosureremainslimited
28
FrameworksandCatalyststoChangeFutureDataAvailabilityLandscape
33
DisclosureAppendix
39
ThefollowingisaredactedversionofGoldmanSachsResearch’sreport“GSSUSTAIN:Nature&Biodiversity:AnalysingrisksandopportunitiesthroughanewNatureDataTool”originally
publishedAug.29,2024(73pgs).Allcompanyreferencesinthisnoteareforillustrativepurposesonlyandshouldnotbeinterpretedasinvestmentrecommendations.
19September20242
GoldmanSachsGSSUSTAIN:Nature&Biodiversity
ExecutiveSummary
Naturecontinuestogainmomentumasafocusareaforcorporatesustainabilitystrategies,sustainableinvestors,andotherstakeholders.Webelievetherearefivecatalystsforthistocontinue:
1.RecognitionbycorporatesoftheneedforNature-basedsolutionstoaddressdecarbonizationefforts,particularlyastechnology-basedsolutionscontinuetoscale.
2.Pushbycompaniestowardsgreaterefficienciesviauseoflandresources,by
governmentstoadvanceeconomicobjectivesandbycorporates/governmentstoadvancesustainableambitions.
3.Physicalandfinancialrisksofbiodiversitylossandassociatedimpactstocorporateoperations,supplychainsandmaterialssourcing.
4.Theneedtoaddressbiodiversityinthepermittingprocessforcorporateprojectsrequiringlanddevelopment,whereinsufficientriskmanagementofpotential
impactscouldleadtosignificantdelaysorinsomecasesprojectcancellations.
5.Country-levelresponsestotherecently-signedGlobalBiodiversityFramework,
whichhighlightedtheimportanceofenvironmentalissuesoutsideofclimatechangetoglobalsustainabledevelopment.
ButrisingdemandtoincorporateNatureintosustainableinvestmentstrategieshas,inmanycases,outpacedtheabilityof1)themarkettocoalescearoundareporting
framework,2)organizationstodevelopmethodologiesforunderstandingthefinancialandphysicalrisksassociatedwithbiodiversityloss,3)companiestomeasureand
disclosetheirimpactstonature,and4)thirdpartydatavendorstooffersolutionsforinvestors.WeintroduceourGSSUSTAINNatureTooltomeasurecorporate
transparencyandperformanceonfourdifferentdriversinfluencingBiodiversityandNatureoutcomes.Thisrepresentsastartingpointaheadofwhatweexpectwillbeincreasedcorporatefocusanddisclosure.Ouranalysissuggeststhatwhile
nuanceisrequiredtounderstandthesymbioticrelationshipsbetweendifferentdriversofnaturechangeandoptimizeopportunitiesforpositiveimpact,significantprogresshas
beenmademakingquantitativeanalysisofcorporatenature-relatedplansandperformancepossibletoday.
19September20243
Whythismattersforinvestors
Witharisingglobalfocusonnatureandbiodiversity,webelievesustainable
investorswilllooktoassesscompanies’biodiversityimpactsasanindicatorofimprovedbusinessresilienceandreducedrisk.Webelievethedifferencestorisk,earningsandreturnoncapitalfromhealthyecosystemsvs.disruptedonesislikelytobecomeincreasinglyrelevantforcompaniesandinvestors.Weseetwoareasof
increasedfocusataminimumforsustainableinvestorsbutpotentiallymorebroadly:
nPhysicalandfinancialrisksofpotentialecosystemserviceslossestocorporateoperationsandmaterialssourcing;and
nRegulatory,litigationandcostofcapitalrisksassociatedwithnotaddressing
negativeimpactsofoperations,productsandservicestonatureandbiodiversity.
MeasuringcorporateBiodiversitytransparencyandperformance
Inthisreport,weintroduceaframeworktohelpmeasurethoserisksandanalysehowcompanystrategies,commitments,andenvironmentalperformancemay
increaseordecreasethoserisksandexternalities.Weframetheassessmentofcompanyimpactstonaturethroughfivekeysteps:
1.Site/Setting
2.Natureimportance,stateandcondition
3.Activitiesofbusinessoperations
4.PlanandTransparencytoaddressimpacts
5.Performanceofbusinessimpactstothedriversofnaturechange(land-usechange,climatechange,pollution,andnaturalresourceuseandexploitation).
WeintroducetheGSSUSTAINNatureTooltomeasuresteps3-5.TheGSSUSTAINNatureToolisanewdatasetforinvestorstoassesscompanyexposureto,
transparencyon,andfootprintandperformancerelatedtobiodiversityandthedriversofnatureloss.Thisframeworkincorporatescompany-reporteddata,revenuealignmentand
GSproprietarydata.TheGSSUSTAINNatureToolcanhelpprovideinformationontherelevanceofcompanies’businessactivitiestonaturethroughmateriality
assessments,andoncompanies’biodiversity-relatedfootprints,assessing
transparency,performanceandplans.ThiscanactasastartingpointforinvestorduediligenceonSNAPPsteps3-5.Wheredatagapsexist,wehighlightkeyareasofdevelopment,alternativesolutionsandcatalystsforimprovementindataavailability
movingforward.
19September20244
Keytakeawaysfromouranalysis
1.Naturedataisscarce,however,whereavailableitcanserveasausefultoolforprovidingcontexttocompanyanalysis.Whileavailabilityofdataiscurrently
limitedtomeasuresomedriversofnaturechangetoday,we’vebeenabletouse
existingdatatofindwherecompaniesareearlyleadersinconsideringbiodiversityinriskmanagementprocessesanddisclosingexposures.OurGSSUSTAINNaturetoolalsohighlightschallengesinbiodiversityanalysis,asveryfewcompanieshave
sector-leadingplansandperformanceonrelevantnumericindicatorsandmetricsacrossdriversofnaturechange.MostcompaniesthatrankwellintheSUSTAIN
NatureHeadlinePerformanceandPlanranksarethusnotsector-relativeleadersonalldriversofnaturechangeandinsteadhaveareasofstrengthandotherareasforfuturefocustoreducepotentialnegativeimpacts.
2.Weanticipatethedataforbiodiversitytosignificantlyimproveintheyears
aheaddrivenbypushesforgreaterlandandmaterialefficiencies,implementationofdecarbonizationstrategies,biodiversitylossimpactstomaterialssourcing,increasedscrutinyonlanddevelopmentprojects,andresponsestotheGlobalBiodiversity
Framework.Establishingaquantitativescience-basedframeworkfor
investmentandriskmanagementstrategiestodaycanprovidefirstmoveradvantagestomeasuringanddevelopingproduct,inourview.
3.AsNatureandBiodiversityemergeasanewtheme,consensusaround
leadershipremainsinconsistent.Thus,wewouldhesitatetodrawstrong
conclusionsaboutNature’simpactoncompanyvaluation,thoughwemayseegreaterdivergenceovertime.Wedo,however,seecompanieswithstronger
relativeNaturePerformanceformaterialsectorstradeatamodestpremiumtolaggardpeerson12mfwdEV/EBITDA,whileNaturePlan/Transparencyleaderstradeatadiscounttolaggards.Webelievethissupportstheviewthatthemarketiswillingtorewardfavourableperformance-drivennatureoutcomesfromcompaniesvs.justdisclosurealone.
4.Onstockperformance,NaturePerformanceleadershaveunderperformed
laggardpeersandtheMSCIACWIsincethebeginningof2022,withcumulativeunderperformanceof14%ptsand8%ptsrespectively.This,inourviewcould
indicatethepotentialfordiscoveryvalueforcompanieswithstrongperformance-drivenoutcomes.LeadersintheGSSUSTAINNature
Plan/TransparencyRankhaveperformedsimilarlyvslaggardpeersoverthesameperiodandoutperformedtheMSCIACWI,offeringslightlyhigherdownsideprotectionin2022tobothQ5andtheACWI.
5.Whileweareabletoanalyseadoptersofnatureriskmanagement,further
workisrequiredtosystematicallyevaluateNatureEnablers,Solutions
ProvidersandRevenueBeneficiaries.Waterresiliency,land&agriculture
management,thecirculareconomy,infrastructureefficiency,technologysolutions,andenvironmentalremediationcompanieswillbekeytoaddressnature-related
dependenciesandresultingriskfromecosystemservicedisruptions.Weprofile36companiesacrossthesethemesasrevenuebeneficiariesandnatureenablers.
19September20245
GoldmanSachsGSSUSTAIN:Nature&Biodiversity
19September20246
GoldmanSachsGSSUSTAIN:Nature&Biodiversity
Whereinvestorswilllikelyfocus,andcompaniesthatstandoutfavorablyNature&BiodiversityAdopters
Webelieveinvestorswillinitiallyfocusonsectorswherepotentialnegative
impactstobiodiversityareveryhigh.TheseincludesectorslikeFood&BeverageandMetals&Miningwheretheremaybeconcernsregardingdeforestation,soilandwaterpollution,habitatfragmentationandnaturalresourceconsumption.
Nature&BiodiversityEnablers
Disruptionofecosystemservicesasaresultofnatureandbiodiversitylosswill
becomeincreasinglyrelevantforcompaniesandinvestors,inourview.Asthereisgreaterfocusbybothinvestorsandcorporatesonbusinessresiliency/reliability,weseeincreasingfocusonthedeploymentofadaptivemeasurestomitigatebothnatureand
climatephysicalandfinancialrisks.Weseepotentialforinvestorstorewardissuerswithincreasedresilienceplansandperformance,andthosethatareprovidingadaptive
solutions.
Webelievewaterresiliency,land&agriculturemanagement,thecirculareconomy,infrastructureefficiency,technologysolutions,andenvironmentalremediation
companieswillbekeytoaddressingnature-relateddependenciesandresultingriskfromecosystemservicedisruptions.
19September20247
GSSUSTAINNatureFrameworkandRelativeValuation
AsNatureandBiodiversityemergeasanewtheme,consensusaroundleadershipremainsinconsistent.Thus,wewouldhesitatetodrawstrongconclusionsaboutNature’simpactoncompanyvaluation,thoughwemayexpecttoseegreater
divergenceovertime.Today,modestpositivevaluationsignalsareapparentfor
ourSUSTAINNaturePerformanceheadlinerank,withanEV/EBITDAaverage
premiumof9%forNaturePerformanceQ1vs.Q5betweenJanuary2021andAugust2024andamoremodest3%premiumforNaturePerformanceQ1vsconstituentsof
theMSCIACWIwithModerate,HighorVeryHighNaturemateriality.Plan/Transparency,however,showsconsistentunderperformanceforleadersvs.laggardsintheGS
SUSTAINNaturePlanheadlinerank,withanaveragediscountof-29%Q1vs.Q5
betweenJan2021andAugust2024and-17%Q1vs.theMSCIACWI.Consistentwith
ourviewsonbroaderESGintegrationandclimatetransition,webelievethissupportstheviewthatthemarketismorewillingtorewardfavorableperformance-driven
outcomesfromcompanies,ratherthanjustdisclosurealone.
Exhibit1:NaturePerformanceleadersconsistentlytradeata
premiumtolaggardpeers,andataslightpremiumtoMSCIACWIsectorpeers...
12m
12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPerformanceRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI
fwdEV/EBITDA(10%trimmedmean)
16x15x14x13x12x11x10x9x8x
7x
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
ACWIQ1PerfQ2Perf一Q3PerfQ4Perf一Q5Perf
Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch
Exhibit2:...WhilethemultiplespreadbetweenNaturePlan
leadersandlaggardshasbeenconsistentlynegative,withNaturePlanleaderstradingatadiscounttobothlaggardsandtheMSCIACWI...
12m
12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPlanRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI
fwdEV/EBITDA(10%trimmedmean)
16x15x14x13x12x11x10x9x8x
7x
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
ACWI一Q1PlanQ2PlanQ3PlanQ4Plan一Q5Plan
Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch
WhydataforNatureisinearlierstagesvs.Decarbonization
A‘globallimit’targetforbiodiversitylosshasnotbeenwidelyrecognizedand
agreedupon,incontrasttothe1.5CwarminglimitforclimatechangetargetedbytheParisAgreement.Similarly,asingularmetricthroughwhichprogressagainsta
globallimittargetcanbemeasuredislackingforbiodiversityloss,incontrastto
CO2eemissionsforclimatechange.ProgresshasbeenmadeinthefewyearsthroughtheGlobalBiodiversityFramework,theTaskforceonNature-relatedFinancialDisclosuresandotherinitiatives,butinmanycasesSustainableinvestorsandcompaniesarelookingforsolutionswhilestillworkingwithlessinformationabouttheirexposuresand
potentialimplicationsthanwithclimate.Thisoffersanopportunityfornuanceinapproachesandstrategiesforinvestorsthatcanquantifyevidenceofa
science-basedapproachtounderstandingandinvestinginnature,inourview.
19September20248
TheGSSUSTAINNatureTool:MeasuringBiodiversity&NatureAdopters
Commentaryfromcompanies,conversationswithinvestors,increasedofferings
fromESGdataprovidersandrecentlydefinedBiodiversityframeworkspointto
risingdemandtoincorporateBiodiversityimpactintoinvestmentstrategies.Whileweexpecttoolsthatquantifyimpactwillcontinuetoevolve,investorshave
opportunitiestodaytogainexposuretobiodiversityandnatureimprovementthroughidentifyingcompanieswithrobuststrategiesinplacetomanageandmitigaterisksrelatedtobiodiversityimpacts.
Inthissectionweofferourviewofhowtoevaluatecompanies’riskmanagementstrategiesandtheireffectiveness,introduceadatatooltoanswersomeofthesequestions,andwalkthroughthecurrentdatalandscapeforquestionswhereclear,concise,comparableandeasilyaccessibledatadoesnotexisttoday.
Evaluatingcompanies’riskmanagementofbiodiversityimpacts
Inordertoassessbiodiversityimpactsofissuers,weseefiveSNAPPquestionsemergingaskeytoanalysis:
1.Sitelocation:Wherearebusinessactivitiestakingplace?
2.Natureimportance,stateandcondition:Whatistheimportanceofbiodiversity
andnatureinagivenlocation,whatspeciesarepresent,andinwhatconditionistheecosystemvs.pre-humanintervention?
19September20249
3.Activities:Inwhichbusinessactivitiesisanissuerengaged?Howmaterialareeachoftheseactivitiestotheissuer’srevenue?
4.PlanandTransparency:Whatpoliciesandtargetsareinplacetomanageand
reduceriskforthoseactivities?Doestheissuerdisclosedatathatcanhelpmeasureprogresstowardsthosegoalsordemonstratecompliancewithpolicies?
5.Performance:Whatistheenvironmentalfootprintofoperationsforthoseactivities?Howdoesanissuerperformonasector-relativebasis,especiallyregardinglanduse,emissions,pollutionandresourceuse?
Weintroduceanewdatasetfocusedonthreeofthesefivequestionsforinvestorstoassesscompanyexposureto,transparencyon,andfootprintandperformancerelatedtobiodiversityandthedriversofnatureloss.Ourframeworkcoversthe
secondpartofSNAPPstepsforimpactassessment,covering:
1.Activities:Materialityassessmentofbusinessactivities,businesssector,andrevenuewhereavailable
2.Plan:TransparencyandDisclosureofquantitativemetrics,PoliciesandTargetsrelatedtothedriversofnaturelossorstateofnature
3.Performance:Biodiversityfootprintforquantifiabledatarelatedtothedriversofnatureloss(landusechange,climatechange,pollutionandresource
use/exploitation)alongwithanyinformationavailableonthestateofnature,thoughwenotethisisparticularlylimited.
TheSNAPPframingcanhelpquantifyimpact,butgapsremaintoday.Forthesiteandsettingofbusinessactivities,dataavailabilityatanassetoractivitylevelisdifficulttoday,asnocompaniesreportgeolocationdataofallactivitiesandassetsthroughout
thevaluechainandareunlikelytodosointheshortormediumterm,inourview.
Conductinganalysisontheimportance,stateorconditionofnatureandbiodiversitycanbedonethroughground-updataidentifyingwhichandhowmanyspeciesareorhave
beenpresentsomewhere.However,investorsneedtorelyonthirdpartydataforthisinformation,whichtodayisgenerallynotsetupforinvestorconsumption.Asaresult,wedonotincludethesestepsinourtooltoday.
TheGSSUSTAINNatureToolincorporatescompany-reporteddata,revenue
alignmentandGSproprietarydata.Thetoolcanhelpprovideinformationontherelevanceofcompanies’businessactivitiestonaturethroughimpactand
dependencymaterialityassessments,andoncompany’sbiodiversity-relatedfootprints,assessingtransparency,performanceandplans.
TakeawaysfromtheGSSUSTAINNatureTool
AsNatureandBiodiversityemergeasanewtheme,consensusaroundleadershipremainsinconsistent.Thus,wewouldhesitatetodrawstrongconclusionsaboutNature’simpactoncompanyvaluation,thoughwemayexpecttoseegreater
divergenceovertime.Today,modestpositivevaluationsignalsareapparentforourSUSTAINNaturePerformanceheadlinerank,withanEV/EBITDAaverage
premiumof9%forNaturePerformanceQ1vs.Q5betweenJanuary2021andAugust
19September202410
2024andamodest3%premiumforNaturePerformanceQ1vstheMSCIACWI(onlyModerate,HighandVeryHighmaterialsectorconstituents)(Exhibit3).
Plan/Transparency,however,showconsistentdiscountedvaluationforleadersvs.
laggardsintheGSSUSTAINNaturePlanheadlinerank,withanaveragediscountof
-29%Q1vs.Q5betweenJan2021andAugust2024and-17%Q1vs.theMSCIACWI.(Exhibit4,Exhibit5).ConsistentwithourviewsonbroaderESGintegrationandclimatetransition,webelievethissupportstheviewthatthemarketismorewillingtorewardfavourableperformance-drivenoutcomesfromcompanies,ratherthanjustdisclosurealone.
WhileNaturePerformanceleaderstradeatapremiumtolaggardsandtheACWI,wenotethat1stQuintileperformancecompaniestradeataslightdiscounttoQ3(average
performance).Thismayindicatethatleadingperformanceisnotyetbeingfully
recognisedorrewardedbythemarket,butratherthatunderperformancemaybepunished.
Exhibit3:NaturePerformanceleadersconsistentlytradeatapremiumtolaggardpeers,andataslightpremiumtotheMSCI
ACWI...
12m
12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPerformanceRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI
fwdEV/EBITDA(10%trimmedmean)
16x15x14x13x12x11x10x9x8x
7x
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
ACWIQ1PerfQ2Perf一Q3PerfQ4PerfQ5Perf
Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch
Exhibit4:...whilethemultiplespreadbetweenNaturePlanleadersandlaggardshasbeenconsistentlynegative,withNaturePlan
leaderstradingatadiscounttobothlaggardsandtheMSCIACWI...
12m
12mfwdEV/EBITDA&relativepremium(trimmedmean),Q1-Q5GSSUSTAINNatureFrameworkPlanRanks(forsectorswithModerate,HighorVeryHighmateriality),MSCIACWI
fwdEV/EBITDA(10%trimmedmean)
16x15x14x13x12x11x10x9x8x
7x
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
ACWI一Q1PlanQ2PlanQ3PlanQ4Plan一Q5Plan
Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch
19September202411
Exhibit5:NaturePerformanceleaderstendtotradeatapremiumvslaggardswhiletheoppositeistrueofNaturePlan/Transparency
12mfwdPErelativepremium(trimmedmean),Q1vs.Q5SUSTAINNatureHeadlineRank,andQ1vs.MSCIACWI
12mfwdEV/EBITDA(10%trimmedmean)
20%10% 0%-10%
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
%
-20%-30%-40
PlanQ1vsQ5PlanQ1vsACWIPerformanceQ1vsQ5PerformanceQ1vsACWI
Source:FactSet,Bloomberg,LSEG,GoldmanSachsGlobalInvestmentResearch
Lookingatstockpriceperformance,however,NaturePerformanceleadershaveunderperformedlaggardsandtheMSCIACWI.Q1performsworstofNature
PerformancequintilesbetweenJanuary2022andA
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