07
April
14:00 — 16:00

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As the enthusiasm for sustainable investments has created a tectonic shift driven by a massive change in consumer demand, some analysts warn that investors are pumping cash into anything that looks “green” sending valuations into the stratosphere and further triggering fears of a bubble.

Thematic strong green equities like wind energy or solar energy and electric cars may have reached levels, in which pricing exceed fundamental values. So, has sustainable assets become unsustainable when it comes to valuation?

To shed light on these issues, we have invited Joachim Klement, Investment Strategist at Liberum Capital, Thomas Thygesen, Head of Equity Strategy and Head of Research, Climate and Sustainable Finance and, Katrine Dige Ovesen, Corporate Finance Analyst, both from SEB, and Ole Søeberg, Chairman of The Danish Shareholders Association, to discuss short term and long term ESG valuation and touch upon topics like the climate crisis as a capital replacement problem, transition arbitrage, address the potential valuation gap between old and new assets, valuation impact based on taxonomy alignment, risk taking versus green financing and investor trends in ESG investing. After presenting their views, we invite to a panel debate moderated by Lasse Ladefoged, Danish Financial Newspaper, Børsen.

Some of the questions we seek to explore, are: What is the reason for these huge revaluations – is it a real green bubble, driven by large capital inflows in ETFs, low interest rates and institutional investors’ search for ESG compliant equities? Or are the price increases based on fundamentally healthy future business prospects? For how long should we expect many of these, perhaps overpriced assets, to be trading at frothy price-to-earnings multiples? When Scope 3 exposures are introduced in disclosure requirements and the analysis includes the whole supply chain, what happens to valuations if major changes in business models across sectors occur? What about regional valuation discrepancies due inherited business and political practices? What should investors expect, if ESG funds underperform because investors may move away from overvalued stocks? Will the “green element” prevail compared to expected returns in case of allocation? And what factors should be in place, to sustain current and future valuations?

The webinar is inspired and created by the Equities Committee under the Danish Finance Association/CFA Society Denmark.

Agenda

14:00
Welcome and introductionary remarks
Søren Mølbak, member of the Equities Committee, The Danish Finance Society/CFA Society Denmark
14:05
The Overall Picture in ESG Markets
Joachim Klement, Investment Strategist, Liberum Capital
14:35
Capital Replacement and Transition Arbitrage
Thomas Thygesen, Head of Equity Strategy and Head of Research, Climate and Sustainable Finance & Katrine Dige Ovesen, Corporate Finance Analyst, both from SEB
15:05
How Private Investors Embrace ESG investments
Ole Søeberg, Chairman of The Danish Shareholders Association
15:35
Panel Discussion
Moderated by Lasse Ladefoged, U.S. correspondent at Danish Financial Newspaper, Børsen
15:55
Closing Remarks
Søren Mølbak, member of the Equities Committee

Speakers

Joachim Klement, CFA, Investment Strategist

Liberum Capital

Joachim Klement is an investment strategist based in London working at Liberum Capital. Throughout his professional career, Joachim focused on asset allocation, economics, equities and alternative investments. But no matter the focus, he always looked at markets with the lens of a trained physicist who became obsessed with the human side of financial markets.

Joachim studied mathematics and physics at the Swiss Federal Institute of Technology (ETH) in Zurich, Switzerland and graduated with a master’s degree in mathematics. During his time at ETH, Joachim experienced the technology bubble of the late 1990s first hand through his work at internet job exchange board Telejob.

Through this work, he became interested in finance and investments and studied business administration at the Universities of Zurich and Hagen, Germany, graduating with a master’s degree in economics and finance and switching into the financial services industry in time for the run-up to the financial crisis.

During his career in the financial services industry, Joachim worked as investment strategist in a Swiss private bank and as Chief Investment Officer for Wellershoff & Partners, an independent consulting company for family offices and institutional investors as well as Head of Investment Research for Fidante Partners.

Thomas Thygesen, Head of Equity Strategy and Head of Research, Climate and Sustainable Finance

SEB

Thomas Thygesen is Head of strategy for SEB Equity Research and Head of research for SEB Climate & Sustainable Finance. His professional focus is in the intersection between economic history, macroeconomic analysis and applied financial theory, in recent years with a special focus on understanding the macro and market implications of the energy transition. Thomas originally joined SEB in 1997. He holds an MSc in economics and has more than 30 years’ experience in the financial sector.

Katrine Dige Ovesen, Corporate Finance Analyst

SEB

Katrine Dige Ovesen is an Analyst in SEB Corporate Finance. Her professional focus is on valuation of mergers, acquisitions and equity capital raises. Lately, Katrine has been particular interested in understanding the capital need required to facilitate the energy transition and the possibilities of green equity. Katrine joined SEB in 2016 and has recently finished her MSc in Economics and Finance.

Ole Søeberg, Chairman

The Danish Shareholders Association

Ole Søeberg is Chairman of Danish Shareholders Association and board member in Advice Capital Vision Fund
He is former head of investments in the Skagen Funds, Norway, where he was also the manager of the actively managed equity fund Skagen Vekst.
Prior to joining the Skagen Funds, Ole Søeberg was as head of investor relations at Tryg and TDC. As well as board member of Carnegie Worldwide and Skagen Funds. In 1990’s he had various investment (analysis and wealth management) roles in Carnegie and Alfred Berg in Copenhagen. In addition, in the 1980s he was a co-founder of the independent research company Dansk Aktie Analyse. Ole Søeberg holds a Cand. Merc / MBA degree in finance.

Lasse Ladefoged, U.S Correspondent

Danish Financial Newspaper, Børsen

Lasse Ladefoged is a New York-based U.S. Correspondent for the Danish business daily newspaper, Børsen. He is also a previous TV-host and investor-journalist at Børsen. Lasse got 10 years of experience in covering Danish and international financial markets.

The webinar is inspired and created by the Equities Committee under the Danish Finance Association/CFA Society Denmark.

Pricing

Premium-members: Free

Basis-members: Free

Student-members: Free

Non-members DKK 1.250,00

CFA PL credits

If you are a CFA Institute member, you are eligible to record 1,75 PL credits hours for your participation in this meeting

Details

Date:
7 April
Time:
14:00 - 16:00
Event Category: