Sustainability, the area of ​​waste management & technologies was explained in detail. Following the recent increase in market valuations of the sustainability sector from Q1 to Q2 2023, the EV/EBITDA multiple recorded a slight decline with regard to Q3 2023. This is due, among other things, to global macroeconomic market uncertainties and geopolitical tensions.

The approach of the Sustainability Index to the Euro Stoxx 600 in Q3 2022, already described in the previous SektorReport, as well as the diverging development of the two indices since then, will continue in Q3 2023. The Sustainability Index still significantly outperforms the EuroStoxx 600, which reflects the continued attractiveness of companies with sustainable and environmentally friendly business models.

In our current SektorReport Sustainability Q3 2023, we place a special focus on the Pollution control subsector, which has shown a similar development to the Sustainability Index in recent years, but recently fell below the value of the Stoxx Europe 600 Index and has been on a recovery path since then.

In this context, we also shed light on the background to the recently announced majority takeover of Steico SE. Target is a manufacturer of wood fiber insulation materials and makes an important contribution to combating climate change due to the CO2 bound in it.

Our SektorReports are available in German language. If you have further questions regarding this topic, feel free to get in touch.