How capital markets price circular performance is our whole business.
For a large firm it is one line in a big practice. SAELEAS was founded in Paris to translate circular performance into the language capital prices.
Jorge Laguna-Celis
Founder
Former Director for Governance Affairs of the UN Environment Programme and Head of the UN One Planet Network Secretariat
LinkedIn(01) Why SAELEAS
In the words of the SAELEAS founder
I have spent more than two decades working at the intersection of economics, finance, governance and industrial transformation, serving in the Government of Mexico, the OECD and the United Nations system. Across those roles, I worked with governments, companies, investors and experts in more than 100 countries on competitiveness, resource productivity and economic performance.
Throughout that work, I observed the same pattern. Companies invested heavily in improving how they used materials, managed assets and reduced waste. Many generated real operational and financial advantages. Yet those advantages often disappeared on their way to the people who allocate capital, assess risk and determine value.
I eventually found the language for what I was seeing in Benjamin Graham’s The Intelligent Investor. His Mr. Market prices businesses through familiar assumptions, narratives and expectations. Companies that do not fit those patterns are often misunderstood or mispriced. Circular businesses rarely fit them.
The consequence is not a lack of performance. It is a lack of visibility. Value created inside operations does not always reach the models, narratives and decision processes that investors, lenders and boards use to allocate capital.
SAELEAS was founded to close that gap.
The question behind SAELEAS
What would it take for value that is real, but difficult to see, to be understood, trusted and assessed on its merits?
The answer is visibility.
Research associates the most circular firms with materially lower default risk. Yet that performance rarely reaches the language lenders and investors use: cost of capital, earnings stability, credit risk.
SAELEAS exists to make that value visible.
(02) What sets us apart
We see what a valuation model leaves out.
Most valuation models capture financial performance. Few capture the economic significance of circular performance, or whether the capital that prices a company can recognize it.
Our practice examines both. It assesses the substance of a company’s operations and the visibility of that value to investors and lenders.
We look at companies independently, using public information and a comparative database of more than 350 listed companies.
We diagnose before we recommend. The founder leads every engagement, so the person who studies your company is the person who advises you.
We are independent. We do not rate companies, audit them, issue opinions or sell securities. Our only interest is getting the reading right and helping clients increase value.
(03) Creative direction
Anastasiia Smirnova
Creative Director
Anastasiia leads how the investor case looks and reads: the reports, investor and lender materials, and visual identity that carry it to market.
Anastasiia trained as an economist and began her career in public procurement, where she saw how institutions evaluate, compare and decide. She then moved into design, first for luxury interior brands in the UK, then as art director for French luxury houses. She brings both sides to SAELEAS: how a case is judged, and how it is seen.
Value that cannot be seen cannot be priced. Design is how it becomes visible.
LinkedIn
(04) After working with us
Confident.
Companies communicate their circular performance in the language of capital.
Banks can set a circular performance target and lend against it with a clearer view of risk.
Boards can make decisions with greater confidence in how markets will interpret them.
Mr. Market will keep changing his mood. A well-built case still holds when he does.