Podcast Summary: The Investor with Joel Palathinkal
Episode: Vanessa Cheung: Impact Investor at Accys
Date: September 16, 2025
Host: Dr. Joel Palathinkal
Guest: Vanessa Cheung, Impact Investor at Accys
Episode Overview
This episode features Vanessa Cheung, a venture capitalist and impact investor specializing in ESG (Environmental, Social, Governance) practices. Vanessa shares her career journey, perspectives on impact investing—particularly in CleanTech and the circular economy—and delivers an in-depth walkthrough on financial valuation methodologies, focusing on public equities with a case study of Apple Inc. The conversation is practical for both emerging allocators and seasoned professionals, combining high-level investment trends with granular, actionable modeling tactics.
Key Discussion Points & Insights
1. Vanessa Cheung’s Career Path and Motivation
[01:36 – 03:23]
- Vanessa transitioned from equity research at Credit Suisse (covering paper, packaging, and materials) to impact investing due to her exposure to the sustainability challenges these industries present.
- She now works at Accys Technologies, an eco-friendly wood science company, expanding global partnerships in business development.
- Vanessa is also involved with Southern Capital, focusing on CleanTech and impact investment opportunities.
"I got really interested in sustainability because those industries, they emit a lot of carbon and they use a lot of energy... so there was a lot of talk amongst the investment community to analyze which packaging material is the most sustainable."
— Vanessa Cheung, [01:55]
2. Evolving Trends in Impact & CleanTech Investing
[03:23 – 05:10]
- CleanTech 2.0 places more emphasis on companies generating both profits and positive social impact, a shift from the earlier era.
- Vanessa spotlights the growth of the circular economy—where materials are reused, recycled, or repurposed, benefiting both environment and profitability.
"In a circular model, the material will be in use in kind of a circular fashion... After using products, we can recycle it, remanufacture it, or the waste can actually be a raw material for another industry."
— Vanessa Cheung, [04:06]
3. Inside Equity Research and Life as an Analyst
[05:47 – 14:23]
- Vanessa contrasts the "sell side" (investment banks producing research for institutional investors) and the "buy side" (fund managers, pension funds, hedge funds).
- Equity analysts are sector-focused experts, usually covering 15–20 stocks intensively.
- A typical analyst’s year alternates between "normal period" (research, meetings) and earnings season (early mornings, rapid report analysis, and client calls).
"You can divide your year into two periods: your normal period and you also have your earnings season."
— Vanessa Cheung, [10:27]
4. Introduction to ESG & Sustainable Investing
[14:23 – 18:55]
- ESG investing fits along a spectrum, balancing financial return and social impact.
- Vanessa identifies four primary ESG strategies:
- Negative screening (excluding poor ESG performers),
- Positive screening (including high performers),
- Thematic (investing in sectors like renewables),
- Impact investing (actively seeking companies with measurable positive impact).
- Cites data providers like MSCI and Sustainalytics for ESG scores.
"ESG investing is set within these areas where we want to do good for society, but then we also want to generate a financial return."
— Vanessa Cheung, [13:29]
5. Valuation Methodologies: Multiples & DCF
[18:55 – 47:00]
Multiples Approach
- Compares company valuation metrics (e.g., PE, EV/Sales) to peers and historical averages.
- Selecting the right comps (peer companies) is key but challenging—especially for unique firms like Apple.
Discounted Cash Flow (DCF) Approach
- Calculates intrinsic value by forecasting free cash flows and discounting them to present value using the Weighted Average Cost of Capital (WACC).
- Discussion includes how assumptions such as revenue growth, margins, and WACC impact the final valuation.
- Offers guidance on using DCF models for public companies and startups as an exit analysis tool.
"Valuation is more of an art than a science... it relies on your assumptions and your judgment."
— Vanessa Cheung, [05:47]
"For Apple, I calculate a WACC of 7.9%, 8%. So... the equity value for Apple is $98 per share. As of yesterday, they were trading at 109, which suggests a 10% downside—but obviously, you can change these assumptions really quickly."
— Vanessa Cheung, [35:37]
6. Case Study: Apple Inc. Valuation
[19:23 – 39:22]
- Vanessa demonstrates applying both multiple and DCF methods to Apple, explaining her rationale for selected parameters.
- Encourages listeners to adjust assumptions and test the sensitivity of the model.
- Points out practical issues: finding true peers, sensitivity of DCF results, usefulness for both public equity and startup exit projections.
7. Investment Research Tools & Workflows
[39:32 – 45:47]
- Vanessa recommends Koifin as a powerful (currently free) alternative to Bloomberg/Reuters, offering robust analyst estimates, charts, and valuation screens for retail investors.
- Suggests a workflow:
- Visit company IR page and download reports,
- Use platforms like Koifin for quick valuation checks,
- Do more detailed due diligence as needed.
"Koifin... is free to use or at least for now, not sure if they are going to charge in the future. For a retail investor... it has all the essential information you need."
— Vanessa Cheung, [41:27]
8. Audience Q&A & Model Recommendations
[46:13 – 47:47]
- Joel and Vanessa encourage listeners to use the sample DCF model and try it with companies they are familiar with, adjusting for segment detail and assumptions in real-world practice.
"Choose your favorite company... and see if the valuation is what is expecting, what the company is currently trading at the moment—just to see what the assumptions are like and get a feel of it."
— Vanessa Cheung, [46:41]
- Discuss how to handle comparable company selection and nuances in multiple analysis—especially in sectors where comparables are more standardized.
Notable Quotes & Memorable Moments
-
On CleanTech Investing Evolution:
"There seems to be more talk about the CleanTech 2.0, which is very different from CleanTech 1.0... Investors are focusing on companies that can generate profits as well as the social impact at the same time."
— Vanessa Cheung, [03:36] -
On the Art of Valuation:
"It's more of an art than a science in some sense because it relies on your assumptions and your judgment."
— Vanessa Cheung, [05:47] -
On ESG Scoring:
"It's a bit like a credit scoring. MSCI rates companies from triple C to triple A according to their ESG scores."
— Vanessa Cheung, [13:58] -
On Apple DCF Modeling:
"So fundamentally this is the concept: you add up all the future free cash flow a company generates, sum it all up, then discount it back to today's price."
— Vanessa Cheung, [20:58] -
On Free Investment Tools:
"Koifin... is a very good alternative for retail investors like us. It has all the essential information you need."
— Vanessa Cheung, [41:27]
Timestamps for Important Segments
| Timestamp | Segment | |:---------------:|----------------------------------------------------------| | 01:36 – 03:23 | Vanessa’s career and path to impact investing | | 03:23 – 05:10 | CleanTech trends & circular economy opportunities | | 05:47 – 14:23 | What equity research analysts do | | 14:23 – 18:55 | ESG & sustainable investing strategies explained | | 18:55 – 19:23 | Multiples valuation approach | | 19:23 – 39:22 | DCF approach; Apple case study detailed walkthrough | | 39:32 – 45:47 | Tools: Koifin, Bloomberg, workflows for company research | | 46:13 – 47:47 | Model experimentation, advanced and segment analysis | | 47:47 – 49:34 | Comps benchmarking and retail investing trends |
Final Takeaways
- Valuation is as much about perspective and sound assumptions as it is about math and tools.
- The future of ESG and CleanTech investing relies on finding profit-generating solutions with measurable real-world impact.
- Retail investors now have access to powerful tools once reserved for institutions. Take advantage of them and practice hands-on modeling to sharpen your skills.
Vanessa closes with an open invitation for listeners to connect and continue the discussion in the investing and impact community.
End of Summary