{"id":38447,"date":"2016-09-29T13:33:00","date_gmt":"2016-09-29T13:33:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2016\/09\/wells-fargo-wfc\/"},"modified":"2022-07-06T21:18:30","modified_gmt":"2022-07-06T21:18:30","slug":"wells-fargo-wfc","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-ca\/2016\/09\/wells-fargo-wfc\/","title":{"rendered":"Wells Fargo (WFC)"},"content":{"rendered":"<p>Dans l\u2019analyse de contenu d\u2019aujourd\u2019hui, nous discutons d\u2019un sujet plut\u00f4t d\u00e9licat : le scandale entourant Wells Fargo &#038; Co (WFC), une des plus grandes banques des \u00c9tats-Unis. Wells Fargo a \u00e9t\u00e9 accus\u00e9 de pratiques de ventes ill\u00e9gales, incluant l\u2019ouverture de 2 millions de comptes fictifs. Certains employ\u00e9s auraient \u00e9galement cr\u00e9\u00e9 des fausses adresses courriel pour enr\u00f4ler des clients \u00e0 leur insu, ou bien pour cr\u00e9er des clients fictifs, pour atteindre leurs quotas. Wells Fargo n\u2019a pas admis ni r\u00e9fut\u00e9 les all\u00e9gations mais a accept\u00e9 de payer une amende de 185M$USD et de rendre une ordonnance de consentement. 5,300 employ\u00e9s ont par le fait m\u00eame \u00e9t\u00e9 cong\u00e9di\u00e9s.\u00a0<\/p>\n<p>Depuis l\u2019ouverture des march\u00e9s du lundi 20 septembre, moment o\u00f9 le scandale a atteint un sommet m\u00e9diatique, les actions de WFC ont perdu environ 2.1%, alors que l\u2019indice Dow Jones US Financials n\u2019a presque pas boug\u00e9. Lorsqu\u2019une compagnie est confront\u00e9e \u00e0 un scandale de la sorte, il est important pour les investisseurs d\u2019\u00eatre en mesure d\u2019\u00e9valuer le ratio rendement-risque pour prendre la meilleure d\u00e9cision. Malgr\u00e9 que plusieurs facteurs externes et impr\u00e9visibles puissent affecter positivement ou n\u00e9gativement l\u2019action de WFC dans les prochains jours, voici quelques observations purement bas\u00e9es sur l\u2019analyse des donn\u00e9es historiques.<\/p>\n<p>Puisqu\u2019aucune donn\u00e9e fondamentale n\u2019a chang\u00e9 depuis le dernier rapport trimestriel, le SPscore reste \u00e9lev\u00e9, \u00e0 69%. Notons qu\u2019uniquement bas\u00e9 sur les informations publiques disponibles aujourd\u2019hui, le fondamental de WFC ne devrait pas \u00eatre significativement affect\u00e9. La valeur intrins\u00e8que a une belle tendance haussi\u00e8re \u00e0 long terme, et suite \u00e0 la chute du prix de l\u2019action depuis le d\u00e9but septembre, elle se retrouve perch\u00e9e au-dessus de l\u2019action, aux alentours de 54$. L\u2019\u00e9cart entre la valeur intrins\u00e8que et le prix s\u2019est accentu\u00e9, et il indique aujourd\u2019hui un escompte d\u2019environ 20%. Cet \u00e9cart est d\u2019autant plus int\u00e9ressant puisque le ratio P\/VI moyen 5 ans s\u2019\u00e9l\u00e8ve \u00e0 1.02, soit une sur\u00e9valuation de 2%. La valeur de croissance future (FGV) expose la m\u00eame anomalie par rapport aux multiples pass\u00e9s : elle est de -1.7% (escompte), alors que la moyenne 5 ans s\u2019\u00e9l\u00e8ve \u00e0 14% (prime).\u00a0<\/p>\n<p>Pour ceux capables de tol\u00e9rer la volatilit\u00e9 et les risques \u00e0 court terme tout en \u00e9tant assur\u00e9 que le scandale n\u2019aura pas d\u2019impact significatif sur les r\u00e9sultats et la r\u00e9putation de la banque \u00e0 long terme, il appara\u00eet math\u00e9matiquement logique de commencer \u00e0 b\u00e2tir une position sur le titre. Par contre, pour ceux voulant minimiser les risques de pertes \u00e0 court terme, il serait plus prudent d\u2019attendre un d\u00e9nouement d\u00e9finitif et d\u2019acheter le titre seulement lorsqu\u2019il reprendra une tendance haussi\u00e8re, m\u00eame si cela implique probablement de manquer la hausse initiale.\u00a0<\/p>\n<p>Cette lettre d&#8217;information a \u00e9t\u00e9 \u00e9crite par Sebastian Carrillo, stagiaire McGill, sous la supervision de Jean-Didier Lapointe<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dans l\u2019analyse de contenu d\u2019aujourd\u2019hui, nous discutons d\u2019un sujet plut\u00f4t d\u00e9licat : le scandale entourant Wells Fargo &#038; Co (WFC), une des plus grandes banques des \u00c9tats-Unis. Wells Fargo a \u00e9t\u00e9 accus\u00e9 de pratiques de ventes ill\u00e9gales, incluant l\u2019ouverture de 2 millions de comptes fictifs. Certains employ\u00e9s auraient \u00e9galement cr\u00e9\u00e9 des fausses adresses courriel pour [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[166],"class_list":["post-38447","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-us"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wells Fargo (WFC) - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-ca\/2016\/09\/wells-fargo-wfc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wells Fargo (WFC)\" \/>\n<meta property=\"og:description\" content=\"Dans l\u2019analyse de contenu d\u2019aujourd\u2019hui, nous discutons d\u2019un sujet plut\u00f4t d\u00e9licat : le scandale entourant Wells Fargo &#038; Co (WFC), une des plus grandes banques des \u00c9tats-Unis. Wells Fargo a \u00e9t\u00e9 accus\u00e9 de pratiques de ventes ill\u00e9gales, incluant l\u2019ouverture de 2 millions de comptes fictifs. 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