{"id":45522,"date":"2018-09-07T14:19:00","date_gmt":"2018-09-07T14:19:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2018\/09\/canfor-pulp-products-cfx\/"},"modified":"2018-09-07T14:19:00","modified_gmt":"2018-09-07T14:19:00","slug":"canfor-pulp-products-cfx","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2018\/09\/canfor-pulp-products-cfx\/","title":{"rendered":"Canfor Pulp Products (CFX)"},"content":{"rendered":"

Dans l’analyse de contenu d’aujourd’hui <\/span>(<\/span>T\u00e8l\u00e8charger<\/span><\/a>)<\/span>, nous nous int\u00e8ressons \u00e0 Canfor Pulp Products Inc (CFX), consid\u00e8r\u00e8 comme leader <\/span>dans la production de NBSK (p\u221a\u00a2te kraft blanchie de r\u00e8sineux de l’H\u00e8misph\u00e8re Nord) et de papier<\/i>. La principale source de revenu provient de la production de la NBSK, cependant, la compagnie op\u00e8re dans un deuxi\u00e8me segment qui est le papier. Canfor Pulp Products figure parmi les compagnies les plus cot\u00e8es sur notre plateforme en conservant un SPScore actuel de 78%.<\/span><\/p>\n

Au 25 Juillet 2018, lors de la publication des derniers r\u00e8sultats trimestriels, CFX annonce une surprise relative aux b\u00e8n\u00e8fices de 12.8% ($ 0.97 contre une pr\u00e8diction du march\u00e8 \u00e0 $ 0.86). De plus, on constate une surprise relative aux ventes (14.4%). Ici encore, CFX d\u00e8clare $ 394.5M contre une pr\u00e8diction qui \u00e8tait de $346.5M. <\/span><\/p>\n

Analyse d’EVA<\/span><\/span><\/p>\n

Que ce soit d’un point de vue valeur ou croissance, la compagnie semble montrer de bons r\u00e8sultats. Bien que le prix de l’action ait augment\u00e8 drastiquement (rendements p\u00e8riodiques AACJ de 107%, et de 32% sur 5 ans), le titre maintient un escompte de 36% selon la mesure de la valeur-de-croissance-future (FGV%). En effet, cela s’explique par l’augmentation du taux de croissance de la valeur des op\u00e8rations courantes (COV), en moyenne de 46% sur les 5 derni\u00e8res ann\u00e8es. En d’autres termes, le march\u00e8 estime que le prix actuel du titre ne refl\u00e8te pas encore totalement cette croissance anticip\u00e8e.<\/span><\/p>\n

D’autres part, on observe un impressionnant ROC qui s’\u00e8l\u00e8ve \u00e0 27%, s’expliquant principalement par la croissance moyenne du NOPAT (R\u00e8sultat Net d’Exploitation) de 31% sur les 5 derni\u00e8res ann\u00e8es.<\/span><\/p>\n

La performance \u00e8conomique est tout autant attractive. Avec un important Rendement sur Capital associ\u00e8 \u00e0 un co\u00fbt de capital peu \u00e8lev\u00e8, nous observons un Indice de Performance Economique s’\u00e8levant \u00e0 3.71. Cela signifie que la compagnie g\u00e8n\u00e8re de la richesse pour ses actionnaires (rendements) pour 3 fois le co\u00fbt n\u00e8cessaire \u00e0 lever ce m\u00eame capital.<\/span><\/p>\n

Globalement, la tendance et l’\u00e8volution de l’EVA est importante lorsque l’on souhaite identifier si la compagnie analys\u00e8e d\u00e8tient un r\u00e8el potentiel de continuit\u00e8 dans sa croissance, que ce soit au m\u00eame taux ou non. Dans notre cas, l’EVA de CFX.to pr\u00e8sente une tendance positive de croissance, et un momentum que l’on peut qualifier de solide.<\/span><\/p>\n

Pour finir, en ce qui concerne le bilan comptable de Canfor, une croissance du revenu net et du flux de tr\u00e8sorerie (FCF), ainsi qu’une stabilit\u00e8 du ratio de distribution de dividendes et du passif total nous am\u00e8ne \u00e0 conclure que Canfor semble \u00eatre une compagnie stable et solide.<\/span><\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu d’aujourd’hui (T\u00e8l\u00e8charger), nous nous int\u00e8ressons \u00e0 Canfor Pulp Products Inc (CFX), consid\u00e8r\u00e8 comme leader dans la production de NBSK (p\u221a\u00a2te kraft blanchie de r\u00e8sineux de l’H\u00e8misph\u00e8re Nord) et de papier. La principale source de revenu provient de la production de la NBSK, cependant, la compagnie op\u00e8re dans un deuxi\u00e8me segment qui […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[171],"class_list":["post-45522","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-cfx"],"acf":[],"yoast_head":"\nCanfor Pulp Products (CFX) - 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\/fr-ca\/2018\/09\/canfor-pulp-products-cfx\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canfor Pulp Products (CFX)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu d’aujourd’hui (T\u00e8l\u00e8charger), nous nous int\u00e8ressons \u00e0 Canfor Pulp Products Inc (CFX), consid\u00e8r\u00e8 comme leader dans la production de NBSK (p\u221a\u00a2te kraft blanchie de r\u00e8sineux de l’H\u00e8misph\u00e8re Nord) et de papier. 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