{"id":45526,"date":"2018-07-30T18:49:00","date_gmt":"2018-07-30T18:49:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2018\/07\/tfi-international-tfii\/"},"modified":"2018-07-30T18:49:00","modified_gmt":"2018-07-30T18:49:00","slug":"tfi-international-tfii","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2018\/07\/tfi-international-tfii\/","title":{"rendered":"TFI International (TFII)"},"content":{"rendered":"

\u00a0<\/p>\n

Dans l’analyse d’aujourd’hui (T\u00e8l\u00e8charger)<\/a>, nous nous concentrons sur un achat r\u00e8cent lors du dernier re balancement du portefeuille canadien : TFI International. L’entreprise, bas\u00e8e \u00e0 Montr\u00e8al (Qu\u00e8bec), est un chef de file nord-am\u00e8ricain dans les secteurs du transport et de la logistique. TFI a 4 segments principaux d’op\u00e8ration qui sont: Colis et courrier, Transport de lots bris\u00e8, Transport de lots complets, Logistique et dernier kilom\u00e8tre. En outre, les principaux contributeurs de la croissance de l’entreprise sont les acquisitions de petites entreprises de camionnage qui continueront de fonctionner en tant que filiales de TFI.<\/span><\/p>\n

R\u00e8sultats du T2 2018<\/span><\/span><\/strong><\/p>\n

Le 26 juillet, TFI a d\u00e8clar\u00e8 un BPA de 0.99 $ (contre 0.70 $ de pr\u00e8vu) <\/span>entra\u00eenant une surprise des b\u00e8n\u00e8fices de 41% <\/span>sur des revenus de 1,3 G $ (contre 1.2 G $ de pr\u00e8vu). Les pr\u00e8visions de la haute direction restent positives <\/span>avec des attentes de BPA en fin d’ann\u00e8e fiscale entre 3,21 <\/span>$<\/span> et 3,29 <\/span>$<\/span> contre les attentes des analystes de 2,94 <\/span>$. Ces r\u00e8sultats ont relanc\u00e8 le sentiment haussier que l’action a augment\u00e8 jusqu’\u00e0 13% \u00e0 l’ouverture du march\u00e8 le vendredi, 27 juillet.<\/span><\/p>\n

Analyse d’EVA<\/span><\/span><\/p>\n

L’entreprise a eu un rendement YTD d’environ 30% et un SPscore actuel de 66% en croissance depuis le dernier trimestre. De nombreux facteurs influent le SPscore, mais les principaux sont le b\u00e8n\u00e8fice net d’exploitation apr\u00e8s imp\u221a\u00a5ts (BNEAI) qui a augment\u00e8 d’environ 17,38% par an en moyenne ainsi que la hausse du rendement du capital qui est actuellement \u00e0 13,6%. En outre, le capital investi a diminu\u00e8 depuis l’ann\u00e8e 2016 et le BNEAI a augment\u00e8 au cours de cette p\u00e8riode, ce qui a permis l’am\u00e8lioration de la performance. De plus, cela est d\u00e8montr\u00e8e par la croissance de l’indice de performance \u00e8conomique de 0,98 (en 2016) \u00e0 1,73.<\/span><\/p>\n

Une analyse plus pouss\u00e8e des bilans de l’entreprise refl\u00e8te une diminution des flux de tr\u00e8sorerie disponibles (FTD). Le FTD nous donne une id\u00e8e de montant d’argent disponible apr\u00e8s paiement des d\u00e8penses par l’entreprise. L’argent restant est utilis\u00e8 pour la distribution des dividendes ainsi qu’\u00e0 la poursuite des projets qui peuvent avoir une valeur ajout\u00e8e pour les actionnaires. Dans le cas de TFI, la baisse du FTD est en grande partie due aux 294 M $ de dette pay\u00e8e au cours de l’ann\u00e8e.<\/span><\/p>\n

L’am\u00e8lioration de la performance offre \u00e0 TFI une place dans le top 5 des entreprises les plus performants du secteur industriel canadien. De plus, comme expliqu\u00e8 dans le sommaire ex\u00e8cutive EVA, le titre se porte bien compte tenu de la tendance EVA. TFI est de plus, sous-\u00e8valu\u00e8 \u00e0 la fois par les mesures du ratio prix-sur-valeur-intrins\u00e8que, puis de la valeur-de-croissance-future. Ce fait implique un moment opportun de point d’entr\u00e8e.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0 Dans l’analyse d’aujourd’hui (T\u00e8l\u00e8charger), nous nous concentrons sur un achat r\u00e8cent lors du dernier re balancement du portefeuille canadien : TFI International. L’entreprise, bas\u00e8e \u00e0 Montr\u00e8al (Qu\u00e8bec), est un chef de file nord-am\u00e8ricain dans les secteurs du transport et de la logistique. TFI a 4 segments principaux d’op\u00e8ration qui sont: Colis et courrier, Transport […]<\/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":[220],"class_list":["post-45526","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-tfii"],"acf":[],"yoast_head":"\nTFI International (TFII) - 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\/07\/tfi-international-tfii\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TFI International (TFII)\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Dans l’analyse d’aujourd’hui (T\u00e8l\u00e8charger), nous nous concentrons sur un achat r\u00e8cent lors du dernier re balancement du portefeuille canadien : TFI International. 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