{"id":45573,"date":"2017-10-04T19:25:00","date_gmt":"2017-10-04T19:25:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2017\/10\/estee-lauder-el\/"},"modified":"2017-10-04T19:25:00","modified_gmt":"2017-10-04T19:25:00","slug":"estee-lauder-el","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2017\/10\/estee-lauder-el\/","title":{"rendered":"Est\u00e8e Lauder (EL)"},"content":{"rendered":"<p>Dans l&rsquo;analyse de contenu d&rsquo;aujourd&rsquo;hui, nous discutons de la compagnie Est\u00e8e Lauder (NYSE: EL) <a href=\"\/wp-content\/\/uploads\/Content\/FR\/EL-FR.pdf\"> <img decoding=\"async\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAABQAAAAYCAYAAAD6S912AAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsMAAA7DAcdvqGQAAAAadEVYdFNvZnR3YXJlAFBhaW50Lk5FVCB2My41LjEwMPRyoQAAAN5JREFUSEvdlcENwyAMAIn64NkROkSePMoKzJERMgEzZMwoH1DkYhSiJDJgIvXRPk4Cy1xsS1bENE3Q9z2LYRjAOScAIIswxpCPc2itYVkWUoZE4ZYU7mSS9N6fPlyScoQiCZVSse2StEmIefM8wziOWWmzEPPWdRU5KVfYXfOC9E1Jb1WY4lSlTUJ8WMJaCywhwlkA9HCFz0B3ie0cR8KusMT\/CiURi\/x2y9m2SpSEry3pcThXCcJ917\/eMvmgRq1CXLHjLNMdR5DGkM4xLwjlSUgt+h2isOU3WsNaCx9FtNaZP8PEygAAAABJRU5ErkJggg==\" \/> Download <\/a> . La soci\u00e8t\u00e8 fabrique et distribue des produits de soins personnels, du maquillage, des parfums et des produits capillaires pour plus de 29 marques telles que Bobbi Brown, Clinique, La Mer, M.A.C. et Origins. Est\u00e8e Lauder est pr\u00e8sentement en solide croissance, et celle-ci devrait se poursuivre au cours des ann\u00e8es \u00e0 venir. Cette croissance est due aux efforts d\u00e8ploy\u00e8s par l&rsquo;entreprise au niveau international, en particulier en Chine, mais aussi gr\u221a\u00a2ce \u00e0 sa pr\u00e8sence sur le march\u00e8 num\u00e8rique et \u00e0 ses acquisitions-cl\u00e8s telles que Too Faced et Becca. Fabrizio Freda, pr\u00e8sident actuel, a d\u00e8crit la strat\u00e8gie comme \u00e8tant \u00ab\u00a0de d\u00e8velopper nos marques actuelles et de rechercher des entreprises nouvelles et int\u00e8ressantes \u00e0 fort potentiel de croissance, qui sont en marge de nos objectifs et de nos valeurs, g\u00e8n\u00e8rant ainsi une valeur pour l&rsquo;entreprise \u00e0 long terme\u00a0\u00bb. Il est clair que l&rsquo;entreprise sait tirer le meilleur parti de sa distribution mondiale, de ses ressources cr\u00e8atives et op\u00e8rationnelles \u00e0 travers toutes ses marques.<\/p>\n<p>Est\u00e8e Lauder est une entreprise attrayante pour plusieurs raisons. En premier lieu, la soci\u00e8t\u00e8 a enregistr\u00e8 r\u00e8cemment son trimestre le plus fort depuis le T4 &rsquo;14 avec une croissance trimestrielle des ventes de 9% par rapport au m\u00eame trimestre pr\u00e8c\u00e8dent. Cette forte croissance des ventes est en partie due au succ\u00e8s sur le march\u00e8 asiatique, en particulier la Chine, o\u00f9 une augmentation de 40% des ventes a \u00e8t\u00e8 g\u00e8n\u00e8r\u00e8e. La soci\u00e8t\u00e8 est \u00e0 maturit\u00e8 aux \u00c9tats-Unis (avec une croissance annuelle de 2,3%) mais elle conna\u00eet une croissance tr\u00e8s int\u00e8ressante sur les march\u00e8s europ\u00e8ens et asiatiques (hausse des revenus annuels de 7% en dehors des \u00c9tats-Unis). N&rsquo;oublions pas que cette croissance aurait \u00e8t\u00e8 encore plus forte avec un dollar am\u00e8ricain plus faible.<\/p>\n<p>Lorsque nous regardons la valeur intrins\u00e8que (VI) de la Soci\u00e8t\u00e8, nous pouvons constater qu&rsquo;elle a augment\u00e8 de 49% entre juin \u201816 et \u201817 (de 41.80$ \u00e0 62.37$). Par contre, l&rsquo;action se n\u00e8gocie actuellement \u00e0 prime. Le ratio P\/VI est de 1.74 peut para\u00eetre \u00e8lev\u00e8, mais en fait en ligne avec la plupart des entreprises de qualit\u00e8 en forte croissance aux \u00c9tats-Unis.<\/p>\n<p>La valeur de croissance future (FGV) de 54.2% nous indique \u00e8galement que la valeur au march\u00e8 de l&rsquo;entreprise est plus \u00e8lev\u00e8e que la valeur de ses op\u00e8rations courantes. La reconnaissance du march\u00e8 vis-\u00e0-vis le grand potentiel que l&rsquo;entreprise a \u00e0 l&rsquo;\u00e8chelle internationale, en particulier en Asie, pourrait expliquer la prime observ\u00e8e. Les ventes dans ce segment g\u00e8ographique ne repr\u00e8sentent qu&rsquo;environ 20% des ventes totales, mais c&rsquo;est aussi ce segment qui poss\u00e8de de loin le taux de croissance le plus \u00e8lev\u00e8.<\/p>\n<p>La valeur \u00e8conomique ajout\u00e8e (EVA) a \u00e8galement augment\u00e8 depuis juin \u201815. Au cours des 12 derniers mois, l&rsquo;EVA a augment\u00e8 de 146% gr\u221a\u00a2ce \u00e0 un NOPAT en croissance, \u00e0 des investissements en capital intelligents et \u00e0 un co\u00fbt en capital qui diminue. L&rsquo;EVA est \u00e0 son point historique le plus \u00e8lev\u00e8, actuellement autour de 923M$.<\/p>\n<p><strong>En r\u00e8sum\u00e8:<\/strong><\/p>\n<p>&#8211; Est\u00e8e Lauder est bien diversifi\u00e8e g\u00e8ographiquement parlant et est un leader dans l&rsquo;industrie des soins personnels et du maquillage.<\/p>\n<p>&#8211; Les analystes s&rsquo;attendent \u00e0 une croissance de 43% des b\u00e8n\u00e8fices au cours des 3 prochaines ann\u00e8es.<\/p>\n<p>&#8211; Le rendement des capitaux propres est \u00e8lev\u00e8 et stable, \u00e0 environ 30%.<\/p>\n<p>&#8211; Le rendement du dividende est actuellement de 1,3%, et la soci\u00e8t\u00e8 a augment\u00e8 ses dividendes en moyenne de 19% par an au cours des 3 derni\u00e8res ann\u00e8es.<\/p>\n<p>&#8211; Les augmentations du dividende sont support\u00e8s par les flux de tr\u00e8sorerie disponibles \u00e8lev\u00e8s et par un ratio de distribution conservateur, \u00e0 39%.<\/p>\n<p>&#8211; Les acquisitions intelligentes de la soci\u00e8t\u00e8 telles que Too Faced et Becca expliquent la moiti\u00e8 de la croissance des ventes que l&rsquo;entreprise a eu au cours de la derni\u00e8re ann\u00e8e.<\/p>\n<p>&#8211; Les marges de l&rsquo;entreprise sont \u00e8lev\u00e8es (pas surprenant, lorsque l&rsquo;on regarde les prix des produits de maquillage!), et elle g\u00e8n\u00e8re un rendement sur capital de 18% qui devrait rester stable.<\/p>\n<p>Article de blogue \u00e8crit par Diego Sanchez (stagiaire), sous la supervision de Jean-Didier L.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dans l&rsquo;analyse de contenu d&rsquo;aujourd&rsquo;hui, nous discutons de la compagnie Est\u00e8e Lauder (NYSE: EL) Download . La soci\u00e8t\u00e8 fabrique et distribue des produits de soins personnels, du maquillage, des parfums et des produits capillaires pour plus de 29 marques telles que Bobbi Brown, Clinique, La Mer, M.A.C. et Origins. Est\u00e8e Lauder est pr\u00e8sentement en solide [&hellip;]<\/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":[226],"class_list":["post-45573","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-el"],"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>Est\u00e8e Lauder (EL) - 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\/2017\/10\/estee-lauder-el\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Est\u00e8e Lauder (EL)\" \/>\n<meta property=\"og:description\" content=\"Dans l&rsquo;analyse de contenu d&rsquo;aujourd&rsquo;hui, nous discutons de la compagnie Est\u00e8e Lauder (NYSE: EL) Download . La soci\u00e8t\u00e8 fabrique et distribue des produits de soins personnels, du maquillage, des parfums et des produits capillaires pour plus de 29 marques telles que Bobbi Brown, Clinique, La Mer, M.A.C. et Origins. 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