{"id":45579,"date":"2017-07-12T14:06:00","date_gmt":"2017-07-12T14:06:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2017\/07\/transactions-portefeuille-canadien\/"},"modified":"2017-07-12T14:06:00","modified_gmt":"2017-07-12T14:06:00","slug":"transactions-portefeuille-canadien","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2017\/07\/transactions-portefeuille-canadien\/","title":{"rendered":"Transactions portefeuille canadien"},"content":{"rendered":"

Ventes :<\/strong><\/span><\/p>\n

– Home Capital Group (HCG) – Market Trend.<\/strong> R\u00e8duction du nombre de positions en Finance, passant de 8 \u00e0 6. Malgr\u00e8 un SPscore toujours \u00e8lev\u00e8 gr\u221a\u00a2ce \u00e0 une sous-\u00e8valuation consid\u00e8rable par rapport \u00e0 sa valeur intrins\u00e8que, l’action de HCG perdait de son attrait avec la baisse marqu\u00e8e et constante de la performance \u00e8conomique de l’entreprise. Le rendement sur capital \u00e8tait en nette baisse depuis 2 ans, tout comme le profit net d’op\u00e8ration apr\u00e8s imp\u221a\u00a5ts (NOPAT). L’EVA en a subi les cons\u00e8quences, en baisse elle aussi depuis D\u00e8cembre 2014. L’action de HCG subit encore aujourd’hui les pressions caus\u00e8es par le \u00ac\u00b4 scandale \u00ac\u00aa de l’\u00e8t\u00e8 2015, et le pr\u00e8sident-CEO a \u00e8galement \u00e8t\u00e8 renvoy\u00e8 la semaine derni\u00e8re.<\/p>\n

– Banque Nationale du Canada (NA) – Market Trend.<\/strong> R\u00e8duction du nombre de positions en Finance, passant de 8 \u00e0 6. D’un point de vue EVA, la Banque Nationale \u00e8tait sans aucun doute la banque la \u00ac\u00b4 moins int\u00e8ressante \u00ac\u00aa parmi celles que nous d\u00e8tenons dans le portefeuille. Son rendement sur capital est en baisse, et ce, depuis 5 ans. L’effet sur la valeur intrins\u00e8que a \u00e8t\u00e8 plus important en 2016, et celle-ci se retrouve maintenant en-dessous du prix de l’action pour la premi\u00e8re fois en 5 ans. <\/p>\n

– CGI Group (GIB.A) – Market Trend.<\/strong> R\u00e8duction du nombre de positions en Technologie, passant de 2 \u00e0 1. Sur plusieurs aspects, Open Text (OTEX) pr\u00e8sentait de meilleurs attributs que CGI. Voici un tableau r\u00e8capitulatif des \u00e8l\u00e8ments analys\u00e8s : <\/p>\n

\"\"<\/p>\n

Achats :<\/strong><\/span><\/p>\n

– Imperial Oil Limited (IMO) – Market Trend.<\/strong> Augmentation du nombre de positions en \u00c9nergie, passant de 0 \u00e0 1. Imperial Oil est class\u00e8e #1 par SPscore dans les actions canadiennes, grandes capitalisations, \u00c9nergie. Aucune compagnie \u00e8tait en mesure de r\u00e8pondre \u00e0 tous nos crit\u00e8res d’achat habituels, mais IMO \u00e8tait celle qui s’en rapprochait le plus.<\/p>\n

– New Flyer Industries (NFI) – Market Trend.<\/strong> Augmentation du nombre de positions dans le secteur Industriel, passant de 2 \u00e0 4. New Flyer Industries, un manufacturier d’autobus de transport en commun et d’autobus voyageurs, est \u00e0 \u00e8galit\u00e8 en premi\u00e8re position dans son secteur avec un SPscore de 67%. La compagnie est en forte croissance, ses revenus ayant plus que tripl\u00e8 en 4 ans. L’EVA ainsi que la valeur intrins\u00e8que augmentent constamment depuis 5 ans et la croissance s’acc\u00e8l\u00e8re depuis d\u00e8but 2015. La compagnie g\u00e8n\u00e8re de bons cash flows, ce qui lui permet d’alimenter en partie sa forte croissance.<\/p>\n

– WSP Global (WSP) – Market Trend.<\/strong> Augmentation du nombre de positions dans le secteur Industriel, passant de 2 \u00e0 4. WSP Global apporte \u00e0 notre portefeuille une exposition aux investissements mondiaux en infrastructure et g\u00e8nie-conseil. Ses revenus proviennent \u00e0 37% de l’Europe, Moyen-Orient, Inde & Afrique, \u00e0 30% des \u00c9tats-Unis et Am\u00e8rique du Sud, \u00e0 19% du Canada, et \u00e0 14% de l’Asie Pacifique. L’EVA g\u00e8n\u00e8r\u00e8e par WSP augmente et est positive depuis 3 trimestres. L’EVA est parfois instable, tout comme le rendement sur capital, notamment \u00e0 cause des acquisitions tr\u00e8s fr\u00e8quentes. En 2016 seulement, WSP a effectu\u00e8 8 acquisitions, ce qui fait rapidement augmenter le capital investi sans que le NOPAT en b\u00e8n\u00e8ficie de fa\u00e7on instantan\u00e8e. Celui-ci devrait se rajuster dans les prochains trimestres.<\/p>\n<\/p>\n

Les trois nouvelles positions sont entr\u00e8es dans le portefeuille avec un poids de 2.7%.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Ventes : – Home Capital Group (HCG) – Market Trend. R\u00e8duction du nombre de positions en Finance, passant de 8 \u00e0 6. Malgr\u00e8 un SPscore toujours \u00e8lev\u00e8 gr\u221a\u00a2ce \u00e0 une sous-\u00e8valuation consid\u00e8rable par rapport \u00e0 sa valeur intrins\u00e8que, l’action de HCG perdait de son attrait avec la baisse marqu\u00e8e et constante de la performance \u00e8conomique […]<\/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":[155,156],"tags":[163,162],"class_list":["post-45579","post","type-post","status-publish","format-standard","hentry","category-en-vedette","category-portefeuille-modele","tag-canada","tag-nqicat"],"acf":[],"yoast_head":"\nTransactions portefeuille canadien - 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\/07\/transactions-portefeuille-canadien\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transactions portefeuille canadien\" \/>\n<meta property=\"og:description\" content=\"Ventes : – Home Capital Group (HCG) – Market Trend. 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