{"id":45580,"date":"2017-07-12T14:06:00","date_gmt":"2017-07-12T14:06:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2017\/07\/canadian-portfolio-transactions-juillet-2017\/"},"modified":"2017-07-12T14:06:00","modified_gmt":"2017-07-12T14:06:00","slug":"canadian-portfolio-transactions-juillet-2017","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2017\/07\/canadian-portfolio-transactions-juillet-2017\/","title":{"rendered":"Canadian Portfolio Transactions &#8211; Juillet 2017"},"content":{"rendered":"<p><span style=\"text-decoration: underline;\"><strong>Ventes : <\/strong><\/span><\/p>\n<p><strong>&#8211;<span class=\"Apple-tab-span\" style=\"white-space: pre;\"> <\/span>North West Company (NWC) &#8211; Market Trend.<\/strong> R\u00e8duction du nombre de positions (-1) dans l&rsquo;industrie des Produits Alimentaires et Tabac. Metro Inc (MRU) a \u00e8t\u00e8 conserv\u00e8 vu son SPscore plus \u00e8lev\u00e8, ses multiples plus attrayants (P\/VI, FGV) et de meilleurs free cash flows. La valeur intrins\u00e8que de NWC baisse l\u00e8g\u00e8rement depuis 2 trimestres et se retrouve maintenant sous le prix de l&rsquo;action.<\/p>\n<p><strong>&#8211;<span class=\"Apple-tab-span\" style=\"white-space: pre;\"> <\/span>Winpak (WPK) &#8211; SPscore.<\/strong> Winpak a \u00e8t\u00e8 remplac\u00e8 par CCL Industries (CCL.B). Avec la mont\u00e8 rapide du prix de WPK lors des derniers mois, l&rsquo;action se retrouve maintenant sur\u00e8valu\u00e8e par une des marges les plus \u00e8lev\u00e8es observ\u00e8es lors des 5 derni\u00e8res ann\u00e8es. L&rsquo;EVA fait du sur-place depuis 5 trimestres, indiquant que la performance \u00e8conomique a cess\u00e8 de s&rsquo;am\u00e8liorer malgr\u00e8 qu&rsquo;elle soit encore bonne. <\/p>\n<\/p>\n<p><span style=\"text-decoration: underline;\"><strong>Achats :<\/strong><\/span><\/p>\n<p><strong>&#8211;<span class=\"Apple-tab-span\" style=\"white-space: pre;\"> <\/span>Constellation Software (CSU) &#8211; Market Trend.<\/strong> Augmentation du nombre de positions (+1) en Technologie. CSU se retrouve class\u00e8 #2 parmi les actions canadiennes de grande capitalisation &#8211; technologie. L&rsquo;entreprise a l&rsquo;indice de performance \u00e8conomique (IP\u00c9) le plus \u00e8lev\u00e8 de son groupe \u00e0 4.0 et ses free cash flows ne cessent d&rsquo;augmenter. L&rsquo;action se n\u00e8gocie sous sa valeur intrins\u00e8que et la prime indiqu\u00e8e par la valeur de croissance future (FGV) de 22% est consid\u00e8r\u00e8e comme raisonnable \u00e8tant donn\u00e8 la forte croissance de la compagnie. <\/p>\n<p><strong>&#8211;<span class=\"Apple-tab-span\" style=\"white-space: pre;\"> <\/span>CCL Industries (CCL.B) &#8211; SPscore.<\/strong> CCL affiche un profil plus int\u00e8ressant que WPK, qu&rsquo;elle remplace dans notre portefeuille mod\u00e8le. L&rsquo;action de CCL se n\u00e8gocie sous sa valeur intrins\u00e8que et \u00e0 une valeur de croissance n\u00e8gative (escompte), contrairement \u00e0 WPK qui semble sur\u00e8valu\u00e8e. L&rsquo;EVA continue d&rsquo;augmenter tout comme les free cash-flows. Ce changement nous permet d&rsquo;am\u00e8liorer la qualit\u00e8 du portefeuille en vendant un titre avec un SPscore de 61% pour en acheter un \u00e0 75%. <\/p>\n<\/p>\n<p>Les deux nouvelles positions sont entr\u00e8es dans le portefeuille avec un poids d&rsquo;environ 5.7%. <\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ventes : &#8211; North West Company (NWC) &#8211; Market Trend. R\u00e8duction du nombre de positions (-1) dans l&rsquo;industrie des Produits Alimentaires et Tabac. Metro Inc (MRU) a \u00e8t\u00e8 conserv\u00e8 vu son SPscore plus \u00e8lev\u00e8, ses multiples plus attrayants (P\/VI, FGV) et de meilleurs free cash flows. La valeur intrins\u00e8que de NWC baisse l\u00e8g\u00e8rement depuis 2 [&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":[155,156],"tags":[163,162],"class_list":["post-45580","post","type-post","status-publish","format-standard","hentry","category-en-vedette","category-portefeuille-modele","tag-canada","tag-nqicat"],"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>Canadian Portfolio Transactions - Juillet 2017 - 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\/canadian-portfolio-transactions-juillet-2017\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Portfolio Transactions - Juillet 2017\" \/>\n<meta property=\"og:description\" content=\"Ventes : &#8211; North West Company (NWC) &#8211; Market Trend. 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