{"id":45587,"date":"2017-01-05T18:28:00","date_gmt":"2017-01-05T18:28:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2017\/01\/transactions-portefeuille-canadien-2\/"},"modified":"2017-01-05T18:28:00","modified_gmt":"2017-01-05T18:28:00","slug":"transactions-portefeuille-canadien-2","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2017\/01\/transactions-portefeuille-canadien-2\/","title":{"rendered":"Transactions portefeuille canadien"},"content":{"rendered":"

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

– <\/span>Shaw Communications (SJR.B)<\/strong> – SPscore. Son SPscore est pass\u00e8 de 69% \u00e0 64% au cours des 3 derniers mois, ce qui a fait glisser la compagnie en 8e position des titres de consommation discr\u00e8tionnaire du S&P\/TSX Composite. La valeur intrins\u00e8que de Shaw a continuellement diminu\u00e8 durant les 4 derniers trimestres et se rapproche de son point le plus bas en 4 ans. L’EVA 12 derniers mois est maintenant \u00e0 son point le plus bas en 5 ans et continue de tomber, depuis fin 2015. Autres \u00e8l\u00e8ments \u00e0 consid\u00e8rer : Dette long terme et nombre d’actions en circulation augmentent, et le ratio de distribution du dividende (payout) est maintenant au-dessus de 100%. <\/p>\n

– <\/span>Intact Financial (IFC)<\/strong> – SPscore. Le SPscore d’Intact s’est lui aussi d\u00e8t\u00e8rior\u00e8 au cours des derniers mois et est maintenant \u00e0 63%, en 15e position des titres de finance du S&P\/TSX Composite. Le rendement sur capital d’IFC, quoique toujours acceptable \u00e0 10%, baisse depuis 2014 et se retrouve \u00e0 son plus bas en 5 ans. La valeur intrins\u00e8que ne pr\u00e8sente pas de tendance haussi\u00e8re comme nous le souhaiterions depuis 2014, mais le titre se n\u00e8gocie tout de m\u00eame \u00e0 une prime de 27% pour la valeur de croissance future (FGV), ce qui est difficilement justifiable. L’EVA est sur une pente n\u00e8gative depuis mars 2015, refl\u00e8tant les difficult\u00e8s au niveau de la performance \u00e8conomique. <\/p>\n<\/p>\n

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

– <\/span>Thomson Reuters (TRI)<\/strong> – En remplacement de SJR.B. Thomson Reuters, class\u00e8 #3 parmi les titres de consommation discr\u00e8tionnaire du S&P\/TSX Composite, \u00e8tait la compagnie disponible avec le SPscore le plus \u00e8lev\u00e8 puisque nous d\u00e8tenons d\u00e8j\u00e0 les positions #1 et 2 (MG, ECI). La valeur intrins\u00e8que de TRI pr\u00e8sente une tendance haussi\u00e8re claire \u00e0 long terme et l’action se n\u00e8gocie \u00e0 escompte tant par rapport \u00e0 sa valeur intrins\u00e8que que sa valeur de croissance future (FGV). La compagnie g\u00e8n\u00e8re de bons fonds lib\u00e8r\u00e8s (Free cash flows), augmente r\u00e8guli\u00e8rement son dividende avec un ratio de distribution sain et effectue des rachats d’actions.<\/p>\n

– <\/span>Sun Life Financial (SLF)<\/strong> – En remplacement d’IFC. Sun Life, class\u00e8 #3 parmi les titres de finance du S&P\/TSX Composite, \u00e8tait encore une fois la compagnie disponible avec le SPscore le plus \u00e8lev\u00e8 consid\u00e8rant que nous d\u00e8tenons d\u00e8j\u00e0 les positions #1 et 2 (HCG, CM). SLF offre tous les indicateurs que nous recherchons : une valeur intrins\u00e8que, un rendement sur capital et un EVA tous en croissance, se n\u00e8gocie \u00e0 escompte, g\u00e8n\u00e8re des fonds lib\u00e8r\u00e8s (free cash flows) positifs. Le rendement du dividende de SLF est \u00e8galement sup\u00e8rieur \u00e0 celui d’IFC, soit de 3.2% contre 2.4% respectivement. SLF avait \u00e8t\u00e8 identifi\u00e8 comme achat potentiel dans le blogue en mai 2016. \u00c0 ce moment, SLF et IFC \u00e8taient coude \u00e0 coude, mais SLF a maintenant un net avantage. <\/p>\n

Cliquez ici pour ouvrir l’article de mai 2016<\/a><\/p>\n<\/p>\n

Les nouvelles positions sont entr\u00e8es dans le mod\u00e8le avec un poids d’environ 2.7%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ventes : – Shaw Communications (SJR.B) – SPscore. Son SPscore est pass\u00e8 de 69% \u00e0 64% au cours des 3 derniers mois, ce qui a fait glisser la compagnie en 8e position des titres de consommation discr\u00e8tionnaire du S&P\/TSX Composite. La valeur intrins\u00e8que de Shaw a continuellement diminu\u00e8 durant les 4 derniers trimestres et se […]<\/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-45587","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\/01\/transactions-portefeuille-canadien-2\/\" \/>\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 : – Shaw Communications (SJR.B) – SPscore. Son SPscore est pass\u00e8 de 69% \u00e0 64% au cours des 3 derniers mois, ce qui a fait glisser la compagnie en 8e position des titres de consommation discr\u00e8tionnaire du S&P\/TSX Composite. 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