{"id":45608,"date":"2016-01-28T19:50:00","date_gmt":"2016-01-28T19:50:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2016\/01\/canadian-national-railway-cnr\/"},"modified":"2016-01-28T19:50:00","modified_gmt":"2016-01-28T19:50:00","slug":"canadian-national-railway-cnr","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2016\/01\/canadian-national-railway-cnr\/","title":{"rendered":"Canadian National Railway (CNR)"},"content":{"rendered":"

Dans l’analyse de contenu d’aujourd’hui, nous survolons les r\u00e8sultats du 4e trimestre de Canadian National Railway (CNR), qui viennent tout juste d’\u00eatre mis \u00e0 jour dans StockPointer. Download <\/a><\/p>\n

Comme la majorit\u00e8 d’entre vous le savent d\u00e8j\u00e0, l’action de CNR conna\u00eet des moments plut\u221a\u00a5t difficiles depuis pr\u00e8s de 12 mois. Par contre, au niveau fondamental, la performance de la compagnie n’a jamais vraiment ralentie, elle s’est m\u00eame acc\u00e8l\u00e8r\u00e8e depuis la fin 2013. En fait, la chute du prix de l’action au cours des derniers mois est tout \u00e0 fait saine. Le march\u00e8 s’est rapidement emball\u00e8 en 2014, faisant passer le ratio P\/VI de 1.1 en mars 2014 \u00e0 1.39 en mars 2015, refl\u00e8tant une sur\u00e8valuation consid\u00e8rable. Depuis mars 2015, le prix de l’action est pass\u00e8 de 84.82$ \u00e0 71.74$ en date d’hier, pendant que la valeur intrins\u00e8que, elle, a continu\u00e8 de monter de fa\u00e7on tr\u00e8s stable et lin\u00e8aire pour atteindre, gr\u221a\u00a2ce aux r\u00e8sultats du 4e trimestre, 68.11$. Le ratio P\/VI est donc revenu \u00e0 niveau beaucoup plus conservateur \u00e0 1.05, qui est m\u00eame en de\u00e7\u00e0 de sa moyenne 5 ans, qui est de 1.16.<\/p>\n

La valeur de croissance future (FGV) nous pointe vers la m\u00eame conclusion. Le march\u00e8 a accord\u00e8 une prime \u00e8lev\u00e8e au titre de CNR en 2014 pour des attentes de croissance, et cette prime repr\u00e8sentait presque 40% de la valeur totale au march\u00e8 en d\u00e8cembre 2014. Cette prime a \u00e8galement beaucoup diminu\u00e8 et s’\u00e8l\u00e8ve \u00e0 environ 15% en date du 27 janvier.<\/p>\n

Pour ce qui est de l’EVA, celui-ci monte constamment depuis la fin 2013 et son taux de croissance s’est m\u00eame acc\u00e8l\u00e8r\u00e8 depuis les 6 derniers trimestres. Rares sont les compagnies offrant une croissance d’EVA aussi stable.<\/p>\n

CNR est parvenue \u00e0 faire cro\u00eetre son chiffre d’affaires, ses profits d’op\u00e8rations, son b\u00e8n\u00e8fice par action, ainsi que ses dividendes \u00e0 chaque ann\u00e8e depuis 5 ans. Elle a \u00e8galement fait des rachats d’actions chaque ann\u00e8e, et ce, en maintenant toujours des fonds lib\u00e8r\u00e8s (Free Cash-Flow) positifs, qui sont d’ailleurs aujourd’hui \u00e0 leur niveau le plus \u00e8lev\u00e8 en 5 ans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu d’aujourd’hui, nous survolons les r\u00e8sultats du 4e trimestre de Canadian National Railway (CNR), qui viennent tout juste d’\u00eatre mis \u00e0 jour dans StockPointer. Download Comme la majorit\u00e8 d’entre vous le savent d\u00e8j\u00e0, l’action de CNR conna\u00eet des moments plut\u221a\u00a5t difficiles depuis pr\u00e8s de 12 mois. Par contre, au niveau fondamental, la […]<\/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":[213],"class_list":["post-45608","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-cnr"],"acf":[],"yoast_head":"\nCanadian National Railway (CNR) - 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\/2016\/01\/canadian-national-railway-cnr\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian National Railway (CNR)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu d’aujourd’hui, nous survolons les r\u00e8sultats du 4e trimestre de Canadian National Railway (CNR), qui viennent tout juste d’\u00eatre mis \u00e0 jour dans StockPointer. Download Comme la majorit\u00e8 d’entre vous le savent d\u00e8j\u00e0, l’action de CNR conna\u00eet des moments plut\u221a\u00a5t difficiles depuis pr\u00e8s de 12 mois. 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