{"id":45615,"date":"2015-09-11T19:47:00","date_gmt":"2015-09-11T19:47:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/09\/sp-filtre-incoherences-economiques-us\/"},"modified":"2015-09-11T19:47:00","modified_gmt":"2015-09-11T19:47:00","slug":"sp-filtre-incoherences-economiques-us","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/09\/sp-filtre-incoherences-economiques-us\/","title":{"rendered":"SP Filtre – Incoh\u00e8rences \u00c9conomiques (US)"},"content":{"rendered":"

Pour l’analyse de contenu de cette semaine, nous appliquons le filtre pr\u00e8d\u00e8fini \u00ac\u00b4 Incoh\u00e8rences \u00c9conomiques \u00ac\u00aa au march\u00e8 am\u00e8ricain. Ce filtre identifie des compagnies pr\u00e8sentant des anomalies dans la relation entre leur performance comptable, telle que divulgu\u00e8e dans les \u00e8tats financiers, et leur performance \u00e8conomique (EVA).<\/p>\n

Fait rassurant, en date du 11 septembre, seul 5 compagnies am\u00e8ricaines se retrouvent sur cette liste : Insperity Inc (NSP), Trc Cos Inc (TRR), Merit Medical Systems Inc (MMSI), Synchronoss Technologies (SNCR) et Sterling Bancorp (STL). Afin de mieux expliquer pourquoi ces compagnies sont identifi\u00e8es par ce filtre, nous prendrons comme exemple le sommaire ex\u00e8cutif d’Insperity Inc (NSP). Download <\/a><\/p>\n

Dans la troisi\u00e8me section du rapport, Performance \u00c9conomique, le graphique EVA de gauche est celui qui nous int\u00e8resse plus particuli\u00e8rement. Sur celui-ci, on peut constater que la courbe verte (profit comptable) est en hausse depuis d\u00e8cembre 2014, et que le prix a eu tendance \u00e0 suivre le profit comptable. Par contre, la courbe d’EVA (bleue), n’a jamais cess\u00e8 de diminuer depuis d\u00e8cembre 2011. En d’autres mots, malgr\u00e8 que le profit comptable rapport\u00e8 soit en hausse, la cr\u00e8ation de richesse \u00e8conomique pour les actionnaires est de plus en plus faible et est m\u00eame maintenant n\u00e8gative. Malheureusement pour les investisseurs, le march\u00e8 s’est rajust\u00e8 se rendant probablement compte que le profit comptable en hausse ne refl\u00e8tait pas de r\u00e8elle am\u00e8lioration \u00e8conomique pour l’entreprise. Le titre a perdu 25% lors des 6 derniers mois, et l’EVA ne laisse pas croire qu’un revirement de tendance soit \u00e0 proximit\u00e8.<\/p>\n

N’oubliez donc pas que StockPointer peut \u00e8galement vous aidez \u00e0 \u00e8viter des investissements risqu\u00e8s, comme dans le cas expos\u00e8 ci-haut. La bonne performance d’un portefeuille peut \u00eatre justifi\u00e8e par les titres que l’on d\u00e8tient, mais aussi par ceux que l’on ne d\u00e8tient pas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Pour l’analyse de contenu de cette semaine, nous appliquons le filtre pr\u00e8d\u00e8fini \u00ac\u00b4 Incoh\u00e8rences \u00c9conomiques \u00ac\u00aa au march\u00e8 am\u00e8ricain. Ce filtre identifie des compagnies pr\u00e8sentant des anomalies dans la relation entre leur performance comptable, telle que divulgu\u00e8e dans les \u00e8tats financiers, et leur performance \u00e8conomique (EVA). Fait rassurant, en date du 11 septembre, seul 5 […]<\/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":[7],"tags":[],"class_list":["post-45615","post","type-post","status-publish","format-standard","hentry","category-screeners"],"acf":[],"yoast_head":"\nSP Filtre - Incoh\u00e8rences \u00c9conomiques (US) - 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\/2015\/09\/sp-filtre-incoherences-economiques-us\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SP Filtre - Incoh\u00e8rences \u00c9conomiques (US)\" \/>\n<meta property=\"og:description\" content=\"Pour l’analyse de contenu de cette semaine, nous appliquons le filtre pr\u00e8d\u00e8fini \u00ac\u00b4 Incoh\u00e8rences \u00c9conomiques \u00ac\u00aa au march\u00e8 am\u00e8ricain. Ce filtre identifie des compagnies pr\u00e8sentant des anomalies dans la relation entre leur performance comptable, telle que divulgu\u00e8e dans les \u00e8tats financiers, et leur performance \u00e8conomique (EVA). 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