{"id":45617,"date":"2015-08-19T15:53:00","date_gmt":"2015-08-19T15:53:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/08\/canadian-tire-corporation-ctc-a\/"},"modified":"2015-08-19T15:53:00","modified_gmt":"2015-08-19T15:53:00","slug":"canadian-tire-corporation-ctc-a","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/08\/canadian-tire-corporation-ctc-a\/","title":{"rendered":"Canadian Tire Corporation (CTC.A)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous analysons les r\u00e8sultats du 2e trimestre de Canadian Tire Corporation (CTC.A), qui ont \u00e8t\u00e8 mis-\u00e0-jour dans StockPointer \u00e0 la fin de la semaine derni\u00e8re (voir pi\u00e8ce jointe) Download<\/span> <\/a> . <\/p>\n

Les b\u00e8n\u00e8fices ont \u00e8t\u00e8 5% plus faibles que les attentes des analystes et les ventes ont \u00e8t\u00e8 frein\u00e8es par la situation pr\u00e8caire dans l’Ouest canadien. R\u00e8sultat; le titre a recul\u00e8 d’environ 3.8% en 5 jours. <\/p>\n

Malgr\u00e8 une croissance l\u00e8g\u00e8rement plus faible qu’initialement pr\u00e8vue en raison de la tomb\u00e8e des prix du p\u00e8trole, Canadian Tire a jusqu’\u00e0 maintenant r\u00e8ussi \u00e0 am\u00e8liorer son rendement \u00e8conomique, soit la richesse g\u00e8n\u00e8r\u00e8e pour les actionnaires. <\/p>\n

Au cours des 12 derniers mois, la compagnie a augment\u00e8 son capital investi de 4.58%, passant de 10.8G$ \u00e0 11.32G$. Lors de la m\u00eame p\u00e8riode, le profit net d’op\u00e8rations apr\u00e8s imp\u221a\u00a5ts (NOPAT) a augment\u00e8 de 8%. Les investissements r\u00e8alis\u00e8s ont donc am\u00e8lior\u00e8 la profitabilit\u00e8 \u00e8conomique de la compagnie, et c’est ce qui explique que le rendement sur capital s’\u00e8l\u00e8ve maintenant \u00e0 9.2%, la donn\u00e8e la plus \u00e8lev\u00e8e observ\u00e8e depuis 2011. La direction a \u00e8galement \u00e8t\u00e8 en mesure d’atteindre un de ses objectifs en minimisant son co\u00fbt du capital. Celui-ci est pass\u00e8 de 6.4% \u00e0 6.2%, amplifiant de fait m\u00eame l’\u00e8cart de performance maintenant \u00e0 2.9%. <\/p>\n

Gr\u221a\u00a2ce \u00e0 cette nette am\u00e8lioration de la performance \u00e8conomique, la valeur intrins\u00e8que de CTC.A a bondi de 10.5% en 1 an, et de 2.4% en 3 mois. Vu la baisse du prix de l’action \u00e0 court terme, le ratio P\/VI est attrayant \u00e0 0.73. Bas\u00e8 sur le prix de cl\u221a\u00a5ture du 17 ao\u00fbt, le potentiel de croissance de l’action jusqu’\u00e0 la valeur intrins\u00e8que est d’environ 37%. Le graphique de valeur de croissance future (FGV) nous indique qu’il y a un l\u00e8ger escompte (7%) par rapport \u00e0 la valeur des op\u00e8rations courantes (COV). Ceci pourrait \u00eatre justifi\u00e8 par le pessimisme du march\u00e8 vis-\u00e0-vis le secteur p\u00e8trolier, auquel Canadian Tire est partiellement expos\u00e8. <\/p>\n

Au niveau de l’EVA, sa croissance se maintient de belle fa\u00e7on. Fait int\u00e8ressant \u00e0 noter; alors que le profit net d’op\u00e8rations (BPA 12 mois) et stable ou m\u00eame en l\u00e8g\u00e8re d\u00e8croissance depuis septembre 2014, l’EVA continue de grimper lentement mais s\u00fbrement. <\/p>\n

En terminant avec la performance comptable, la compagnie a rachet\u00e8 pour 244,3M$ d’actions depuis le d\u00e8but de l’ann\u00e8e, et vu l’engagement pris au d\u00e8but de l’ann\u00e8e, il reste un montant de 155,7M$ \u00e0 racheter avant la fin de l’exercice. Pour ceux qui favorisent la croissance des dividendes vers\u00e8s, sachez que le taux de croissance annuel offert par CTC.A a \u00e8t\u00e8, en moyenne, de 21.7% depuis 2011. Canadian Tire g\u00e8n\u00e8re \u00e8galement des fonds lib\u00e8r\u00e8s assez \u00e8lev\u00e8s sauf en 2014, ou ceux-ci ont \u00e8t\u00e8 affect\u00e8s par un paiement de dette arriv\u00e8e \u00e0 maturit\u00e8. <\/p>\n

En conclusion, la performance de Canadian Tire est selon nous enviable vu la situation \u00e8conomique dans l’Ouest canadien. Si cette situation se maintient \u00e0 plus long terme, la compagnie sera affect\u00e8e par une baisse des ventes de sa division \u00ac\u00b4 P\u00e8trole \u00ac\u00aa, qui g\u00e8n\u00e8rait environ 17% des revenus totaux pour l’ann\u00e8e fiscale 2014. Vu le nombre de mises-\u00e0-pieds r\u00e8cemment effectu\u00e8es dans l’Ouest canadien, les ventes d’\u00e8quipement de travail, qui g\u00e8n\u00e8rent les marges les plus \u00e8lev\u00e8es, pourraient \u00e8galement \u00eatre affect\u00e8es. Malgr\u00e8 ces risques, Canadian Tire reste en bonne position financi\u00e8re et conserve sa position de leader dans le secteur pour le long terme.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous analysons les r\u00e8sultats du 2e trimestre de Canadian Tire Corporation (CTC.A), qui ont \u00e8t\u00e8 mis-\u00e0-jour dans StockPointer \u00e0 la fin de la semaine derni\u00e8re (voir pi\u00e8ce jointe) Download . Les b\u00e8n\u00e8fices ont \u00e8t\u00e8 5% plus faibles que les attentes des analystes et les ventes ont \u00e8t\u00e8 frein\u00e8es […]<\/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":[205],"class_list":["post-45617","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-ctc"],"acf":[],"yoast_head":"\nCanadian Tire Corporation (CTC.A) - 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\/08\/canadian-tire-corporation-ctc-a\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Tire Corporation (CTC.A)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous analysons les r\u00e8sultats du 2e trimestre de Canadian Tire Corporation (CTC.A), qui ont \u00e8t\u00e8 mis-\u00e0-jour dans StockPointer \u00e0 la fin de la semaine derni\u00e8re (voir pi\u00e8ce jointe) Download . 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