{"id":45620,"date":"2015-07-16T15:49:00","date_gmt":"2015-07-16T15:49:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/07\/alimentation-couche-tard-inc-atd-b\/"},"modified":"2015-07-16T15:49:00","modified_gmt":"2015-07-16T15:49:00","slug":"alimentation-couche-tard-inc-atd-b","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/07\/alimentation-couche-tard-inc-atd-b\/","title":{"rendered":"Alimentation Couche-Tard Inc. (ATD.B)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous discuterons des r\u00e8sultats du 4e trimestre d’Alimentation Couche-Tard, apparus hier dans StockPointer. Nous ferons \u00e8galement r\u00e8f\u00e8rence \u00e0 un article paru dans le Financial Post (lien<\/a>). Notez qu’ATD.B fait partie de notre portefeuille mod\u00e8le canadien depuis avril 2011. <\/p>\n

Malgr\u00e8 une diminution des ventes d’environ 10% au 4e trimestre 2015 par rapport \u00e0 celui de 2014, la compagnie a r\u00e8ussi \u00e0 d\u00e8gager des profits d’op\u00e8rations largement sup\u00e8rieurs, soit de 254,6M$ contre 168,8M$ lors de l’ann\u00e8e pr\u00e8c\u00e8dente. Le b\u00e8n\u00e8fice net a \u00e8t\u00e8 affect\u00e8 par des charges non r\u00e8currentes li\u00e8es \u00e0 l’acquisition de The Pantry Inc. Le fonds lib\u00e8r\u00e8s, eux, ont augment\u00e8 de 31.5% lors des 12 derniers mois, entre autre gr\u221a\u00a2ce \u00e0 la capacit\u00e8 de la direction de r\u00e8duire consid\u00e8rablement le co\u00fbt des marchandises vendues. <\/p>\n

Tel qu’expliqu\u00e8 par le directeur des finances, Raymond Par\u00e8, l’acquisition de la cha\u00eene de d\u00e8panneurs a fait baisser temporairement le rendement sur capital, mais malgr\u00e8 tout, Couche-Tard reste la compagnie canadienne la plus performance \u00e0 ce niveau dans le secteur de la consommation de base. La valeur intrins\u00e8que calcul\u00e8e par StockPointer a l\u00e8g\u00e8rement diminu\u00e8 vu la baisse temporaire du rendement sur capital, passant de 52.61$ \u00e0 48.54$. Le prix de cl\u221a\u00a5ture \u00e8tant de 55$ en date du 14 juillet, le ratio P\/VI s’\u00e8l\u00e8ve \u00e0 1.13, indiquant que le titre est peut-\u00eatre sur\u00e8valu\u00e8. Afin de mieux \u00e8valuer le potentiel \u00e0 moyen terme de la compagnie, nous vous expliquerons aujourd’hui comment utiliser la calculatrice de valeur intrins\u00e8que dans StockPointer. Pour ouvrir cette page, cliquez sur l’onglet de la calculatrice en bleu situ\u00e8 \u00e0 droite du Sommaire Ex\u00e8cutif EVA. Download<\/span> <\/a><\/p>\n

Par d\u00e8faut, le chiffrier ouvre le calcul d\u00e8taill\u00e8 de la valeur intrins\u00e8que bas\u00e8 sur les projections g\u00e8n\u00e8r\u00e8es par notre algorithme. Les formules du mod\u00e8le font en sorte que les donn\u00e8es extr\u00eames soient rajust\u00e8es et que les projections soient les plus r\u00e8alistes et conservatrices possible. Par contre, dans le cas de Couche-Tard, la projection du rendement sur capital de 16.31% semble faible consid\u00e8rant l’impact des acquisitions r\u00e8centes. Selon les commentaires de la direction, nous pouvons nous attendre \u00e0 une remont\u00e8e du rendement sur capital au cours des prochaines ann\u00e8es, au fur et \u00e0 mesure que ces acquisitions seront int\u00e8gr\u00e8es. <\/p>\n

Au lieu de laisser le rendement sur capital stable \u00e0 16.31% en perp\u00e8tuit\u00e8, nous pouvons le remonter \u00e0 17% pour 2016, 17.5% pour 2017, et 18.00% par la suite. La direction de Couche-Tard dit \u00e8galement se sentir pr\u00eate \u00e0 effectuer d’autres acquisitions dans un futur rapproch\u00e8 vu leur bonne situation financi\u00e8re. Nous ajoutons donc un investissement repr\u00e8sentant 20% du capital investit (environ 2G$) pour l’ann\u00e8e 2017 (notez que l’ann\u00e8e projet\u00e8e d’une future acquisition influence tr\u00e8s peu le r\u00e8sultat final). <\/p>\n

Une fois ces ajustements incorpor\u00e8s dans le calcul, la valeur intrins\u00e8que monte \u00e0 60.29$, soit environ 10% au-dessus du prix actuel auquel ATD.B se transige; un prix cible beaucoup plus attrayant bas\u00e8 sur des projections r\u00e8alistes. Non seulement la calculatrice vous donne plus de d\u00e8tails sur les projections, mais elle vous permet \u00e8galement d’\u00e8valuer diff\u00e8rents sc\u00e8narios et de conna\u00eetre l’impact qu’ils ont sur la valeur intrins\u00e8que. <\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous discuterons des r\u00e8sultats du 4e trimestre d’Alimentation Couche-Tard, apparus hier dans StockPointer. Nous ferons \u00e8galement r\u00e8f\u00e8rence \u00e0 un article paru dans le Financial Post (lien). Notez qu’ATD.B fait partie de notre portefeuille mod\u00e8le canadien depuis avril 2011. Malgr\u00e8 une diminution des ventes d’environ 10% au 4e trimestre […]<\/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":[207],"class_list":["post-45620","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-atd"],"acf":[],"yoast_head":"\nAlimentation Couche-Tard Inc. 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