{"id":45621,"date":"2015-07-08T20:19:00","date_gmt":"2015-07-08T20:19:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/07\/stella-jones-inc-sj\/"},"modified":"2015-07-08T20:19:00","modified_gmt":"2015-07-08T20:19:00","slug":"stella-jones-inc-sj","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/07\/stella-jones-inc-sj\/","title":{"rendered":"Stella-Jones Inc. (SJ)"},"content":{"rendered":"

Pour l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e dans notre portefeuille canadien lors du rebalancement de la semaine derni\u00e8re, le 2 juillet. Jeudi dernier, nous avons vendu Winpak Ltd (WPK), la prime \u00e8tant devenue tr\u00e8s importante autant par rapport \u00e0 sa valeur intrins\u00e8que (P\/VI = 1.7) que par rapport \u00e0 la valeur de croissance future (FGV = 50%). Nous avons remplac\u00e8 WPK par Stella-Jones Inc (SJ), class\u00e8e 4e meilleure compagnie au Canada dans le secteur des mat\u00e8riaux, grandes capitalisations, avec un SPscore de 64%. Download<\/span> <\/a><\/p>\n

Stella-Jones, compagnie sp\u00e8cialis\u00e8e en produits en bois trait\u00e8 sous pression, est en pleine croissance. Son chiffre d’affaires a plus que doubl\u00e8 en 5 ans, passant de 592M$ en 2011 \u00e0 1.33G$ en 2015. Sa performance \u00e8conomique est \u00e8galement \u00e0 son plus haut niveau en 5 ans; le rendement sur capital s’est \u00e8lev\u00e8 \u00e0 12.3% pour les 12 mois se terminant en mars 2015 et l’\u00e8cart de performance (ROC – COC) a \u00e8t\u00e8 de 5.9%. Depuis 2011, la tendance \u00e0 long terme de l’EVA est nettement \u00e0 la hausse et sa croissance semble m\u00eame s’acc\u00e8l\u00e8rer depuis le d\u00e8but de 2014. <\/p>\n

Au niveau de la valeur, l’action de Stella-Jones se transige \u00e0 un ratio P\/VI de 1.26 en date du 7 juillet, une prime que nous consid\u00e8rons raisonnable vu la forte croissance de sa valeur intrins\u00e8que, de son EVA, et de ses indicateurs comptables. Le FGV s’\u00e8l\u00e8ve \u00e0 30.4% et refl\u00e8te la prime \u00e0 payer par rapport \u00e0 la valeur des op\u00e8rations courantes (COV) de l’entreprise. Malgr\u00e8 que cela puisse sembler \u00e8lev\u00e8, SJ a maintenu un taux de croissance annualis\u00e8 de son COV de 42.53% depuis 2011; la prime \u00e0 payer pour la valeur de croissance future de 30.4% est donc honn\u00eate. <\/p>\n

En terminant avec la performance comptable, SJ a \u00e8t\u00e8 en mesure d’augmenter son b\u00e8n\u00e8fice par action \u00e0 chaque ann\u00e8e depuis 2011 et d’augmenter son dividende vers\u00e8. M\u00eame si le rendement du dividende n’est pas tr\u00e8s \u00e8lev\u00e8 (0.75%), son taux de croissance annualis\u00e8 sur 5 ans, lui, est beaucoup plus attrayant \u00e0 27.4% par ann\u00e8e. <\/p>\n","protected":false},"excerpt":{"rendered":"

Pour l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e dans notre portefeuille canadien lors du rebalancement de la semaine derni\u00e8re, le 2 juillet. Jeudi dernier, nous avons vendu Winpak Ltd (WPK), la prime \u00e8tant devenue tr\u00e8s importante autant par rapport \u00e0 sa valeur intrins\u00e8que (P\/VI = 1.7) que par rapport \u00e0 […]<\/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":[177,178],"class_list":["post-45621","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-cca","tag-sjr"],"acf":[],"yoast_head":"\nStella-Jones Inc. 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Jeudi dernier, nous avons vendu Winpak Ltd (WPK), la prime \u00e8tant devenue tr\u00e8s importante autant par rapport \u00e0 sa valeur intrins\u00e8que (P\/VI = 1.7) que par rapport \u00e0 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/fr-ca\/2015\/07\/stella-jones-inc-sj\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-08T20:19:00+00:00\" \/>\n<meta name=\"author\" content=\"Inovestor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Inovestor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/07\/stella-jones-inc-sj\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/07\/stella-jones-inc-sj\/\"},\"author\":{\"name\":\"Inovestor\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\"},\"headline\":\"Stella-Jones Inc. 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