{"id":45623,"date":"2015-06-17T19:55:00","date_gmt":"2015-06-17T19:55:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/06\/garmin-ltd-grmn\/"},"modified":"2015-06-17T19:55:00","modified_gmt":"2015-06-17T19:55:00","slug":"garmin-ltd-grmn","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/garmin-ltd-grmn\/","title":{"rendered":"Garmin Ltd (GRMN)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous faisons un parall\u00e8le entre un article du Globe & Mail portant sur Garmin Ltd et les rapports d’analyse StockPointer. L’article en question (lien<\/a>), \u00ac\u00b4 Garmin : Is the GPS maker the next BlackBerry? \u00ac\u00aa est paru jeudi pass\u00e8, 11 juin. David Milstead, l’auteur de l’article, met en lumi\u00e8re les difficult\u00e8s auxquelles Garmin se bute depuis quelques ann\u00e8es ainsi que celles qui l’attendent, tout \u00e7a \u00e0 cause de l’arriv\u00e8e des t\u00e8l\u00e8phones intelligents munis de fonctions GPS int\u00e8gr\u00e8es. Heureusement, la compagnie a \u00e8t\u00e8 en mesure de se diversifier, faisant passer la proportion du revenu provenant des ventes de GPS pour voiture de 75% en 2007 \u00e0 environ 40% aujourd’hui. Les appareils GPS de sport repr\u00e8sentent maintenant le segment en plus forte croissance et avec le plus de potentiel. Download<\/span> <\/a><\/p>\n

Ce repositionnement strat\u00e8gique adopt\u00e8 par Garmin Ltd a certes ralentit la chute de sa performance \u00e8conomique, mais l’EVA indique clairement que la compagnie n’est plus en mesure de g\u00e8n\u00e8rer de la richesse pour ses actionnaires, et ce depuis septembre 2014. Pour les 12-derniers mois s’\u00e8tant termin\u00e8s en mars 2015, le NOPAT (Profit Net d’Op\u00e8rations Apr\u00e8s Imp\u221a\u00a5ts) s’est \u00e8lev\u00e8 \u00e0 366.1M$, alors qu’il \u00e8tait de 698.3M$ lors de la p\u00e8riode pr\u00e8c\u00e8dente. Le rendement sur capital est \u00e0 son plus faible en 5 ans, soit \u00e0 8.5%, ce qui est inf\u00e8rieur au co\u00fbt du capital \u00e0 9.6%. <\/p>\n

Au niveau de la valeur, l’action de GRMN se n\u00e8gocie au-dessus de sa valeur intrins\u00e8que \u00e0 un ratio P\/VI de 1.52, indiquant un risque potentiel consid\u00e8rable. La valeur intrins\u00e8que continue elle aussi de diminuer, et ce de fa\u00e7on assez constante depuis 2010. La valeur de croissance future (FGV) pointe dans la m\u00eame direction; la valeur au march\u00e8 d\u00e8passe de 55% la valeur des op\u00e8rations courantes (COV), malgr\u00e8 l’absence de croissance. <\/p>\n

Notez que nous avons d\u00e8tenu GRMN dans notre portefeuille mod\u00e8le ADR d’ao\u00fbt 2010 (28.51 $) \u00e0 octobre 2014 (55.48 $), date \u00e0 laquelle nous avons vendu le titre suite \u00e0 la chute de l’EVA devenu n\u00e8gatif pour la premi\u00e8re fois. La situation ne s’est pour l’instant pas vraiment am\u00e8lior\u00e8e, et l’arriv\u00e8e de plusieurs comp\u00e8titeurs (Fitbit, Google, Apple, etc.) dans le march\u00e8 des appareils GPS de \u00ac\u00b4 mise-en-forme \u00ac\u00aa compliquera certainement la t\u221a\u00a2che aux dirigeants de Garmin. <\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous faisons un parall\u00e8le entre un article du Globe & Mail portant sur Garmin Ltd et les rapports d’analyse StockPointer. L’article en question (lien), \u00ac\u00b4 Garmin : Is the GPS maker the next BlackBerry? \u00ac\u00aa est paru jeudi pass\u00e8, 11 juin. David Milstead, l’auteur de l’article, met en […]<\/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":[441],"class_list":["post-45623","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-grmn"],"acf":[],"yoast_head":"\nGarmin Ltd (GRMN) - 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\/06\/garmin-ltd-grmn\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Garmin Ltd (GRMN)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous faisons un parall\u00e8le entre un article du Globe & Mail portant sur Garmin Ltd et les rapports d’analyse StockPointer. 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