{"id":45625,"date":"2015-06-03T19:18:00","date_gmt":"2015-06-03T19:18:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/06\/tjx-companies-inc-tjx\/"},"modified":"2015-06-03T19:18:00","modified_gmt":"2015-06-03T19:18:00","slug":"tjx-companies-inc-tjx","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/","title":{"rendered":"TJX Companies Inc. (TJX)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e lundi, lors du rebalancement du portefeuille US-Large. Suite au retrait de la cote de Petsmart (PETM) au d\u00e8but mars, nous devions la remplacer par une autre compagnie du secteur de la consommation discr\u00e8tionnaire pour atteindre la pond\u00e8ration sectorielle indiqu\u00e8e par Market Trend. Notre choix s’est arr\u00eat\u00e8 sur TJX Companies Inc (TJX), class\u00e8e en 2e position du secteur (Grandes capitalisations > 10G$) avec un SPscore de 71%. Download<\/span> <\/a><\/p>\n

La performance \u00e8conomique de TJX est exemplaire, surtout lorsqu’on la compare \u00e0 celle de comp\u00e8titeurs dans l’industrie du v\u00eatement. Malgr\u00e8 que son rendement sur capital soit en l\u00e8g\u00e8re d\u00e8croissance (23.4% en 2013 \u00e0 22.3% aujourd’hui), celui-ci reste tr\u00e8s \u00e8lev\u00e8 et largement au-dessus de son co\u00fbt du capital \u00e0 7.8%. L’EVA est stable depuis juillet 2013, gr\u221a\u00a2ce \u00e0 un NOPAT (Profit Net d’Op\u00e8rations apr\u00e8s Imp\u221a\u00a5ts) qui cro\u00eet au m\u00eame rythme que l’investissement en capital. <\/p>\n

Au niveau de la valeur, l’action de TJX se n\u00e8gociait \u00e0 un ratio P\/VI de 1.03 en date du 2 juin. La baisse r\u00e8cente de la valeur intrins\u00e8que a \u00e8t\u00e8 caus\u00e8e en partie par une augmentation de la dette \u00e0 long terme et par une r\u00e8duction du taux de croissance du capital par rapport \u00e0 2014. La valeur de croissance future (FGV) est de 33.8%, refl\u00e8tant une prime assez \u00e8lev\u00e8e que le march\u00e8 est pr\u00eat \u00e0 payer pour une anticipation de croissance. <\/p>\n

En terminant avec la performance comptable, TJX a toujours \u00e8t\u00e8 en mesure, lors de 5 derni\u00e8res ann\u00e8es, d’augmenter son b\u00e8n\u00e8fice par action, son dividende, de g\u00e8n\u00e8rer des fonds lib\u00e8r\u00e8s (Free cash-flow) \u00e8lev\u00e8s et d’effectuer des rachats d’actions. Le nombre d’actions ordinaires a par ailleurs diminu\u00e8 d’environ 14% en 5 ans. <\/p>\n

Dans le m\u00eame secteur, DirecTV \u00e8tait l’autre option qui s’offrait \u00e0 nous avec un SPscore semblable \u00e0 celui de TJX. Par contre, le rendement sur capital de DTV s’effrite \u00e0 un rythme assez \u00e8lev\u00e8, passant de 24.2% en 2013 \u00e0 19.6% aujourd’hui. Le ratio d’endettement de 98% de DTV est \u00e8galement beaucoup plus \u00e8lev\u00e8 que celui de TJX, \u00e0 21%. Ce sont ces 2 principaux facteurs qui ont fait pencher notre choix du c\u221a\u00a5t\u00e8 de TJX Companies Inc. <\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e lundi, lors du rebalancement du portefeuille US-Large. Suite au retrait de la cote de Petsmart (PETM) au d\u00e8but mars, nous devions la remplacer par une autre compagnie du secteur de la consommation discr\u00e8tionnaire pour atteindre la pond\u00e8ration sectorielle indiqu\u00e8e par Market Trend. […]<\/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":[442],"class_list":["post-45625","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-tjx"],"acf":[],"yoast_head":"\nTJX Companies Inc. (TJX) - 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\/tjx-companies-inc-tjx\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TJX Companies Inc. (TJX)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e lundi, lors du rebalancement du portefeuille US-Large. Suite au retrait de la cote de Petsmart (PETM) au d\u00e8but mars, nous devions la remplacer par une autre compagnie du secteur de la consommation discr\u00e8tionnaire pour atteindre la pond\u00e8ration sectorielle indiqu\u00e8e par Market Trend. […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/\" \/>\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=\"2015-06-03T19:18:00+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\/06\/tjx-companies-inc-tjx\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/\"},\"author\":{\"name\":\"Inovestor\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\"},\"headline\":\"TJX Companies Inc. (TJX)\",\"datePublished\":\"2015-06-03T19:18:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/\"},\"wordCount\":393,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"keywords\":[\"TJX\"],\"articleSection\":[\"Intelligence\"],\"inLanguage\":\"fr-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/\",\"url\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/\",\"name\":\"TJX Companies Inc. (TJX) - Inovestor\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#website\"},\"datePublished\":\"2015-06-03T19:18:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.inovestor.com\/fr-ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TJX Companies Inc. (TJX)\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#website\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/\",\"name\":\"Inovestor\",\"description\":\"Make investment decisions that matter most\",\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.inovestor.com\/en-ca\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\",\"name\":\"Inovestor\",\"url\":\"https:\/\/www.inovestor.com\/en-ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png\",\"contentUrl\":\"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png\",\"width\":1581,\"height\":422,\"caption\":\"Inovestor\"},\"image\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Inovestor\/\",\"https:\/\/x.com\/Inovestor_\",\"https:\/\/www.linkedin.com\/company\/inovestor\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\",\"name\":\"Inovestor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g\",\"caption\":\"Inovestor\"},\"url\":\"https:\/\/www.inovestor.com\/fr-ca\/author\/inovestor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"TJX Companies Inc. (TJX) - Inovestor","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/","og_locale":"fr_CA","og_type":"article","og_title":"TJX Companies Inc. (TJX)","og_description":"Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e lundi, lors du rebalancement du portefeuille US-Large. Suite au retrait de la cote de Petsmart (PETM) au d\u00e8but mars, nous devions la remplacer par une autre compagnie du secteur de la consommation discr\u00e8tionnaire pour atteindre la pond\u00e8ration sectorielle indiqu\u00e8e par Market Trend. […]","og_url":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/","og_site_name":"Inovestor","article_publisher":"https:\/\/www.facebook.com\/Inovestor\/","article_published_time":"2015-06-03T19:18:00+00:00","author":"Inovestor","twitter_card":"summary_large_image","twitter_creator":"@Inovestor_","twitter_site":"@Inovestor_","twitter_misc":{"\u00c9crit par":"Inovestor","Estimation du temps de lecture":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/#article","isPartOf":{"@id":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/"},"author":{"name":"Inovestor","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092"},"headline":"TJX Companies Inc. (TJX)","datePublished":"2015-06-03T19:18:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/"},"wordCount":393,"publisher":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#organization"},"keywords":["TJX"],"articleSection":["Intelligence"],"inLanguage":"fr-CA"},{"@type":"WebPage","@id":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/","url":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/","name":"TJX Companies Inc. (TJX) - Inovestor","isPartOf":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#website"},"datePublished":"2015-06-03T19:18:00+00:00","breadcrumb":{"@id":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.inovestor.com\/fr-ca\/2015\/06\/tjx-companies-inc-tjx\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.inovestor.com\/fr-ca\/"},{"@type":"ListItem","position":2,"name":"TJX Companies Inc. (TJX)"}]},{"@type":"WebSite","@id":"https:\/\/www.inovestor.com\/en-ca\/#website","url":"https:\/\/www.inovestor.com\/en-ca\/","name":"Inovestor","description":"Make investment decisions that matter most","publisher":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.inovestor.com\/en-ca\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Organization","@id":"https:\/\/www.inovestor.com\/en-ca\/#organization","name":"Inovestor","url":"https:\/\/www.inovestor.com\/en-ca\/","logo":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png","contentUrl":"https:\/\/www.inovestor.com\/wp-content\/uploads\/2022\/04\/Inovestor-logo-high-res.png","width":1581,"height":422,"caption":"Inovestor"},"image":{"@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Inovestor\/","https:\/\/x.com\/Inovestor_","https:\/\/www.linkedin.com\/company\/inovestor"]},{"@type":"Person","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092","name":"Inovestor","image":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/87cd3105a1d74b889db7d26a60a8f3d3611a70d6e08baa4865bc6c8d091834b4?s=96&d=mm&r=g","caption":"Inovestor"},"url":"https:\/\/www.inovestor.com\/fr-ca\/author\/inovestor\/"}]}},"_links":{"self":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/posts\/45625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/comments?post=45625"}],"version-history":[{"count":0,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/posts\/45625\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/media?parent=45625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/categories?post=45625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inovestor.com\/fr-ca\/wp-json\/wp\/v2\/tags?post=45625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}