{"id":45628,"date":"2015-05-14T13:53:00","date_gmt":"2015-05-14T13:53:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/05\/mcdonalds-mcd\/"},"modified":"2015-05-14T13:53:00","modified_gmt":"2015-05-14T13:53:00","slug":"mcdonalds-mcd","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/05\/mcdonalds-mcd\/","title":{"rendered":"McDonald’s (MCD)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous comparons les commentaires d’un article (Lien de l’article<\/a>) sur McDonald’s (MCD) \u00e8crit par Ian McGugan, paru dans le Globe & Mail le 4 mai 2015 (\u201a\u00c4\u00faMcDonald’s stock slide should be food for thought for all investors<\/em>\u201a\u00c4\u00f9), avec les rapports d’analyse de StockPointer. Download<\/span> <\/a><\/p>\n

En r\u00e8sum\u00e8, l’article du Globe & Mail d\u00e8voile le d\u00e8fi de taille auquel M. Easterbrook, directeur g\u00e8n\u00e8ral de McDonald’s depuis mars 2015, devra faire face au cours des prochains trimestres. L’avis de M. McGugan est que malgr\u00e8 que MCD soit encore tr\u00e8s profitable, on peut sentir un fort ralentissement de la croissance des op\u00e8rations: \u201a\u00c4\u00faThe burger chain is still solidly profitable and still packs the biggest cleaver in the fast-food business, but it’s looking more and more like a company that is out of growth opportunities and out of ideas.<\/em>\u201a\u00c4\u00f9<\/p>\n

Suite \u00e0 une analyse rapide du titre dans StockPointer, on peut conclure que l’EVA pointe dans la m\u00eame direction que M. McGugan; On voit clairement que l’EVA a cess\u00e8 son ascension \u00e0 la fin de l’ann\u00e8e 2011, est rest\u00e8e stable jusqu’en juin 2014, et depuis cette date, elle est en d\u00e8clin. Cette pente n\u00e8gative de la courbe EVA est caus\u00e8e en grande partie par la d\u00e8croissance du NOPAT (Profit Net d’Op\u00e8ration Apr\u00e8s Imp\u221a\u00a5t), et donc par un rendement sur capital constamment en baisse depuis mars 2012. <\/p>\n

Au niveau de la valeur, c’est la premi\u00e8re fois depuis juin 2012 que la valeur intrins\u00e8que se situe sous le prix au march\u00e8. La valeur intrins\u00e8que a chut\u00e8 au dernier trimestre, passant de 108.70$ \u00e0 84.13$ <\/p>\n

(-22.6%). Le ratio P\/VI est de 1.16 en date du 12 mai 2015, que nous consid\u00e8rons \u00e8lev\u00e8 pour une compagnie ayant du mal \u00e0 g\u00e8n\u00e8rer une croissance positive depuis quelques ann\u00e8es. La graphique de valeur de croissance future (FGV) illustre \u00e8galement une prime \u00e0 payer difficilement justifiable; le FGV (portion beige) est \u00e0 son plus \u00e8lev\u00e8 en 5 ans (28%) alors que la Valeur des Op\u00e8rations Courantes (COV) est en d\u00e8croissance. <\/p>\n

En terminant avec la performance comptable, on constate que McDonald’s compense l’absence de croissance des b\u00e8n\u00e8fices par des rachats d’actions et des hausses r\u00e8currentes du dividende en ayant recours \u00e0 de la dette. Or, tel qu’expliqu\u00e8 par M. McGugan, avec un co\u00fbt du capital qui pourrait \u00e8ventuellement augmenter, il faudra que les dirigeants trouvent un moyen de g\u00e8n\u00e8rer, comme il y a de \u00e7a quelques ann\u00e8es, une croissance organique positive : \u201a\u00c4\u00faHowever, the deluge of buybacks and dividends – much of it financed with borrowed cash – raises questions about how long investors will be content with artificial earnings growth generated by financial engineering rather than by new customers coming through the door.<\/em>\u201a\u00c4\u00f9<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous comparons les commentaires d’un article (Lien de l’article) sur McDonald’s (MCD) \u00e8crit par Ian McGugan, paru dans le Globe & Mail le 4 mai 2015 (\u201a\u00c4\u00faMcDonald’s stock slide should be food for thought for all investors\u201a\u00c4\u00f9), avec les rapports d’analyse de StockPointer. Download En r\u00e8sum\u00e8, l’article du […]<\/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":[443],"class_list":["post-45628","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-mcd"],"acf":[],"yoast_head":"\nMcDonald's (MCD) - 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\/05\/mcdonalds-mcd\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"McDonald's (MCD)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous comparons les commentaires d’un article (Lien de l’article) sur McDonald’s (MCD) \u00e8crit par Ian McGugan, paru dans le Globe & Mail le 4 mai 2015 (\u201a\u00c4\u00faMcDonald’s stock slide should be food for thought for all investors\u201a\u00c4\u00f9), avec les rapports d’analyse de StockPointer. 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