{"id":45633,"date":"2015-05-06T18:51:00","date_gmt":"2015-05-06T18:51:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/05\/wabco-holdings-inc-wbc\/"},"modified":"2015-05-06T18:51:00","modified_gmt":"2015-05-06T18:51:00","slug":"wabco-holdings-inc-wbc","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/05\/wabco-holdings-inc-wbc\/","title":{"rendered":"Wabco Holdings Inc. (WBC)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e lors du rebalancement du portefeuille mod\u00e8le ADR ce lundi, 4 mai 2015. Une des compagnies que nous avons vendues est Wabco Holdings Inc (WBC), qui \u00e8tait entr\u00e8e dans le portefeuille en juillet 2012. Download <\/a><\/p>\n

Au moment o\u00f9 nous avions acquis Wabco, la compagnie g\u00e8n\u00e8rait un rendement sur capital en croissance et s’\u00e8levait \u00e0 environ 23%. R\u00e8cemment, WBC a eu du mal \u00e0 maintenir un rendement sur capital stable. Il est aujourd’hui de 17%, la donn\u00e8e la plus faible en 4 ans. Bien que l’EVA soit toujours positif, la tendance \u00e0 long terme est n\u00e8gative et la marge de man\u2248\u00ecuvre est de plus en plus mince. Si aucun revirement de tendance n’est provoqu\u00e8 dans les prochains trimestres, il y a un risque que l’EVA de Wabco devienne n\u00e8gatif.<\/p>\n

Au niveau de la valeur, la valeur intrins\u00e8que est pass\u00e8e de 89$ \u00e0 63$ (baisse de 30%) en deux trimestres, et le ratio P\/VI est maintenant de 1.98, que nous consid\u00e8rons \u00e8lev\u00e8. La valeur de croissance future (FGV) est elle aussi tr\u00e8s \u00e8lev\u00e8e \u00e0 62.8%. Ceci veut dire que bas\u00e8 sur la valeur que le march\u00e8 attribue actuellement \u00e0 Wabco, seulement 37.2% (100% – 62.8%) de celle-ci est \u00ac\u00b4 couverte \u00ac\u00aa, ou justifi\u00e8e, par la valeur des op\u00e8rations courantes (COV) calcul\u00e8e sur les 12 derniers mois.<\/p>\n

Pour ce qui est de la performance comptable, nous n’y trouvons rien de particuli\u00e8rement convaincant, outre les rachats d’actions. Au cours des 12 derniers mois, les ventes se sont \u00e8lev\u00e8es au m\u00eame niveau qu’elles l’\u00e8taient en 2012, et le profit d’op\u00e8ration est l\u00e8g\u00e8rement plus faible. Le BPA est \u00e8galement instable, et la compagnie ne verse toujours pas de dividende. En terminant sur une note plus positive, les fonds lib\u00e8r\u00e8s (free cash-flow) sont positifs depuis les 4 derni\u00e8res ann\u00e8es.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction effectu\u00e8e lors du rebalancement du portefeuille mod\u00e8le ADR ce lundi, 4 mai 2015. Une des compagnies que nous avons vendues est Wabco Holdings Inc (WBC), qui \u00e8tait entr\u00e8e dans le portefeuille en juillet 2012. Download Au moment o\u00f9 nous avions acquis Wabco, la […]<\/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":[444],"class_list":["post-45633","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-wbc"],"acf":[],"yoast_head":"\nWabco Holdings Inc. 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