{"id":45635,"date":"2015-04-22T19:35:00","date_gmt":"2015-04-22T19:35:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/04\/blackstone-group-bx\/"},"modified":"2015-04-22T19:35:00","modified_gmt":"2015-04-22T19:35:00","slug":"blackstone-group-bx","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/04\/blackstone-group-bx\/","title":{"rendered":"Blackstone Group (BX)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous jetons un coup d’\u2248\u00ecil aux r\u00e8sultats du 1er trimestre de Blackstone Group (BX), qui ont \u00e8t\u00e8 mis-\u00e0-jour dans StockPointer vendredi dernier. Blackstone est une des compagnies que nous avons ajout\u00e8es \u00e0 notre portefeuille mod\u00e8le US-Large lors du dernier rebalancement, le 2 mars, et dont nous sommes tr\u00e8s satisfaits de la performance (+11.18% Vs. -0.26% pour le S&P500. Download <\/a><\/p>\n

En commen\u00e7ant par la valeur intrins\u00e8que, celle-ci est pass\u00e8e de 61.56$ \u00e0 69.36$ en 1 trimestre, soit une augmentation de 12.7%, et ce gr\u221a\u00a2ce \u00e0 un rendement sur capital beaucoup plus \u00e8lev\u00e8 et \u00e0 un co\u00fbt du capital stable. Le ratio P\/VI est maintenant de 0.6, indiquant un potentiel d’appr\u00e8ciation de 66.25% entre le prix actuel et la valeur intrins\u00e8que. Le FGV, \u00e0 -22.6% en date du 21 avril, nous indique \u00e8galement que l’action se n\u00e8gocie \u00e0 escompte. Ceci implique l’une des deux situations suivantes; ou bien le march\u00e8 ne reconna\u00eet toujours pas pleinement la valeur des op\u00e8rations courantes (COV) de Blackstone, ou bien les investisseurs anticipent une baisse de la performance lors des prochains trimestres. \u00c9tant donn\u00e8 la croissance rapide et stable connue au cours des 4 derni\u00e8res ann\u00e8es, tant au niveau du capital investit que des profits d’op\u00e8rations, nous sommes d’avis que la premi\u00e8re option justifie mieux la situation pr\u00e8sente.<\/p>\n

Pour ce qui est de la performance \u00e8conomique, l’EVA est pass\u00e8 du territoire n\u00e8gatif \u00e0 positif au d\u00e8but de 2013, et n’a jamais cess\u00e8 de cro\u00eetre depuis. Le NOPAT (Net Operating Profit After Taxes) 12-derniers mois est pass\u00e8 de 70M$ en mars 2012 \u00e0 4.5G$ cette ann\u00e8e (une augmentation de 6300%), alors que le capital investit a \u00ac\u00b4 seulement \u00ac\u00aa augment\u00e8 de 45% durant cette m\u00eame p\u00e8riode. Ceci d\u00e8montre bien la capacit\u00e8 de la direction \u00e0 g\u00e8n\u00e8rer une croissance constante, en misant seulement sur des acquisitions de haute qualit\u00e8 et tr\u00e8s profitables.<\/p>\n

En concluant avec la performance comptable, Blackstone a maintenu une croissance moyenne de son revenu de 27.3% par ann\u00e8e au cours des 5 derni\u00e8res ann\u00e8es, et le taux de croissance moyen du dividende pour la m\u00eame p\u00e8riode a \u00e8t\u00e8 de 39.05%. Notez que le rendement du dividende est lui aussi attrayant, \u00e0 6.32%.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous jetons un coup d’\u2248\u00ecil aux r\u00e8sultats du 1er trimestre de Blackstone Group (BX), qui ont \u00e8t\u00e8 mis-\u00e0-jour dans StockPointer vendredi dernier. Blackstone est une des compagnies que nous avons ajout\u00e8es \u00e0 notre portefeuille mod\u00e8le US-Large lors du dernier rebalancement, le 2 mars, et dont nous sommes tr\u00e8s […]<\/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":[445],"class_list":["post-45635","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-bx"],"acf":[],"yoast_head":"\nBlackstone Group (BX) - 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\/04\/blackstone-group-bx\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Group (BX)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous jetons un coup d’\u2248\u00ecil aux r\u00e8sultats du 1er trimestre de Blackstone Group (BX), qui ont \u00e8t\u00e8 mis-\u00e0-jour dans StockPointer vendredi dernier. 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