{"id":45637,"date":"2015-04-08T19:45:00","date_gmt":"2015-04-08T19:45:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/04\/imperial-oil-ltd-imo\/"},"modified":"2015-04-08T19:45:00","modified_gmt":"2015-04-08T19:45:00","slug":"imperial-oil-ltd-imo","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/04\/imperial-oil-ltd-imo\/","title":{"rendered":"Imperial Oil Ltd (IMO)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction de vente effectu\u00e8e au d\u00e8but du mois d’avril, lors du rebalancement du portefeuille mod\u00e8le canadien. La pond\u00e8ration sugg\u00e8r\u00e8e pour le secteur de l’\u00e8nergie au Canada, d\u00e8finie par Market Trend, est pass\u00e8e de 13% au dernier trimestre \u00e0 9% pour le mois d’avril, indiquant une r\u00e8duction n\u00e8cessaire du nombre de positions en \u00e8nergie. Suite \u00e0 l’analyse des compagnies que nous d\u00e8tenions dans ce secteur (Shawcor Ltd, Parkland Fuel Corp, Imperial Oil Ltd), notre choix s’est arr\u00eat\u00e8 sur Imperial Oil Ltd (IMO). Download <\/a><\/p>\n

\u00c0 premi\u00e8re vue, Imperial Oil pr\u00e8sente un SPscore respectable (62% en date du 6 avril 2015), mais est malheureusement en d\u00e8clin rapide depuis les derniers mois (Il \u00e8tait de 74% en date du 31 d\u00e8cembre 2014).<\/p>\n

Depuis 2011, le NOPAT d’Imperial Oil diminue constamment, alors que l’investissement en capital a presque doubl\u00e8. En d’autres mots, l’apport suppl\u00e8mentaire en capital investit depuis 2011 n’a servi qu’\u00e0 ralentir la chute du b\u00e8n\u00e8fice net d’op\u00e8rations apr\u00e8s imp\u221a\u00a5ts, alors qu’on souhaiterait qu’il g\u00e8n\u00e8re des profits suppl\u00e8mentaires le plus rapidement possible. Le rendement sur capital (NOPAT\/Capital) est donc pass\u00e8 de 23.8% en 2011 \u00e0 seulement 9.9% pour 2014, la donn\u00e8e observ\u00e8e la plus faible depuis les 5 derni\u00e8res ann\u00e8es.<\/p>\n

Les multiples de valeur ont grandement \u00e8t\u00e8 affect\u00e8s lors des 5 derniers trimestres. La valeur intrins\u00e8que d’IMO est pass\u00e8e de pr\u00e8s de 80$ en septembre 2013 (ratio P\/VI de 0.6) \u00e0 maintenant 49.56$ (ratio P\/VI de 1.04), indiquant une l\u00e8g\u00e8re sur\u00e8valuation du titre. Le FGV est d’environ 40% en date du 6 avril 2015, et refl\u00e8te une prime que nous consid\u00e8rons \u00e8lev\u00e8e par rapport aux perspectives du secteur \u00e0 court-moyen terme. \u00c0 noter que la prime illustr\u00e8e par le FGV(%) tend \u00e0 augmenter depuis les 4 derniers trimestres, alors que la valeur des op\u00e8rations courantes (COV) diminue. Ceci augmente le risque \u00e0 court terme puisque la proportion du prix de l’action support\u00e8e par la valeur des b\u00e8n\u00e8fices d’op\u00e8ration courants et de plus en plus faible.<\/p>\n

Au niveau de la performance \u00e8conomique, l’EVA est en nette d\u00e8croissance depuis mars 2012, et est entr\u00e8 en territoire n\u00e8gatif lors du dernier trimestre pour la premi\u00e8re fois en 5 ans. C’est d’ailleurs un des facteurs principaux qui ont motiv\u00e8 notre d\u00e8cision de nous d\u00e8partir d’Imperial Oil. Malgr\u00e8 que les 2 autres compagnies (PKI, SCL) n’offrent pas une tendance beaucoup plus reluisante, leurs EVA restent positifs, ce qui leur laisse une plus grande marge de man\u2248\u00ecuvre pour r\u00e8tablir une stabilit\u00e8 ou m\u00eame une croissance.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction de vente effectu\u00e8e au d\u00e8but du mois d’avril, lors du rebalancement du portefeuille mod\u00e8le canadien. La pond\u00e8ration sugg\u00e8r\u00e8e pour le secteur de l’\u00e8nergie au Canada, d\u00e8finie par Market Trend, est pass\u00e8e de 13% au dernier trimestre \u00e0 9% pour le mois d’avril, indiquant […]<\/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":[193],"class_list":["post-45637","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-imo"],"acf":[],"yoast_head":"\nImperial Oil Ltd (IMO) - 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\/imperial-oil-ltd-imo\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Imperial Oil Ltd (IMO)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous revenons sur une transaction de vente effectu\u00e8e au d\u00e8but du mois d’avril, lors du rebalancement du portefeuille mod\u00e8le canadien. 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