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Download <\/a><\/p>\nNous nous penchons donc plus en d\u00e8tails sur West Fraser Timber Co. (WFT), compagnie foresti\u00e8re bas\u00e8e en Colombie-Britannique. La premi\u00e8re chose qu’il est possible de remarquer est la chute de la valeur intrins\u00e8que calcul\u00e8e pour le trimestre se terminant en d\u00e8cembre 2014. Celle-ci est pass\u00e8e d’environ 55$ \u00e0 40$, une chute de 27%, une des plus grandes variations n\u00e8gatives observ\u00e8es depuis les 5 derni\u00e8res ann\u00e8es. Cette baisse de la valeur intrins\u00e8que a \u00e8t\u00e8 caus\u00e8e par une d\u00e8croissance notable du rendement sur capital, pass\u00e8 de 20.7% en 2013 \u00e0 12.8% pour 2014.<\/p>\n
Au niveau de la valeur, l’action de West Fraser se n\u00e8gocie maintenant \u00e0 un ratio P\/VI de 1.55 en date du 23 mars, sugg\u00e8rant une prime consid\u00e8rable. Pour ce qui est de la valeur de croissance future (FGV), le sc\u00e8nario est semblable. Vu la baisse de la valeur des op\u00e8rations courantes (COV) depuis les 5 derniers trimestres, la prime \u00e0 payer est de plus en plus grande et s’\u00e8tablit maintenant \u00e0 pr\u00e8s de 45%. Autrement dit, la valeur que le march\u00e8 attribue \u00e0 l’action d\u00e8passe de 45% la valeur de la perp\u00e8tuit\u00e8 calcul\u00e8e \u00e0 partir des b\u00e8n\u00e8fices d’op\u00e8rations des 12 derniers mois.<\/p>\n
Au niveau de la performance \u00e8conomique, l’EVA a amorc\u00e8 une tendance n\u00e8gative en d\u00e8cembre 2013 et qui perdure depuis cette date.<\/p>\n
D’un point de vu plus qualitatif, notons que les ventes des West Fraser proviennent majoritairement des \u00c9tats-Unis (50%), du Canada (22%) et de la Chine (22%). Les revenus de la compagnie sont fortement li\u00e8s au volume de nouvelles constructions, et le ralentissement \u00e8conomique qui pourrait survenir dans les r\u00e8gions productrices d’\u00e8nergie (Ouest canadien et Sud des \u00c9tats-Unis) sont susceptibles d’avoir un impact n\u00e8gatif sur les r\u00e8sultats futurs. Par contre, les plus faibles prix du p\u00e8trole r\u00e8duiront consid\u00e8rablement les co\u00fbts de transport de la compagnie.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dans l’analyse de contenu de cette semaine, nous vous montrons comment StockPointer peut vous aider \u00e0 identifier, en plus des compagnies int\u00e8ressantes, d’autres qui pourraient \u00eatre consid\u00e8r\u00e8es comme \u00ac\u00b4 \u00e0 \u00e8viter \u00ac\u00aa ou \u00e0 surveiller de pr\u00e8s. Gr\u221a\u00a2ce au SPfiltre pr\u00e8d\u00e8fini \u00ac\u00b4 Tendance Risqu\u00e8e \u00ac\u00aa, nous avons identifi\u00e8 6 compagnies faisant partie du S&P\/TSX Composite […]<\/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":[194],"class_list":["post-45639","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-wft"],"acf":[],"yoast_head":"\n
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