{"id":45642,"date":"2015-03-04T19:54:00","date_gmt":"2015-03-04T19:54:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/03\/ugi-corp-ugi\/"},"modified":"2015-03-04T19:54:00","modified_gmt":"2015-03-04T19:54:00","slug":"ugi-corp-ugi","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/ugi-corp-ugi\/","title":{"rendered":"UGI Corp (UGI)"},"content":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous discutons d’une transaction que nous venons d’effectuer lors du rebalancement du portefeuille mod\u00e8le US-Large, le 3 mars. Une des compagnies dont nous avons d\u00e8cid\u00e8 de nous d\u00e8partir est UGI Corp (UGI), qui se concentre sur l’entreposage, la distribution et le transport de produits et services li\u00e8s \u00e0 l’\u00e8nergie. Download <\/a><\/p>\n

Un des facteurs d\u00e8cisionnels principaux ayant motiv\u00e8 notre choix a \u00e8t\u00e8 la baisse marqu\u00e8e du SPscore, passant de 65% \u00e0 la fin novembre \u00e0 51% le 2 mars, tout pr\u00e8s de notre \u00ac\u00b4 limite de tol\u00e8rance \u00ac\u00aa de 50%. Parmi les \u00e8l\u00e8ments qui ont caus\u00e8 cette variation n\u00e8gative du SPscore, il y a la chute de la valeur intrins\u00e8que, pass\u00e8e de 47.30$ \u00e0 28.86$, qui s’\u00e8tablit pour la premi\u00e8re fois en 5 ans sous la valeur au march\u00e8 de l’action. En date du 2 mars, le ratio P\/VI de 1.15 qui en d\u00e8coule est consid\u00e8r\u00e8 comme relativement \u00e8lev\u00e8, surtout pour une entreprise affichant une performance \u00e8conomique en d\u00e8clin dans le secteur des services publics.<\/p>\n

En continuant avec la valeur de croissance future (FGV), notons que celle-ci est positive (prime) depuis d\u00e8cembre 2014 et s’\u00e8l\u00e8ve \u00e0 22.6% en date du 2 mars. Encore une fois, ce multiple est consid\u00e8r\u00e8 comme \u00e8lev\u00e8 vu l’incapacit\u00e8 de l’entreprise \u00e0 faire cro\u00eetre sa valeur des op\u00e8rations courantes (portion rouge sur le graphique FGV) au cours de la derni\u00e8re ann\u00e8e. Il serait plus acceptable de payer une prime sur la valeur de croissance future pour une entreprise d\u00e8montrant un taux de croissance positif et stable de sa valeur des op\u00e8rations courantes, mais ce n’est pas le cas ici.<\/p>\n

En terminant avec la performance \u00e8conomique, l’EVA a connu une tr\u00e8s forte baisse au cours des 12 derniers mois. C’est la premi\u00e8re fois en 5 ans qu’UGI Corp est incapable de d\u00e8gager un EVA positif au cours du trimestre se terminant en d\u00e8cembre (voir points rouges encercl\u00e8s sur graphique EVA).<\/p>\n

Vu la tendance inqui\u00e8tante de l’EVA, de la valeur intrins\u00e8que et de la plupart des indicateurs, nous pensons que la baisse du prix de l’action observ\u00e8e sur le march\u00e8 depuis la fin d\u00e8cembre est justifi\u00e8e et que le risque de baisse restera \u00e8lev\u00e8 jusqu’\u00e0 ce qu’UGI Corp r\u00e8tablisse la stabilit\u00e8 de ses indicateurs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dans l’analyse de contenu de cette semaine, nous discutons d’une transaction que nous venons d’effectuer lors du rebalancement du portefeuille mod\u00e8le US-Large, le 3 mars. Une des compagnies dont nous avons d\u00e8cid\u00e8 de nous d\u00e8partir est UGI Corp (UGI), qui se concentre sur l’entreposage, la distribution et le transport de produits et services li\u00e8s \u00e0 […]<\/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":[196],"class_list":["post-45642","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-ugi"],"acf":[],"yoast_head":"\nUGI Corp (UGI) - 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\/03\/ugi-corp-ugi\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UGI Corp (UGI)\" \/>\n<meta property=\"og:description\" content=\"Dans l’analyse de contenu de cette semaine, nous discutons d’une transaction que nous venons d’effectuer lors du rebalancement du portefeuille mod\u00e8le US-Large, le 3 mars. 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