). <\/span><\/p>\nEn commen\u00e7ant par l’analyse de la valeur du titre, on s’aper\u00e7oit qu’historiquement, le march\u00e8 a eu tendance \u00e0 \u00e8valuer la valeur de l’entreprise de fa\u00e7on tr\u00e8s similaire aux calculs de valeur intrins\u00e8que effectu\u00e8s par StockPointer. Cette forte corr\u00e8lation entre les calculs de la m\u00e8thode EVA et l’\u00e8valuation du march\u00e8 augmente le niveau de confiance de l’analyse. Lors des 5 derni\u00e8res ann\u00e8es, le ratio P\/VI moyen a \u00e8t\u00e8 de 1.02, et il \u00e8tait de 1.01 en date du 30 janvier 2015. La tendance \u00e0 long terme de la valeur intrins\u00e8que est stable et en croissance, support\u00e8e par un rendement sur capital \u00e8lev\u00e8 (19.7% pour les 12 derniers mois) et un co\u00fbt du capital bien contr\u221a\u00a5l\u00e8. De son c\u221a\u00a5t\u00e8, le FGV\/VE de 10.3% nous indique une prime relativement raisonnable \u00e0 payer par rapport \u00e0 la valeur de croissance future de la compagnie. On peut consid\u00e8rer cette prime comme abordable vu qu’au cours des 5 derni\u00e8res ann\u00e8es, Credicorp a maintenu un taux de croissance annualis\u00e8 de sa valeur des op\u00e8rations courantes (COV) d’environ 20%. Pour d’autres compagnies qui n’offrent pas de croissance de la valeur des op\u00e8rations courantes, cette m\u00eame prime de 10.3% aurait pu \u00eatre consid\u00e8r\u00e8e comme trop \u00e8lev\u00e8e. <\/span><\/p>\nPour ce qui est de la performance \u00e8conomique, l’EVA de BAP a connu une chute entre Juin 2013 et D\u00e8cembre 2013, mais est en forte croissance depuis cette date. Outre cet \u00e8pisode ayant dur\u00e8 environ 6 mois, la tendance \u00e0 long terme reste bonne et pr\u00e8sente une belle croissance. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"\u00a0 Dans l’analyse de contenu de cette semaine (voir pi\u00e8ce jointe), nous jetons un coup d’\u2248\u00ecil \u00e0 Credicorp Ltd (BAP), que nous avons ajout\u00e8 \u00e0 notre portefeuille mod\u00e8le ADR lors du rebalancement de lundi, 2 f\u00e8vrier. Download Cette soci\u00e8t\u00e8 d’investissement, situ\u00e8e au P\u00e8rou, op\u00e8re principalement dans le secteur des services bancaires commerciaux via ses 5 […]<\/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":[199],"class_list":["post-45648","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-bap"],"acf":[],"yoast_head":"\n
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