{"id":45670,"date":"2015-03-03T19:15:00","date_gmt":"2015-03-03T19:15:00","guid":{"rendered":"https:\/\/wp2.inovestor.com\/2015\/03\/petsmart-petm\/"},"modified":"2015-03-03T19:15:00","modified_gmt":"2015-03-03T19:15:00","slug":"petsmart-petm","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/","title":{"rendered":"PetSmart (PETM)"},"content":{"rendered":"<p>\u00a0<\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span lang=\"FR-CA\">Dans l&rsquo;analyse de contenu StockPointer de cette semaine (pi\u00e8ce jointe), nous survolons la compagnie PetSmart (PETM), que nous venons tout juste d&rsquo;ajouter \u00e0 notre portefeuille mod\u00e8le US-Large le 1<sup>er<\/sup> d\u00e8cembre.  <a href=\"http:\/\/wp1.inovestor.com\/wp-content\/uploads\/Content\/FR\/PETM-fr.pdf\"> <img decoding=\"async\" src=\"data:image\/png;base64,iVBORw0KGgoAAAANSUhEUgAAABQAAAAYCAYAAAD6S912AAAAAXNSR0IArs4c6QAAAARnQU1BAACxjwv8YQUAAAAJcEhZcwAADsMAAA7DAcdvqGQAAAAadEVYdFNvZnR3YXJlAFBhaW50Lk5FVCB2My41LjEwMPRyoQAAAN5JREFUSEvdlcENwyAMAIn64NkROkSePMoKzJERMgEzZMwoH1DkYhSiJDJgIvXRPk4Cy1xsS1bENE3Q9z2LYRjAOScAIIswxpCPc2itYVkWUoZE4ZYU7mSS9N6fPlyScoQiCZVSse2StEmIefM8wziOWWmzEPPWdRU5KVfYXfOC9E1Jb1WY4lSlTUJ8WMJaCywhwlkA9HCFz0B3ie0cR8KusMT\/CiURi\/x2y9m2SpSEry3pcThXCcJ917\/eMvmgRq1CXLHjLNMdR5DGkM4xLwjlSUgt+h2isOU3WsNaCx9FtNaZP8PEygAAAABJRU5ErkJggg==\" \/> Download <\/a> <\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span lang=\"FR-CA\">La performance \u00e8conomique de PetSmart est en croissance depuis les 5 derni\u00e8res ann\u00e8es. Tout en maintenant un capital investi stable \u00e0 environ 3.2G$ entre 2010 et 2014, la compagnie a fait passer son profit net d&rsquo;op\u00e8ration apr\u00e8s imp\u221a\u00a5ts (NOPAT) de 339M$ \u00e0 583.5M$. Durant la m\u00eame p\u00e8riode, le rendement sur capital est donc pass\u00e8 de 10.6% \u00e0 18.4%, tandis que le co\u00fbt du capital est demeur\u00e8 aux alentours de 7.5%. Le r\u00e8sultat de cette am\u00e8lioration \u00e8conomique est un EVA (derniers 12 mois) en croissance depuis janvier 2010.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span lang=\"FR-CA\">Pour ce qui est de la valeur du titre, en date du 1<sup>er<\/sup> d\u00e8cembre, PETM se n\u00e8gocie tr\u00e8s pr\u00e8s de sa valeur intrins\u00e8que, soit \u00e0 un ratio P\/VI de 0.98, un multiple un peu plus int\u00e8ressant que la moyenne sur 5 ans (1.05). Tel qu&rsquo;il a souvent \u00e8t\u00e8 le cas pour PetSmart, l&rsquo;action se n\u00e8gocie pr\u00e8sentement \u00e0 prime par rapport \u00e0 sa valeur de croissance future (FGV\/VE \u00e0 16.6%), refl\u00e8tant un certain optimisme du march\u00e8 quant \u00e0 une croissance \u00e8ventuelle.<\/span><\/p>\n<p class=\"MsoNormal\" style=\"text-align: justify;\"><span lang=\"FR-CA\">Finalement, pour ce qui est de la performance comptable, PETM a maintenu un taux de croissance annuel du dividende sup\u00e8rieur \u00e0 10% depuis les 5 derni\u00e8res ann\u00e8es, en plus de suivre un programme de rachat d&rsquo;actions et de g\u00e8n\u00e8rer des fonds lib\u00e8r\u00e8s positifs et stables.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Dans l&rsquo;analyse de contenu StockPointer de cette semaine (pi\u00e8ce jointe), nous survolons la compagnie PetSmart (PETM), que nous venons tout juste d&rsquo;ajouter \u00e0 notre portefeuille mod\u00e8le US-Large le 1er d\u00e8cembre. Download La performance \u00e8conomique de PetSmart est en croissance depuis les 5 derni\u00e8res ann\u00e8es. Tout en maintenant un capital investi stable \u00e0 environ 3.2G$ [&hellip;]<\/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":[191],"class_list":["post-45670","post","type-post","status-publish","format-standard","hentry","category-intelligence","tag-petm"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PetSmart (PETM) - 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\/petsmart-petm\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PetSmart (PETM)\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Dans l&rsquo;analyse de contenu StockPointer de cette semaine (pi\u00e8ce jointe), nous survolons la compagnie PetSmart (PETM), que nous venons tout juste d&rsquo;ajouter \u00e0 notre portefeuille mod\u00e8le US-Large le 1er d\u00e8cembre. Download La performance \u00e8conomique de PetSmart est en croissance depuis les 5 derni\u00e8res ann\u00e8es. Tout en maintenant un capital investi stable \u00e0 environ 3.2G$ [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/\" \/>\n<meta property=\"og:site_name\" content=\"Inovestor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Inovestor\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-03-03T19:15:00+00:00\" \/>\n<meta name=\"author\" content=\"Inovestor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:site\" content=\"@Inovestor_\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Inovestor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/\"},\"author\":{\"name\":\"Inovestor\",\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#\/schema\/person\/6616b197e129a7a95f3107103c871092\"},\"headline\":\"PetSmart (PETM)\",\"datePublished\":\"2015-03-03T19:15:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/\"},\"wordCount\":258,\"publisher\":{\"@id\":\"https:\/\/www.inovestor.com\/en-ca\/#organization\"},\"keywords\":[\"PETM\"],\"articleSection\":[\"Intelligence\"],\"inLanguage\":\"fr-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/\",\"url\":\"https:\/\/www.inovestor.com\/fr-ca\/2015\/03\/petsmart-petm\/\",\"name\":\"PetSmart (PETM) - 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