{"id":691,"date":"2008-10-07T19:42:59","date_gmt":"2008-10-07T18:42:59","guid":{"rendered":"http:\/\/www.ziserman.com\/blog\/?p=691"},"modified":"2008-10-07T19:42:59","modified_gmt":"2008-10-07T18:42:59","slug":"basiques-pour-la-bourse","status":"publish","type":"post","link":"https:\/\/www.ziserman.com\/blog\/2008\/10\/07\/basiques-pour-la-bourse\/","title":{"rendered":"Basiques pour la bourse"},"content":{"rendered":"

Souvent, j’entends quelqu’un dire un truc du genre : \u00ab\u00a0telle entreprise, son action est \u00e0 X, c’est super bas\u00a0\u00bb (ou super haut, …).<\/p>\n

Soyons clair : la valeur d’une action n’est surement pas un indicateur valable<\/strong>, et ne permet pas de dire si c’est \u00e9lev\u00e9 ou pas.<\/p>\n

Le capital d’une entreprise est \u00ab\u00a0d\u00e9coup\u00e9\u00a0\u00bb en actions. La valeur d’une entreprise, c’est donc la valeur d’une action multipli\u00e9e par le nombre d’actions.<\/p>\n

La valeur est un indicateur beaucoup plus int\u00e9ressant, qui permet en particulier de comparer les entreprises<\/strong>.<\/p>\n

Voici quelques valeurs (en milliard, en prenant 1 $ = 1 \u20ac) :<\/p>\n

\"\"<\/p>\n

OK, mais on fait quoi avec \u00e7a ? Est-ce une valorisation \u00e9lev\u00e9e ou pas ?<\/p>\n

Pour r\u00e9pondre, il faut prendre en compte d’autres indicateurs.<\/p>\n

Le chiffre d’affaires est \u00e9videment un indicateur cl\u00e9 (toujours en milliard) :<\/p>\n

\"\"<\/p>\n

Que voyez vous ?<\/p>\n

Ben que les valeurs ne sont pas tant que \u00e7a corell\u00e9es au chiffre d’affaires !<\/p>\n

Voici le ratio Chiffre d’affaires \/ Valorisation :<\/p>\n

\"\"<\/p>\n

La vie est injuste : certaines entreprises sont valoris\u00e9es bien en dessous de leur chiffre d’affaires, alors que Google est par exemple valoris\u00e9 11 fois son chiffre d’affaires !<\/p>\n

Bon, on peut prendre un autre indicateur : la marge.<\/p>\n

La marge pour faire simple, c’est la diff\u00e9rence entre ce qu’une entreprise gagne et ce qu’elle d\u00e9pense :<\/p>\n

\"\"<\/p>\n

Faisons le ratio entre la marge et la valorisation :<\/p>\n

\"\"<\/p>\n

L\u00e0 encore, il y a de grands \u00e9carts, entre un ratio de 7 \u00e0 un ratio de 86 !<\/p>\n

Deux autres indicateurs me semblent fondamentaux : la tr\u00e9sorerie<\/strong> (l’argent dont dispose l’entreprise) et le niveau d’endettement<\/strong>.<\/p>\n

Typiquement, ces indicateurs interviennent dans la performance de boite comme France T\u00e9l\u00e9com (endett\u00e9) et Google (0 dette).<\/p>\n

Pour mesurer la \u00ab\u00a0sant\u00e9 financi\u00e8re\u00a0\u00bb d’une entreprise, il faut prendre en compte tous ces param\u00e8tres (et pas un seul).<\/p>\n

En fait, au del\u00e0 de ces indicateurs, tr\u00e8s utiles, il y a une autre grille d’analyse : le fond.<\/p>\n

Le fond, c’est le m\u00e9tier de l’entreprise, la qualit\u00e9 de ce qu’elle produit, sa capacit\u00e9 \u00e0 faire r\u00eaver, \u00e0 s’adapter, \u00e0 innover, \u00e0 conqu\u00e9rir de nouveaux territoires, et enfin les hommes et leurs capacit\u00e9s \u00e0 bien diriger \u00ab\u00a0le bateau\u00a0\u00bb, m\u00eame par mauvais temps.<\/p>\n

Au final, ce qui explique la valeur d’une entreprise, c’est un m\u00e9lange \u00ab\u00a0informel\u00a0\u00bb entre tous ces param\u00e8tres.<\/p>\n

Alors, dans mon panel d’entreprises, lesquels vous semblent sur-valoris\u00e9es et lesquels vous semblent sous-valoris\u00e9es ?<\/p>\n","protected":false},"excerpt":{"rendered":"

Souvent, j’entends quelqu’un dire un truc du genre : \u00ab\u00a0telle entreprise, son action est \u00e0 X, c’est super bas\u00a0\u00bb (ou super haut, …). Soyons clair : la valeur d’une action n’est surement pas un indicateur valable, et ne permet pas de dire si c’est \u00e9lev\u00e9 ou pas. Le capital d’une entreprise est \u00ab\u00a0d\u00e9coup\u00e9\u00a0\u00bb en actions. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[2],"tags":[128,374],"class_list":["post-691","post","type-post","status-publish","format-standard","hentry","category-e-commerce","tag-bourse","tag-entrepreneuriat"],"yoast_head":"\nBasiques pour la bourse - Ziserman.com<\/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.ziserman.com\/blog\/2008\/10\/07\/basiques-pour-la-bourse\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Basiques pour la bourse - Ziserman.com\" \/>\n<meta property=\"og:description\" content=\"Souvent, j’entends quelqu’un dire un truc du genre : \u00ab\u00a0telle entreprise, son action est \u00e0 X, c’est super bas\u00a0\u00bb (ou super haut, …). 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