{"id":58869,"date":"2024-07-09T15:39:23","date_gmt":"2024-07-09T22:39:23","guid":{"rendered":"https:\/\/www.penderfund.com\/?p=58869"},"modified":"2025-08-23T12:33:22","modified_gmt":"2025-08-23T19:33:22","slug":"three-ways-to-identify-capital-compounders","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/three-ways-to-identify-capital-compounders\/","title":{"rendered":"Les investisseurs sont invit\u00e9s \u00e0 examiner trois facteurs cl\u00e9s"},"content":{"rendered":"<p><a href=\"https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/advisor-stocks\/article-three-ways-to-identify-capital-compounders\/\" target=\"_blank\" rel=\"noopener\">Globe &amp; Mail on 9 juillet 2024<\/a><\/p>\n<p class=\"translation-block\">Il existe des milliers de soci\u00e9t\u00e9s cot\u00e9es en bourse, mais seulement un petit pourcentage d\u2019entre elles sont en mesure de g\u00e9n\u00e9rer de la valeur \u00e0 long terme pour les actionnaires. Dans le cadre d\u2019une \u00e9tude qui a \u00e9valu\u00e9 la performance de 64\u2009000\u202factions mondiales sur une p\u00e9riode de 30\u202fans, soit de janvier 1990 \u00e0 d\u00e9cembre 2020, les chercheurs ont d\u00e9couvert que seuls 2,4\u202f% des actions ont servi \u00e0 cr\u00e9er une valeur totale nette de 75,7\u202fbillions\u202fUSD. Au cours de cette p\u00e9riode, la plupart des actions ont d\u00e9gag\u00e9 des rendements inf\u00e9rieurs \u00e0 ceux des bons du Tr\u00e9sor am\u00e9ricains sur un mois.<\/p>\n<p>Voil\u00e0 une pens\u00e9e qui donne \u00e0 r\u00e9fl\u00e9chir pour les investisseurs. Mais comment faire pencher la balance en notre faveur? Une fa\u00e7on d\u2019y parvenir consiste \u00e0 rechercher les entreprises cr\u00e9atrices de rendements compos\u00e9s \u00e0 long terme. Pour que l\u2019on consid\u00e8re une entreprise comme \u00e9tant \u00ab\u2009cr\u00e9atrice de rendements compos\u00e9s\u2009\u00bb, celle-ci doit \u00eatre en mesure d\u2019assurer une croissance viable sur une longue p\u00e9riode de temps. Ce sont en somme les soci\u00e9t\u00e9s de qualit\u00e9 qu\u2019il convient d\u2019acqu\u00e9rir \u00e0 bon prix et de conserver tandis qu\u2019elles progressent. Si ces entreprises sont le Saint Graal du placement, quels sont alors les attributs recherch\u00e9s?<\/p>\n<p>D\u2019abord, distinguons les entreprises cr\u00e9atrices de rendements compos\u00e9s bien \u00e9tablies de celles qui sont \u00e9mergentes. Normalement, les soci\u00e9t\u00e9s \u00e9mergentes sont de nouvelles compagnies qui jouissent d\u2019une croissance rapide et qui pr\u00e9sentent des donn\u00e9es \u00e9conomiques en pleine \u00e9volution. Les soci\u00e9t\u00e9s bien \u00e9tablies marchent \u00e9galement d\u2019un pas acc\u00e9l\u00e9r\u00e9, mais leurs donn\u00e9es \u00e9conomiques sont d\u00e9j\u00e0 acquises. Dans le cadre de cet article, je me pencherai sur les attributs des entreprises cr\u00e9atrices de rendements compos\u00e9s d\u00e9j\u00e0 bien \u00e9tablies. Pour les rep\u00e9rer, les investisseurs sont invit\u00e9s \u00e0 examiner trois facteurs cl\u00e9s\u202f: la qualit\u00e9 de l\u2019entreprise, l\u2019\u00e9quipe de direction et le march\u00e9 cible total.<\/p>\n<p><strong>La qualit\u00e9 de l\u2019entreprise<\/strong><\/p>\n<p>Une entreprise de qualit\u00e9 est assortie d\u2019un historique de rentabilit\u00e9 av\u00e9r\u00e9e au cours de diff\u00e9rents cycles de march\u00e9. Pour se parer d\u2019un avantage concurrentiel durable, une entreprise doit se pr\u00e9valoir d\u2019un rempart concurrentiel, c\u2019est \u00e0 dire d\u2019attributs d\u00e9fensifs pour se prot\u00e9ger de l\u2019assaut des concurrents et d\u2019un pouvoir de fixation sur les prix. Elle peut \u00e9galement offrir un produit ou un service qui jouit d\u2019une forte demande viable (qui ne sera pas passag\u00e8re).<\/p>\n<p class=\"translation-block\">Pour en savoir davantage sur une entreprise, on peut recourir \u00e0 une approche qualitative, par exemple en s\u2019enqu\u00e9rant aupr\u00e8s des concurrents et clients pour savoir ce qu\u2019ils pensent de la soci\u00e9t\u00e9 et de ses produits. Il n\u2019y a rien de mal \u00e0 t\u00e2ter le pouls d\u2019une entreprise en pr\u00eatant l\u2019oreille aux rumeurs, l\u2019approche dite de \u00ab\u2009potinage\u2009\u00bb, pour s\u2019informer sur la r\u00e9putation et sur la qualit\u00e9 de ses biens et services puisque ces renseignements en disent long sur la durabilit\u00e9 des flux de tr\u00e9sorerie disponibles.<\/p>\n<p>Du c\u00f4t\u00e9 quantitatif, il convient d\u2019examiner les rapports financiers \u00e0 la recherche de revenus soutenus et r\u00e9silients, de marges de profit dodues et de taux de rendement du capital investi \u00e9lev\u00e9s. L\u2019entreprise est-elle en mesure de r\u00e9partir ad\u00e9quatement ses flux de tr\u00e9sorerie disponibles pour assurer une croissance sup\u00e9rieure \u00e0 la moyenne? Si c\u2019est le cas, celle-ci sera probablement en mesure d\u2019assurer une saine composition de sa valeur au fil du temps.<\/p>\n<p><strong>L\u2019\u00e9quipe de direction<\/strong><\/p>\n<p class=\"translation-block\">La comp\u00e9tence des gestionnaires est une composante cl\u00e9 pour faire cro\u00eetre la valeur des actionnaires \u00e0 long terme. Par exemple, les gestionnaires des 67\u202ffiliales et plus exploitant sous la banni\u00e8re de Berkshire Hathaway disposent d\u2019une grande autonomie dans leur processus d\u00e9cisionnel. Ceux-ci doivent ponctuellement d\u00e9poser les \u00e9tats financiers et acheminer \u00e0 Berkshire les liquidit\u00e9s qui exc\u00e8dent le montant n\u00e9cessaire \u00e0 la croissance de leurs op\u00e9rations particuli\u00e8res. Pour d\u00e9terminer la qualit\u00e9 d\u2019une \u00e9quipe de direction, il convient d\u2019\u00e9plucher les ant\u00e9c\u00e9dents des membres qui la composent pour mettre au jour leurs r\u00e9alisations et leurs aptitudes. La motivation des cadres sup\u00e9rieurs doit concorder avec les objectifs de la soci\u00e9t\u00e9, notamment la cr\u00e9ation d\u2019une valeur viable \u00e0 long terme, ce qui s\u2019accomplit au moyen d\u2019une structure de r\u00e9mun\u00e9ration et de primes convenable.<\/p>\n<p><strong>Le march\u00e9 cible total<\/strong><\/p>\n<p>Il se peut que l\u2019entreprise examin\u00e9e ait de tr\u00e8s bons produits et services, soit dirig\u00e9e par une \u00e9quipe de direction comp\u00e9tente et chevronn\u00e9e, mais qu\u2019elle op\u00e8re dans un secteur mature ou dans un milieu o\u00f9 les concurrents abondent. Une entreprise qui op\u00e8re dans une ar\u00e8ne \u00e0 plus faible croissance ou dont le march\u00e9 cible total est plus petit ne retirera pas autant d\u2019avantages \u00e0 r\u00e9investir ses profits que les entreprises qui exploitent dans des secteurs en pleine expansion.<\/p>\n<p class=\"translation-block\">Pour illustrer nos propos sur les cr\u00e9atrices de rendements compos\u00e9s de qualit\u00e9, prenons par exemple Kinaxis (TSX\u202f: KXS). Cette soci\u00e9t\u00e9 logicielle canadienne offre des services dans les nuages auquel les clients doivent s\u2019abonner pour g\u00e9rer leurs cha\u00eenes d\u2019approvisionnement. La soci\u00e9t\u00e9 r\u00e9pond \u00e0 tous les crit\u00e8res \u00e9num\u00e9r\u00e9s plus haut. Depuis son premier appel public \u00e0 l\u2019\u00e9pargne en juin 2014 au co\u00fbt de 13\u202f$, le cours de son titre a augment\u00e9 \u00e0 plus de 165\u202f$, soit plus de 1\u2009000\u202f% (au 1er\u202fjanvier 2024); son march\u00e9 cible total prend de l\u2019expansion, elle profite d\u2019affaires sous-jacentes solides et b\u00e9n\u00e9ficie des services d\u2019une \u00e9quipe de direction qui a fait ses preuves.<\/p>\n<p>Comme Albert Einstein l\u2019a si bien dit, \u00ab\u2009la composition des int\u00e9r\u00eats est la huiti\u00e8me merveille du monde\u2009\u00bb. Les personnes qui ont investi dans de bonnes entreprises \u00e9tablies et nanties d\u2019une saine composition seront tout \u00e0 fait d\u2019accord, nous en sommes persuad\u00e9s, avec ce laur\u00e9at d\u2019un prix Nobel.<\/p>\n<p><em>\u2013 Sharon Wang<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Il existe des milliers de soci\u00e9t\u00e9s cot\u00e9es en bourse, mais seulement un petit pourcentage d\u2019entre elles sont en mesure de g\u00e9n\u00e9rer de la valeur \u00e0 long terme pour les actionnaires. Dans le cadre d\u2019une \u00e9tude qui a \u00e9valu\u00e9 la performance de 64\u2009000\u202factions mondiales sur une p\u00e9riode de 30\u202fans, soit de janvier 1990 \u00e0 d\u00e9cembre 2020, les chercheurs ont [\u2026]<\/p>","protected":false},"author":4,"featured_media":69303,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[111],"fund-type":[36],"class_list":["post-58869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-the-globe-mail","fund-type-equity-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Three ways to identify capital compounders - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Three ways to identify capital compounders - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"As published in the Globe &amp; Mail on July 9, 2024 (for subscribers only) There are thousands of publicly listed companies globally, yet only a small percentage generate long-term wealth for shareholders. 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