{"id":70353,"date":"2024-02-23T16:04:41","date_gmt":"2024-02-24T00:04:41","guid":{"rendered":"https:\/\/staging.penderfund.com\/?p=70353"},"modified":"2025-09-12T16:22:29","modified_gmt":"2025-09-12T23:22:29","slug":"fp-answers-what-does-having-a-moat-mean-in-investing","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/fp-answers-what-does-having-a-moat-mean-in-investing\/","title":{"rendered":"R\u00e9ponses du FP : Pourriez-vous expliquer ce que signifie l\u2019expression \u00ab\u2009rempart concurrentiel \u00bb\u2009?"},"content":{"rendered":"

Question<\/strong>: Dans un monde en constante \u00e9volution, marqu\u00e9 par les hautes technologies et les d\u00e9fis g\u00e9opolitiques, pouvez-vous expliquer ce que signifie aujourd\u2019hui avoir un \u00ab moat \u00bb ? Comment un petit investisseur peut-il savoir si une entreprise poss\u00e8de un avantage concurrentiel durable ?\u00a0\u2014 Cassandra<\/em><\/p>\n

R\u00e9ponse<\/strong>: La cr\u00e9ation d\u2019une valeur durable s\u2019appuie sur deux aspects : l\u2019ampleur des rendements exc\u00e9dant le co\u00fbt du capital et la dur\u00e9e pendant laquelle l\u2019entreprise peut produire lesdits rendements.<\/p>\n

\u00c0 l\u2019instar du fermier qui utilise une vanneuse pour s\u00e9parer le bon grain de l\u2019ivraie, un investisseur qui veut r\u00e9ussir doit identifier les soci\u00e9t\u00e9s capables de produire durablement une valeur \u00e9conomique ajout\u00e9e. Une fa\u00e7on d\u2019y parvenir est de s\u2019attarder sur les entreprises dot\u00e9es de remparts concurrentiels solides. L\u2019expression \u00ab\u2009rempart concurrentiel\u2009\u00bb a \u00e9t\u00e9 popularis\u00e9e par le c\u00e9l\u00e8bre investisseur Warren Buffett lorsqu\u2019il a\u00a0d\u00e9clar\u00e9<\/a>\u00ab\u2009que toute v\u00e9ritable grande entreprise doit poss\u00e9der un rempart concurrentiel durable susceptible de prot\u00e9ger d\u2019excellents taux de rendement du capital investi.\u2009\u00bb<\/p>\n

Tout comme un ch\u00e2teau s\u2019entoure de douves ou de remparts pour se prot\u00e9ger des envahisseurs, le fait qu\u2019une entreprise poss\u00e8de un avantage (un rempart) concurrentiel durable lui conf\u00e9rant une mainmise sur sa valeur complique la vie de ceux qui voudraient lui voler des parts de march\u00e9 et r\u00e9duire ainsi ses profits.<\/p>\n

Feu\u00a0Charlie Munger<\/a>\u00a0ne disait-il pas : \u00ab\u2009\u00c0 long terme, une action peut difficilement d\u00e9gager des rendements sup\u00e9rieurs aux gains de l\u2019entreprise en question. Si celle-ci enregistre un gain en capital de 6 % en 40 ans, votre taux de rendement du capital investi ne s\u2019\u00e9loignera gu\u00e8re de 6 % \u2014 m\u00eame si vous avez initialement achet\u00e9 ce titre \u00e0 un prix fortement r\u00e9duit.\u2009\u00bb<\/p>\n

L\u2019ann\u00e9e pass\u00e9e a mis \u00e0 dure \u00e9preuve ces remparts concurrentiels alors que les entreprises devaient affronter les effets post-Covid de la hausse de l\u2019inflation et des taux d\u2019int\u00e9r\u00eat auxquels se sont ajout\u00e9es les tensions g\u00e9opolitiques qui ont entra\u00een\u00e9 des probl\u00e8mes d\u2019approvisionnement et de l\u2019incertitude \u00e9conomique. Il n\u2019est donc pas \u00e9tonnant que l\u2019expression \u00ab\u2009rempart concurrentiel\u2009\u00bb\u00a0ait \u00e9t\u00e9 plus que jamais utilis\u00e9e lors<\/a>\u00a0des expos\u00e9s sur les r\u00e9sultats par lesquels les chefs d\u2019entreprises cherchaient \u00e0 convaincre les investisseurs de la solidit\u00e9 et de la viabilit\u00e9 de leurs soci\u00e9t\u00e9s.<\/p>\n

Mais dans un monde agit\u00e9, comment les investisseurs peuvent-ils savoir si un chef de file actuel ne finira pas en queue de peloton?<\/p>\n

Les entreprises peuvent se b\u00e2tir un imposant rempart d\u2019au moins\u00a0cinq fa\u00e7ons<\/a>. Celles qui en poss\u00e8dent un ont en partage plusieurs de ces caract\u00e9ristiques : des co\u00fbts de transfert \u00e9lev\u00e9s, des actifs incorporels, un effet de r\u00e9seau, des prix concurrentiels, une \u00e9conomie d\u2019\u00e9chelle efficace.<\/p>\n

Quand les co\u00fbts de transfert<\/strong>\u00a0sont \u00e9lev\u00e9s, cela signifie qu\u2019il est plus difficile pour les consommateurs de changer de fournisseur de service ou de produits, ce qui avantage les soci\u00e9t\u00e9s matures. Un bon exemple de ceci est l\u2019industrie du logiciel dont les solutions sont int\u00e9gr\u00e9es au c\u0153ur m\u00eame du fonctionnement de l\u2019entreprise. Cette derni\u00e8re aurait donc du mal \u00e0 migrer vers une autre plateforme et cela lui co\u00fbterait cher.<\/p>\n

Parmi les soci\u00e9t\u00e9s canadiennes de ce type figure Sylogist, un actif important du Fonds de dividendes \u00e0 petite et moyenne capitalisation Pender. Sylogist est une grande entreprise de SaaS (logiciel en tant que service) desservant plus de 2\u2009000 clients du secteur public comprenant des organismes sans but lucratif, des \u00e9tablissements d\u2019\u00e9ducation primaire et secondaire et des gouvernements. L\u2019\u00e9quipe de direction vise une croissance rentable, et 63 % de ses revenus sont de nature r\u00e9currente provenant des abonnements \u00e0 ses SaaS, de leur entretien et de l\u2019assistance technique. La solution logicielle infonuagique, pleinement int\u00e9gr\u00e9e et essentielle \u00e0 la mission des abonn\u00e9s, fid\u00e9lise les clients comme le prouve son pourcentage de r\u00e9tention brute, qui avoisine les 95 % et surpasse de beaucoup celui des autres SaaS.<\/p>\n

On pourrait mettre dans les actifs incorporels<\/strong> des attributs tels que \u00ab\u2009l\u2019amour de la marque\u2009\u00bb. Certaines marques s\u2019attirent la loyaut\u00e9 et l\u2019affection des consommateurs. Ainsi, Apple et Herm\u00e8s produisent des biens convoit\u00e9s qui ont beaucoup de cachet et cr\u00e9ent un sentiment d\u2019appartenance chez les acheteurs, sentiment qui assure \u00e0 ces entreprises un bon rempart contre la concurrence. Les brevets, les droits de propri\u00e9t\u00e9 intellectuelle, les licences et les tarifs gouvernementaux font aussi partie des actifs incorporels. Aritzia, une soci\u00e9t\u00e9 canadienne dans laquelle nous avons r\u00e9cemment pris une participation, est une boutique de mode multicanale dont la plateforme mondiale innovante vend des produits quotidiens luxueux joliment pr\u00e9sent\u00e9s et assortis d\u2019un service engageant et de communications int\u00e9ressantes. Aritzia a pour habitude de g\u00e9n\u00e9rer une croissance organique profitable et un flux de liquidit\u00e9s disponibles \u00e9tayant sa base financi\u00e8re. Tirant profit de la disponibilit\u00e9 en immeubles de premier plan, elle agrandit son r\u00e9seau de boutiques en Am\u00e9rique du Nord, particuli\u00e8rement aux \u00c9tats-Unis.<\/p>\n

Une \u00e9conomie d\u2019\u00e9chelle<\/strong>\u00a0efficace est profitable aux entreprises matures quand elle leur conf\u00e8re des avantages concurrentiels difficilement surpassables cr\u00e9ant de ce fait un quasi-monopole ou duopole. Pour les nouveaux joueurs, se lancer dans une telle industrie peut repr\u00e9senter un investissement tellement \u00e9lev\u00e9 que les rendements s\u2019en trouveraient inf\u00e9rieurs au co\u00fbt du capital. Une soci\u00e9t\u00e9 bien \u00e9tablie jouit d\u2019un avantage g\u00e9ographique incomparable. FirstService Corporation, un actif canadien de notre portefeuille, est une importante soci\u00e9t\u00e9 en mati\u00e8re de services essentiels de gestion immobili\u00e8re externalis\u00e9e aux \u00c9tats-Unis et au Canada. Son \u00e9conomie d\u2019\u00e9chelle, ses produits et ses services exclusifs et sa couverture nationale sont des \u00e9l\u00e9ments distinctifs difficiles \u00e0 reproduire. Elle a r\u00e9guli\u00e8rement enregistr\u00e9 un taux de rendement du capital investi \u00e0 deux chiffres, ce qui coupl\u00e9 au taux de croissance annuel compos\u00e9 de son revenu de 19 % depuis plus de 25 ans en fait un investissement attrayant.<\/p>\n

L\u2019effet de r\u00e9seau<\/strong>\u00a0augmente la valeur de l\u2019entreprise \u00e0 mesure que plus de personnes y adh\u00e8rent. L\u2019exemple classique est Meta, dont les filiales Facebook et Instagram comptent des milliards d\u2019utilisateurs. Alphabet en est un autre, avec son moteur de recherche Google qui accapare plus de 90 % du march\u00e9 mondial de la recherche en ligne. Ces gigantesques bases d\u2019utilisateurs attirent des revenus publicitaires lucratifs et permettent aux entreprises de rehausser leurs prix. Et c\u2019est tr\u00e8s ardu pour les nouveaux joueurs de leur d\u00e9rober des parts du march\u00e9.<\/p>\n

Des prix concurrentiels<\/strong>\u00a0sont une autre fa\u00e7on d\u2019\u00e9riger un rempart concurrentiel. Quand une entreprise est assez solide pour n\u00e9gocier des r\u00e9ductions de prix avec ses fournisseurs ou pour produire des biens \u00e0 moindre co\u00fbt gr\u00e2ce \u00e0 son efficacit\u00e9, elle sape la concurrence ou accro\u00eet sa marge de profit. Dans un cas comme dans l\u2019autre, elle en sort gagnante. Costco et Walmart sont deux exemples de soci\u00e9t\u00e9s qui misent sur les prix concurrentiels.<\/p>\n

Les entreprises et les industries qui r\u00e9alisent des profits sont destin\u00e9es \u00e0 s\u2019attirer de la concurrence. Les soci\u00e9t\u00e9s dot\u00e9es de remparts concurrentiels solides r\u00e9ussissent davantage \u00e0 tenir leurs concurrents \u00e0 distance \u2014 du moins assez longtemps pour adapter leur mod\u00e8le d\u2019affaires aux changements \u00e9conomiques ou technologiques. Rechercher de telles entreprises, aux remparts concurrentiels solides, est un bon point de d\u00e9part pour les investisseurs qui veulent se composer un portefeuille durable, r\u00e9sistant et, au bout du compte, amasser de la richesse.<\/p>","protected":false},"excerpt":{"rendered":"

\u00c0 l\u2019instar du fermier qui utilise une vanneuse pour s\u00e9parer le bon grain de l\u2019ivraie, un investisseur qui veut r\u00e9ussir doit identifier les soci\u00e9t\u00e9s capables de produire durablement une valeur \u00e9conomique ajout\u00e9e. Une fa\u00e7on d\u2019y parvenir est de s\u2019attarder sur les entreprises dot\u00e9es de remparts concurrentiels solides. L\u2019expression [\u2026]<\/p>","protected":false},"author":10,"featured_media":70354,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[174],"fund-type":[36,39],"class_list":["post-70353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-financial-post-fp-answers","fund-type-equity-funds","fund-type-pender-us-small-mid-cap-equity-fund"],"acf":[],"yoast_head":"\nFP Answers: What does having a \u2018moat\u2019 mean in investing? - 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=\"FP Answers: What does having a \u2018moat\u2019 mean in investing? - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Question: In a fast-changing world of high-tech and geopolitical challenges, can you explain what having a \u201cmoat\u201d means today? 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