{"id":1542,"date":"2016-11-14T12:42:09","date_gmt":"2016-11-14T12:42:09","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=1542"},"modified":"2017-10-05T11:10:14","modified_gmt":"2017-10-05T11:10:14","slug":"l-b-foster-under-the-radar-and-undervalued","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/l-b-foster-under-the-radar-and-undervalued\/","title":{"rendered":"LB Foster: sous le radar et sous-\u00e9valu\u00e9"},"content":{"rendered":"<br \/>\n<style>\n.wp-caption {\nmax-width: 100% !important;\n}\n iframe {\nmax-width: 100%; hight: auto;\n}\n<\/style>\n<p><strong><em>Avertissement: Ceci est un message d&#039;invit\u00e9 de Michael, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes.<\/em><\/strong><\/p>\n<p><strong><span style=\"font-size: x-large;\">LB Foster Co (NASDAQ: FSTR)<\/span><\/strong><\/p>\n<p>Date: 11\/10\/2016<br \/>\nPrix: $12<br \/>\n\u00c9valuation: <em>Facilement<\/em> $25<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER.png\"><img fetchpriority=\"high\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1543\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER.png\" alt=\"1_lb_foster\" width=\"1229\" height=\"356\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER.png 1229w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-300x87.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-1024x297.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-945x274.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-600x174.png 600w\" sizes=\"(max-width: 1229px) 100vw, 1229px\" \/><\/a><\/p>\n<p><strong><span style=\"font-size: x-large;\">Aper\u00e7u des activit\u00e9s: <\/span><\/strong><\/p>\n<div id=\"attachment_1544\" style=\"width: 975px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1544\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1544 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER.png\" alt=\"2_lb_foster\" width=\"965\" height=\"750\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER.png 965w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER-300x233.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER-945x734.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER-600x466.png 600w\" sizes=\"(max-width: 965px) 100vw, 965px\" \/><\/a><p id=\"caption-attachment-1544\" class=\"wp-caption-text\">Source: site web FSTR<\/p><\/div>\n<p>FSTR est un fabricant de produits pour le rail, le transport, la construction, l&#039;\u00e9nergie. Le cours de son action s&#039;est effondr\u00e9 depuis 2015.<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER.png\"><img decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1545\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER.png\" alt=\"3_lb_foster\" width=\"762\" height=\"453\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER.png 762w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER-300x178.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER-600x357.png 600w\" sizes=\"(max-width: 762px) 100vw, 762px\" \/><\/a><\/p>\n<div id=\"attachment_1546\" style=\"width: 1132px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1546\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1546\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER.png\" alt=\"Source: FSTR, proxy 2015. \" width=\"1122\" height=\"130\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER.png 1122w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-300x35.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-1024x119.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-945x109.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-600x70.png 600w\" sizes=\"(max-width: 1122px) 100vw, 1122px\" \/><\/a><p id=\"caption-attachment-1546\" class=\"wp-caption-text\">Source: FSTR, proxy 2015.<\/p><\/div>\n<p>Aucun client n&#039;a repr\u00e9sent\u00e9 plus de 10% des ventes nettes de la soci\u00e9t\u00e9 au cours des derni\u00e8res ann\u00e9es, ce qui rend les op\u00e9rations de la soci\u00e9t\u00e9 plus r\u00e9silientes et les flux de revenus futurs seront plus diversifi\u00e9s et moins volatils. Ceux-ci, avec le temps, se combineront pour exiger qu&#039;un multiple plus \u00e9lev\u00e9 soit attribu\u00e9 aux gains.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Aper\u00e7u des segments op\u00e9rationnels:<\/span><\/strong><\/p>\n<p>FSTR est assez bien diversifi\u00e9:<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1547\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER.png\" alt=\"5_lb_foster\" width=\"1132\" height=\"680\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER.png 1132w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-300x180.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-1024x615.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-945x568.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-600x360.png 600w\" sizes=\"(max-width: 1132px) 100vw, 1132px\" \/><\/a><\/p>\n<div id=\"attachment_1548\" style=\"width: 982px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1548\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1548 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER.png\" alt=\"6_lb_foster\" width=\"972\" height=\"341\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER.png 972w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER-300x105.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER-945x332.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER-600x210.png 600w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/a><p id=\"caption-attachment-1548\" class=\"wp-caption-text\">Source: FSTR, 2015 10-K<\/p><\/div>\n<p><strong>Produits et services ferroviaires (~ 50% de chiffre d&#039;affaires):<br \/>\n<\/strong>Rail Distribution vend de nouveaux chemins de fer, principalement aux chemins de fer voyageurs et de fret d&#039;int\u00e9r\u00eat local, aux entreprises industrielles et aux entrepreneurs ferroviaires pour le remplacement de lignes existantes ou l&#039;extension de nouvelles lignes. Bien que l&#039;industrie du charbon ait connu deux ann\u00e9es terribles, des pousses vertes commencent \u00e0 appara\u00eetre aux \u00c9tats-Unis. Et s&#039;il est bien trop t\u00f4t pour commencer \u00e0 parler de reprise, je pense que ce secteur a touch\u00e9 les soci\u00e9t\u00e9s de services inf\u00e9rieures et amont telles que FSTR qui ont souffert d&#039;un manque d&#039;entretien ferroviaire et les d\u00e9penses seront au cours des 12 \u00e0 18 prochains mois les b\u00e9n\u00e9ficiaires de cette reprise, quand elle arrive enfin.<\/p>\n<p><strong>Produits de construction (~ 30% de chiffre d&#039;affaires):<br \/>\n<\/strong>Ce segment est compos\u00e9 de produits de palplanches. Ce sont des profil\u00e9s en acier de construction imbriqu\u00e9s qui sont g\u00e9n\u00e9ralement utilis\u00e9s pour fournir un soutien lat\u00e9ral sur les chantiers de construction (voir photo ci-dessous). Ce segment de l&#039;activit\u00e9 souffre actuellement de l&#039;effondrement de l&#039;offre exc\u00e9dentaire d&#039;acier, entra\u00eenant la chute du prix \u00e0 la fin de 2015 et en 2016 (voir graphique ci-dessous):<\/p>\n<p><strong>Services tubulaires et \u00e9nerg\u00e9tiques (difficile de dire le % de chiffre d&#039;affaires ici, car il avait progress\u00e9 par acquisitions, mais ce segment, \u00e0 mon avis, est trop instable et jeune pour le dire avec certitude. Math\u00e9matiquement, pour l&#039;amener \u00e0 100% je dirai ~ 20%):<br \/>\n<\/strong>Au cours du dernier trimestre, ils ont d\u00fb proc\u00e9der \u00e0 des d\u00e9pr\u00e9ciations sur les entreprises acquises (principalement Inspection Oilfield Services, Inc. (\u00abIOS\u00bb)). Plus d&#039;informations sur ces charges de d\u00e9pr\u00e9ciation hors tr\u00e9sorerie ci-dessous.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Plus de d\u00e9tails sur les segments op\u00e9rationnels de FSTR: <\/span><\/strong><\/p>\n<p>Bien que FSTR compte trois segments op\u00e9rationnels, l&#039;essentiel de son chiffre d&#039;affaires provient de deux segments. Mais c&#039;est le troisi\u00e8me et le plus petit segment, les services tubulaires et \u00e9nerg\u00e9tiques, qui a caus\u00e9 l&#039;essentiel du \u00abbruit\u00bb au cours des 9 mois \u00e0 ce jour de 2016.<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1549\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER.png\" alt=\"7_lb_foster\" width=\"929\" height=\"555\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER.png 929w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER-300x179.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER-600x358.png 600w\" sizes=\"(max-width: 929px) 100vw, 929px\" \/><\/a><\/p>\n<p><strong>Produits et services ferroviaires (~ 50% de chiffre d&#039;affaires):<br \/>\n<\/strong>Le march\u00e9 nord-am\u00e9ricain du transport ferroviaire de marchandises continue d&#039;avoir des probl\u00e8mes. Je connais assez bien l&#039;industrie du charbon et j&#039;ai largement profit\u00e9 de mon Cloud Peak Energy (CLD). C&#039;\u00e9tait une th\u00e8se tr\u00e8s longue et compliqu\u00e9e, mais la th\u00e8se courte \u00e9tait que l&#039;industrie charbonni\u00e8re n&#039;\u00e9tait pas morte, qu&#039;il n&#039;y aurait pas autant de charbon d\u00e9terr\u00e9 et export\u00e9 qu&#039;historiquement, mais une fois que le gaz naturel aurait franchi $2.50, le charbon le serait \u00e0 nouveau. \u00eatre rachet\u00e9 des centrales \u00e9lectriques aux \u00c9tats-Unis. Actuellement, le gaz naturel se n\u00e9gocie pour ~<strong><u>$3.11<\/u><\/strong> et comme vous pouvez le voir dans le graphique ci-dessous, les investisseurs se sentent tr\u00e8s confiants de payer pour le futur flux de revenus de CLD. (Au fait, j&#039;ai pr\u00e9sent\u00e9 CLD au Value Investor Club de Ruzbeh le 7 juillet 2016.)<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1550\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER.png\" alt=\"8_lb_foster\" width=\"1008\" height=\"683\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER.png 1008w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER-300x203.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER-945x640.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER-600x407.png 600w\" sizes=\"(max-width: 1008px) 100vw, 1008px\" \/><\/a><\/p>\n<p>Ainsi, alors que les mati\u00e8res premi\u00e8res, telles que le charbon et le p\u00e9trole ont apparemment atteint le bas du cycle, des entreprises comme FSTR (et d&#039;autres impliqu\u00e9es dans le fret de mati\u00e8res premi\u00e8res) b\u00e9n\u00e9ficieront du retournement du march\u00e9 de l&#039;\u00e9nergie:<\/p>\n<p><em>\u00ab\u2026<\/em><em>le charbon a ouvert la voie avec les chargements de wagons de marchandises, le charbon en baisse de 27% et non loin derri\u00e8re, ce sont les produits p\u00e9troliers qui ont diminu\u00e9 de 22% \u00bb. <\/em><\/p>\n<p>Extrait de la transcription du deuxi\u00e8me trimestre de 2016 de FSTR.<\/p>\n<p><em>\u00abNous pr\u00e9voyons donc la poursuite de la restructuration de tous les transporteurs ferroviaires de fret routier, nous ne pr\u00e9voyons pas que le volume de charbon revienne aux niveaux de l\u2019ann\u00e9e pr\u00e9c\u00e9dente, \u00e9tant donn\u00e9 la <u>transition en cours vers le gaz naturel<\/u>\u2026 \u00bb<\/em><\/p>\n<p>Extrait de la transcription du deuxi\u00e8me trimestre de 2016 de FSTR.<\/p>\n<p>Mais l&#039;ironie est que, au moment de la transcription, elle \u00e9tait exacte \u00e0 100%, mais les prix du gaz naturel ont explos\u00e9 depuis.<\/p>\n<p><strong><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1551\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER.png\" alt=\"9_lb_foster\" width=\"1157\" height=\"677\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER.png 1157w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-300x176.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-1024x599.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-945x553.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-600x351.png 600w\" sizes=\"(max-width: 1157px) 100vw, 1157px\" \/><\/a><\/strong><\/p>\n<p><strong>Produits de construction (~ 30%):<\/strong><\/p>\n<p><em>\u00abNotre activit\u00e9 d&#039;empilage continue d&#039;\u00eatre affect\u00e9e par la baisse des prix de l&#039;acier qui affecte \u00e0 la fois notre chiffre d&#039;affaires et notre capacit\u00e9 \u00e0 s\u00e9curiser nos activit\u00e9s.\u00bb<\/em><\/p>\n<p>Extrait de la transcription du deuxi\u00e8me trimestre de 2016 de FSTR.<\/p>\n<p>Le segment d&#039;exploitation des produits de construction repr\u00e9sente ~ 30% du chiffre d&#039;affaires total. R\u00e9cemment, les prix de l&#039;acier ont commenc\u00e9 \u00e0 se retourner, ou du moins, ont atteint le bas du cycle, voir le graphique ci-dessous. Cependant, les investisseurs ne consid\u00e8rent m\u00eame pas que ce segment sera \u00e0 nouveau rentable, laissant ainsi beaucoup d&#039;argent sur la table.<\/p>\n<div id=\"attachment_1552\" style=\"width: 1121px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1552\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1552\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER.png\" alt=\"Source: site Web de FSTR\" width=\"1111\" height=\"364\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER.png 1111w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-300x98.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-1024x335.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-945x310.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-600x197.png 600w\" sizes=\"(max-width: 1111px) 100vw, 1111px\" \/><\/a><p id=\"caption-attachment-1552\" class=\"wp-caption-text\">Source: site Web de FSTR<\/p><\/div>\n<div id=\"attachment_1553\" style=\"width: 1054px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1553\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1553\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER.png\" alt=\"Source: https:\/\/www.quandl.com\/collections\/markets\/industrial-metals\" width=\"1044\" height=\"637\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER.png 1044w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-300x183.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-1024x625.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-945x577.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-600x366.png 600w\" sizes=\"(max-width: 1044px) 100vw, 1044px\" \/><\/a><p id=\"caption-attachment-1553\" class=\"wp-caption-text\">La source: <a href=\"https:\/\/www.quandl.com\/collections\/markets\/industrial-metals\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.quandl.com\/collections\/markets\/industrial-metals<\/a><\/p><\/div>\n<p>Cependant, comme vous pouvez le voir dans le pic de mi-2016, je pense que le prix semble s&#039;\u00eatre un peu r\u00e9tabli. On pourrait affirmer qu&#039;il est trop t\u00f4t pour le savoir avec certitude, mais dans l&#039;\u00e9tat actuel des choses, au prix actuel, nous pouvons prendre FSTR, il semble que la rue ait laiss\u00e9 ce segment pour mort.<\/p>\n<p>Le Wall Street Journal rapporte r\u00e9cemment: \u00abLes exportations d&#039;acier de la Chine chutent pour le deuxi\u00e8me mois cons\u00e9cutif, tendance susceptible d&#039;\u00eatre bien accueillie par les rivaux mondiaux qui se sont plaints d&#039;une surabondance de l&#039;offre\u00bb, d\u00e9montrant que l&#039;acier, en tant que mati\u00e8re premi\u00e8re cyclique, se r\u00e9tablira avec le temps .<\/p>\n<p><strong><span style=\"font-size: x-large;\">Charges de d\u00e9pr\u00e9ciation: <\/span><\/strong><br \/>\nLa raison pour laquelle cette soci\u00e9t\u00e9 vend \u00e0 un prix en difficult\u00e9 est \u00e0 cause de ses charges de d\u00e9pr\u00e9ciation hors tr\u00e9sorerie et du manque de visibilit\u00e9. FSTR a d\u00fb prendre des charges de d\u00e9pr\u00e9ciation hors tr\u00e9sorerie \u00e0 son bilan, pour les soci\u00e9t\u00e9s pour lesquelles il avait surpay\u00e9 en 2015, lorsqu&#039;il avait mal chronom\u00e9tr\u00e9 le bas du cycle \u00e9nerg\u00e9tique. La direction de FSTR pensait avoir fait une bonne affaire, mais avec le recul, ils se sont tromp\u00e9s. Ainsi, $103m de d\u00e9pr\u00e9ciations ont \u00e9t\u00e9 imput\u00e9es au compte de r\u00e9sultat pour un segment (Tubular and Energy Services) qui ne g\u00e9n\u00e8re qu&#039;environ $34m de chiffre d&#039;affaires (ou 20% de chiffre d&#039;affaires total). Je peux vraiment vivre avec \u00e7a.<\/p>\n<div id=\"attachment_1554\" style=\"width: 1023px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1554\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1554\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER.png\" alt=\"Source: calculs de l&#039;auteur\" width=\"1013\" height=\"151\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER.png 1013w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER-300x45.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER-945x141.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER-600x89.png 600w\" sizes=\"(max-width: 1013px) 100vw, 1013px\" \/><\/a><p id=\"caption-attachment-1554\" class=\"wp-caption-text\">Source: calculs de l&#039;auteur<\/p><\/div>\n<p><strong><span style=\"font-size: x-large;\">Situation financi\u00e8re:<\/span><\/strong><\/p>\n<p>Prenez votre temps pour examiner les donn\u00e9es financi\u00e8res.<\/p>\n<div id=\"attachment_1555\" style=\"width: 1182px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1555\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1555\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER.png\" alt=\"Source: calculs de l&#039;auteur\" width=\"1172\" height=\"373\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER.png 1172w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-300x95.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-1024x326.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-945x301.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-600x191.png 600w\" sizes=\"(max-width: 1172px) 100vw, 1172px\" \/><\/a><p id=\"caption-attachment-1555\" class=\"wp-caption-text\">Source: calculs de l&#039;auteur<\/p><\/div>\n<p>Les \u00e9l\u00e9ments auxquels il convient de pr\u00eater attention sont:<\/p>\n<ul>\n<li>Rentabilit\u00e9, stabilit\u00e9, FCF, dividende<\/li>\n<li>FSTR est toujours rentable en dehors du moment<\/li>\n<li>FSTR est tr\u00e8s stable et en croissance, non volatile.<\/li>\n<li>Marge de cash flow libre tr\u00e8s \u00e9lev\u00e9e (FCF \/ chiffre d&#039;affaires de 6,11 TP1T)<\/li>\n<li>Le dividende augmente<\/li>\n<li>Ratio actuel de 2,2x<\/li>\n<li>Le nombre total d&#039;actions en circulation est tr\u00e8s stable<\/li>\n<\/ul>\n<p><strong><span style=\"font-size: x-large;\">\u00c9valuation:<\/span><\/strong><\/p>\n<div id=\"attachment_1556\" style=\"width: 884px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1556\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1556\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER.png\" alt=\"Source: Morningstar.com\" width=\"874\" height=\"297\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER.png 874w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER-300x102.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER-600x204.png 600w\" sizes=\"(max-width: 874px) 100vw, 874px\" \/><\/a><p id=\"caption-attachment-1556\" class=\"wp-caption-text\">Source: Morningstar.com<\/p><\/div>\n<p>Les investisseurs \u00e9taient tr\u00e8s heureux de payer 0,7 P \/ S pour cette entreprise tr\u00e8s capitalistique au cours des 5 derni\u00e8res ann\u00e9es et d&#039;obtenir un dividende de 0,5%. D\u00e9sormais, les investisseurs ne paieront que 0,2 sur un P \/ S. FSTR se vend \u00e0 un prix tr\u00e8s afflig\u00e9. Les investisseurs ne voient pas le march\u00e9 disponible.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Concurrence:<\/span><\/strong><\/p>\n<p>Olympic Steel (symbole ZEUS); American Railcar Industries Inc (symbole ARII). Comme vous pouvez le voir dans les tableaux relatifs ci-dessous, ces deux soci\u00e9t\u00e9s se n\u00e9gocient plus ou moins \u00e0 la juste valeur.<\/p>\n<div id=\"attachment_1559\" style=\"width: 872px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1559\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1559\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER.png\" alt=\"Source: Morningstar.com \" width=\"862\" height=\"274\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER.png 862w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER-300x95.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER-600x191.png 600w\" sizes=\"(max-width: 862px) 100vw, 862px\" \/><\/a><p id=\"caption-attachment-1559\" class=\"wp-caption-text\">Source: Morningstar.com<\/p><\/div>\n<div id=\"attachment_1560\" style=\"width: 868px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1560\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1560\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER.png\" alt=\"Source: Morningstar.com \" width=\"858\" height=\"255\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER.png 858w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER-300x89.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER-600x178.png 600w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/a><p id=\"caption-attachment-1560\" class=\"wp-caption-text\">Source: Morningstar.com<\/p><\/div>\n<p><strong><span style=\"font-size: x-large;\">13D (les investisseurs doivent reconna\u00eetre ce d\u00e9p\u00f4t aupr\u00e8s de la SEC et ressentir de la chaleur \u00e0 l&#039;int\u00e9rieur, mais si vous ne vous en souvenez pas, ce d\u00e9p\u00f4t signifie l&#039;activisme des actionnaires):<\/span><\/strong><\/p>\n<p>Les militants ont obtenu un si\u00e8ge au conseil d&#039;administration. Et ils ont continu\u00e9 \u00e0 acheter des actions sur le march\u00e9 libre et ont d\u00e9pens\u00e9 environ $3m pour acqu\u00e9rir environ 12% des actions de FSTR.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Conclusion:<\/span><\/strong><\/p>\n<p>Je ne suis pas d\u00e9courag\u00e9 par le manque de visibilit\u00e9 de l&#039;activit\u00e9 op\u00e9rationnelle sous-jacente, exacerb\u00e9 par la volatilit\u00e9 actuelle du cycle des mati\u00e8res premi\u00e8res. Es-tu comme moi dans ce sens? Avez-vous une entreprise qui pense que le prix du march\u00e9 est l\u00e0 pour vous servir? FSTR est une entreprise simple et relativement stable avec des probl\u00e8mes temporaires. Ce qui m&#039;a attir\u00e9 vers FSTR, ce sont ses capacit\u00e9s \u00e9lev\u00e9es de g\u00e9n\u00e9ration de flux de tr\u00e9sorerie disponibles, l&#039;un de mes principes d&#039;investissement \u00e0 valeur fondamentale. Le fait que FSTR augmente ses revenus tout en \u00e9tant bien mieux positionn\u00e9 et encore plus rentable dans 2-3 ans est la cerise sur le g\u00e2teau. Il est difficile de dire avec certitude quand cet investissement reviendra, mais je suis plus que bien compens\u00e9 pour cette incertitude. Au prix auquel il se n\u00e9gocie actuellement (~ $12), mon inconv\u00e9nient est tr\u00e8s bien prot\u00e9g\u00e9.<\/p>\n<p>Si vous souhaitez suivre en temps r\u00e9el les actualit\u00e9s financi\u00e8res pertinentes pour LB Foster Co (NASDAQ: FSTR), consultez-le <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=FSTR\" target=\"_blank\" rel=\"noopener noreferrer\">ici<\/a>.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Avertissement: Ceci est un message d&#039;invit\u00e9 de Michael, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes. LB Foster Co (NASDAQ: FSTR) Date: 10\/11\/2016 Prix: $12 \u00c9valuation: Facilement $25 Aper\u00e7u des activit\u00e9s: FSTR est un fabricant de produits pour le rail,\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/l-b-foster-under-the-radar-and-undervalued\/\">Continuer la lecture \u2192<\/a><\/p>","protected":false},"author":9,"featured_media":1565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20],"tags":[121,50],"class_list":["post-1542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-analysis","tag-stock"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>L.B Foster: Under the Radar and Undervalued.<\/title>\n<meta name=\"description\" content=\"FSTR is a manufacturer of products for rail, transportation, construction, energy. 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