{"id":1751,"date":"2017-01-21T12:46:23","date_gmt":"2017-01-21T12:46:23","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=1751"},"modified":"2017-10-05T11:01:38","modified_gmt":"2017-10-05T11:01:38","slug":"harte-hanks-a-value-stock","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/harte-hanks-a-value-stock\/","title":{"rendered":"Harte-Hanks - Une action de valeur"},"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 Wiggins De Oliveira<\/em><em>, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes.<\/em><\/strong><\/p>\n<h4>Harte-Hanks<br \/>\nDate: 19\/1\/2017<br \/>\nCapitalisation boursi\u00e8re: $93m<br \/>\nCours de l&#039;action: $1.52<br \/>\nValorisation \/ objectif de cours: ~ $2.50<\/h4>\n<p><strong>Th\u00e8se d&#039;investissement<br \/>\n<\/strong>Harte-Hanks (NYSE: HHS), a r\u00e9cemment vendu son joyau de la couronne, pour $112m en esp\u00e8ces, ce qui est plus que la capitalisation boursi\u00e8re actuelle de la soci\u00e9t\u00e9. Cette tr\u00e9sorerie (apr\u00e8s imp\u00f4ts) sera utilis\u00e9e pour rembourser sa dette, laissant le reste de l&#039;entreprise libre de toute dette. Je pense qu&#039;il y a environ 50% \u00e0 la hausse par rapport au cours actuel de l&#039;action.<\/p>\n<p><strong>Aper\u00e7u de l&#039;entreprise<\/strong><\/p>\n<p>HHS est une soci\u00e9t\u00e9 de marketing qui propose des services de marketing dans les m\u00e9dias, du publipostage au courrier \u00e9lectronique, en passant par les services d&#039;agence et num\u00e9riques.<\/p>\n<div id=\"attachment_1765\" style=\"width: 1106px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-1.png\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-1765\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1765 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-1.png\" width=\"1096\" height=\"690\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-1.png 1096w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-1-300x189.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-1-768x484.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-1-1024x645.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-1-945x595.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-1-600x378.png 600w\" sizes=\"(max-width: 1096px) 100vw, 1096px\" \/><\/a><p id=\"caption-attachment-1765\" class=\"wp-caption-text\">Source: hartehanks.com<\/p><\/div>\n<p>Ses revenus diminuent d&#039;ann\u00e9e en ann\u00e9e depuis dix ans. Cela a laiss\u00e9 les actionnaires tr\u00e8s peu enthousiasm\u00e9s par les perspectives de la soci\u00e9t\u00e9, comme le montre le cours de l&#039;action dans le graphique ci-dessous.<\/p>\n<div id=\"attachment_1766\" style=\"width: 710px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-2.jpg\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1766\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1766\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-2.jpg\" alt=\"\" width=\"700\" height=\"423\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-2.jpg 700w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-2-300x181.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-2-600x363.jpg 600w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><p id=\"caption-attachment-1766\" class=\"wp-caption-text\">La source: <a href=\"https:\/\/www.google.com\/finance?q=NYSE%3AHHS&amp;ei=h6GAWJGdOsG4U_qan6gF\">google.com\/finance<\/a><\/p><\/div>\n<p>L&#039;investisseur \u00e0 contre-courant en moi dit que bien que le march\u00e9 pour le moment soit globalement juste, il reste encore de la bouff\u00e9e libre dans ce m\u00e9got de cigare.<\/p>\n<p>&quot;<em>Si vous achetez une action \u00e0 un prix suffisamment bas, il y aura g\u00e9n\u00e9ralement un hoquet dans la fortune de l&#039;entreprise qui vous donne une chance de d\u00e9charger avec un profit d\u00e9cent, m\u00eame si la performance \u00e0 long terme de l&#039;entreprise peut \u00eatre terrible. J&#039;appelle cela l&#039;approche \u00abbout de cigare\u00bb de l&#039;investissement. Un m\u00e9got de cigare trouv\u00e9 dans la rue qui ne contient qu&#039;une seule bouff\u00e9e peut ne pas offrir beaucoup de fum\u00e9e, mais l &#039;\u00abachat au rabais\u00bb fera en sorte que cette bouff\u00e9e profite<\/em>. \u00bb - Warren Buffett<\/p>\n<p>En examinant les donn\u00e9es financi\u00e8res ci-dessous, j&#039;ai mis en \u00e9vidence en rouge ses revenus en baisse. J&#039;ai \u00e9galement soulign\u00e9 en rouge le fait qu&#039;au cours des 5 derni\u00e8res ann\u00e9es (en moyenne), il a g\u00e9n\u00e9r\u00e9 une perte de $0,56 par action. Cependant, et c&#039;est l&#039;essentiel, c&#039;est que la perte est due \u00e0 une importante charge de d\u00e9pr\u00e9ciation hors tr\u00e9sorerie, principalement en 2015 \u00e0 hauteur de $210m. Afin de confirmer cela, vous pouvez voir surlign\u00e9 en vert que HHS a effectivement g\u00e9n\u00e9r\u00e9 $36m en FCF en moyenne au cours des 5 derni\u00e8res ann\u00e9es.<\/p>\n<div id=\"attachment_1767\" style=\"width: 1003px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-3.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1767\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1767\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-3.png\" alt=\"\" width=\"993\" height=\"714\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-3.png 993w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-3-300x216.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-3-768x552.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-3-945x679.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-3-600x431.png 600w\" sizes=\"(max-width: 993px) 100vw, 993px\" \/><\/a><p id=\"caption-attachment-1767\" class=\"wp-caption-text\">Source: morningstar.com; calculs de l&#039;auteur<\/p><\/div>\n<p>En outre, alors que de nombreux investisseurs pr\u00e9f\u00e8rent rechercher des entreprises avec un retour sur capitaux propres (ROE) \u00e9lev\u00e9 comme proxy pour une grande entreprise, je pr\u00e9f\u00e8re personnellement rechercher de grandes entreprises qui se refl\u00e8tent sur la m\u00e9trique plus propre du flux de tr\u00e9sorerie disponible \u00e9lev\u00e9 divis\u00e9 par les ventes (FCF% ). Les deux param\u00e8tres vont en grande partie de pair, mais le ROE est influenc\u00e9 par l&#039;effet de levier et FCF% est l\u00e9g\u00e8rement moins influenc\u00e9 par cela. En r\u00e8gle g\u00e9n\u00e9rale, j&#039;ai tendance \u00e0 consid\u00e9rer les affaires avec FCF% au-dessus de 5% comme une bonne affaire. Bien s\u00fbr, il existe de nombreuses entreprises vraiment formidables qui croissent tr\u00e8s rapidement et r\u00e9investissent tout leur argent, de sorte que le FCF sera plus petit, mais les investisseurs traditionnels de valeur ont du mal \u00e0 pr\u00e9voir l&#039;avenir. En guise de remarque rapide, l&#039;investisseur traditionnel de valeur, comme moi, met beaucoup l&#039;accent sur les performances pass\u00e9es de l&#039;entreprise sans aucun poids sur la croissance future. Walter Schloss, l&#039;un de mes investisseurs pr\u00e9f\u00e9r\u00e9s, ne regarderait que le co\u00fbt qu&#039;il faudrait pour reproduire une entreprise (une somme de l&#039;analyse partielle) et paierait beaucoup moins que cela - <em>principe de marge de s\u00e9curit\u00e9<\/em>. Bien que cela ne fonctionne certainement pas toujours, gr\u00e2ce \u00e0 la diversification, cela fonctionne bien au fil du temps.<\/p>\n<p>J&#039;ai fait une analyse du dos de l&#039;enveloppe sur ce que HHS avait g\u00e9n\u00e9r\u00e9 au cours des 9 derniers mois et comment cela par rapport aux m\u00eames 9 mois il y a un an (cela provient uniquement de l&#039;exploitation continue de HHS <em>\u00e0 l&#039;exclusion <\/em>tous les effets de Trillium qui ont maintenant \u00e9t\u00e9 vendus). Cela prend en compte toute saisonnalit\u00e9 car je fais juste une analyse similaire et me dit ce que HHS a tendance \u00e0 g\u00e9n\u00e9rer. Au cours des 9 derniers mois, il a g\u00e9n\u00e9r\u00e9 ~ $15m en FCF (voir ci-dessous).<\/p>\n<div id=\"attachment_1768\" style=\"width: 988px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-4.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1768\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1768\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-4.jpg\" alt=\"\" width=\"978\" height=\"726\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-4.jpg 978w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-4-300x223.jpg 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-4-768x570.jpg 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-4-945x702.jpg 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-4-600x445.jpg 600w\" sizes=\"(max-width: 978px) 100vw, 978px\" \/><\/a><p id=\"caption-attachment-1768\" class=\"wp-caption-text\">Source: calculs de l&#039;auteur<\/p><\/div>\n<p>Maintenant, rappelez-vous, ce n&#039;est que pour 9 mois, pas l&#039;ann\u00e9e compl\u00e8te. Alors soyons tr\u00e8s conservateurs et disons que HHS ne gagne pas de FCF suppl\u00e9mentaire au cours des 3 prochains mois de l&#039;ann\u00e9e. Ici, vous avez une entreprise qui g\u00e9n\u00e8re un trading $15m pour une capitalisation boursi\u00e8re d&#039;environ $95m (et sans dette) ou un multiple de 6x sur le flux de tr\u00e9sorerie disponible.<\/p>\n<p>Maintenant, l&#039;argument de l&#039;ours, qui est tr\u00e8s pertinent ici, est que les revenus de HHS ont diminu\u00e9 au cours de la derni\u00e8re d\u00e9cennie. C&#039;est un argument tr\u00e8s valable et c&#039;est pourquoi le stock est maintenant vendu \u00e0 d\u00e9couvert 31%. Mais en tant qu&#039;investisseur de valeur profonde, je pense que plus l&#039;action est court <em>le meilleur<\/em>, car les traders qui parient actuellement short s&#039;engagent pleinement \u00e0 racheter les actions ult\u00e9rieurement. Bien s\u00fbr, ces commer\u00e7ants parient qu&#039;ils rach\u00e8teront \u00e0 un prix inf\u00e9rieur, mais ils se sont n\u00e9anmoins engag\u00e9s \u00e0 racheter les actions. Si j&#039;ai raison de dire que l&#039;action est sous-\u00e9valu\u00e9e, une fois que l&#039;action commence \u00e0 s&#039;appr\u00e9cier, il y aura une courte pression.<\/p>\n<p><strong>Propri\u00e9t\u00e9 d&#039;initi\u00e9s et achats<\/strong><\/p>\n<p>J&#039;aime toujours voir comment les initi\u00e9s sont incit\u00e9s \u00e0 redresser l&#039;entreprise. Pour cela, je v\u00e9rifie la quantit\u00e9 d&#039;actions d\u00e9tenues par les initi\u00e9s de l&#039;entreprise et quels sont les achats r\u00e9cents d&#039;actions et \u00e0 quel prix. Je crois que le capitalisme fonctionne et si les gens ont les bonnes motivations, ils seront motiv\u00e9s \u00e0 faire ce qu&#039;il faut. Comme vous pouvez le voir dans le tableau ci-dessous, les initi\u00e9s poss\u00e8dent un respectable <strong>13.4%<\/strong> du stock en circulation.<\/p>\n<div id=\"attachment_1769\" style=\"width: 1088px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-5.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1769\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1769\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-5.png\" alt=\"\" width=\"1078\" height=\"667\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-5.png 1078w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-5-300x186.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-5-768x475.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-5-1024x634.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-5-945x585.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-5-600x371.png 600w\" sizes=\"(max-width: 1078px) 100vw, 1078px\" \/><\/a><p id=\"caption-attachment-1769\" class=\"wp-caption-text\">Source: HHS, dernier formulaire de procuration 2016<\/p><\/div>\n<p>De plus, comme le montre le tableau ci-dessous, il y a eu quelques achats provisoires d&#039;actions aupr\u00e8s de la direction, Mme Puckett ayant achet\u00e9 environ $55k d&#039;actions \u00e0 $1.48.<\/p>\n<div id=\"attachment_1770\" style=\"width: 1094px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-6.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1770\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1770\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-6.png\" alt=\"\" width=\"1084\" height=\"231\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-6.png 1084w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-6-300x64.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-6-768x164.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-6-1024x218.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-6-945x201.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-6-600x128.png 600w\" sizes=\"(max-width: 1084px) 100vw, 1084px\" \/><\/a><p id=\"caption-attachment-1770\" class=\"wp-caption-text\">Source: Insidercow.com<\/p><\/div>\n<p>Bien qu&#039;il ne s&#039;agisse en aucun cas de sommes importantes, la direction est peu incit\u00e9e \u00e0 acheter des actions suppl\u00e9mentaires dans sa propre soci\u00e9t\u00e9, car elle obtient d\u00e9j\u00e0 une grande quantit\u00e9 d&#039;actions via le \u00abPlan d&#039;incitation en actions\u00bb (voir ci-dessous). Pour que la direction ach\u00e8te des actions en plus de ce qu&#039;elle obtient d\u00e9j\u00e0 de la r\u00e9mun\u00e9ration, elle doit croire qu&#039;il y a de l&#039;argent \u00e0 gagner.<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-7.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1771\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-7.png\" alt=\"\" width=\"1101\" height=\"576\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-7.png 1101w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-7-300x157.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-7-768x402.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-7-1024x536.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-7-945x494.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-7-600x314.png 600w\" sizes=\"(max-width: 1101px) 100vw, 1101px\" \/><\/a><\/p>\n<p><strong>Verification sanitaire<br \/>\n<\/strong>J&#039;aime comparer le prix actuel de l&#039;entreprise par rapport \u00e0 ce qu&#039;elle a n\u00e9goci\u00e9 au cours des 5 derni\u00e8res ann\u00e9es. Je consid\u00e8re cela comme un contr\u00f4le de bon sens tr\u00e8s rapide et sale que je ne paie pas trop cher pour une \u00abhistoire\u00bb - des actions.<\/p>\n<div id=\"attachment_1772\" style=\"width: 1098px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-8.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1772\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1772\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/01\/hhs-8.png\" alt=\"\" width=\"1088\" height=\"439\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-8.png 1088w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-8-300x121.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-8-768x310.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-8-1024x413.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-8-945x381.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/01\/hhs-8-600x242.png 600w\" sizes=\"(max-width: 1088px) 100vw, 1088px\" \/><\/a><p id=\"caption-attachment-1772\" class=\"wp-caption-text\">Source: Morningstar.com<\/p><\/div>\n<p>Ma m\u00e9trique pr\u00e9f\u00e9r\u00e9e est le P \/ S. Je l&#039;aime parce que c&#039;est une m\u00e9trique assez claire. J&#039;aime comparer ce que les investisseurs sont pr\u00eats \u00e0 payer pour une action au cours des cinq derni\u00e8res ann\u00e9es et ce qu&#039;ils sont pr\u00eats \u00e0 payer pour cela maintenant. Au cours des cinq derni\u00e8res ann\u00e9es, les investisseurs \u00e9taient heureux de payer 0,6x P \/ S. Actuellement, les investisseurs sont invit\u00e9s \u00e0 ne payer que\u00a0<strong>0,2 P \/ S, soit au moins 50%<\/strong>\u00a0moins cher que la moyenne sur 5 ans.<\/p>\n<p><strong>Conclusion<\/strong><\/p>\n<p>Tout investissement dans HHS ne sera pas pour les timides. Il faudra peut-\u00eatre plus d&#039;un an pour que les bonnes nouvelles commencent \u00e0 se r\u00e9pandre dans ses finances. En attendant, sa part est fortement shorted et sera tr\u00e8s volatile. Toute mauvaise nouvelle et les actions chuteront 20%-30% en un seul jour, mais les investisseurs sans \u00e9motion qui sont totalement dissoci\u00e9s du cours de l&#039;action en tant qu&#039;indicateur du fait qu&#039;ils ont raison ou tort dans un court laps de temps b\u00e9n\u00e9ficieront tr\u00e8s probablement d&#039;une fa\u00e7on avec une hausse de 50% au cours de la prochaine ann\u00e9e.<\/p>\n<p><em>Divulgation: Je suis longtemps HHS. J&#039;ai \u00e9crit cet article moi-m\u00eame et il exprime mes propres opinions. Je ne re\u00e7ois aucune compensation pour cela.<\/em><\/p>\n<p>Si vous souhaitez suivre en temps r\u00e9el les actualit\u00e9s financi\u00e8res pertinentes pour Harte-Hanks, consultez-le <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=HHS\">ici<\/a>.<br \/>\n&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Avertissement: Ceci est un message d&#039;invit\u00e9 de Michael Wiggins De Oliveira, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes. Harte-Hanks Date: 19\/1\/2017 Capitalisation boursi\u00e8re: $93m Cours de l&#039;action: $1.52 Valorisation \/ objectif de cours: ~ $2.50 Th\u00e8se d&#039;investissement Harte-Hanks (NYSE:\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/harte-hanks-a-value-stock\/\">Continuer la lecture \u2192<\/a><\/p>","protected":false},"author":9,"featured_media":1774,"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":[121,30,50],"class_list":["post-1751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-analysis","tag-investing","tag-stock"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Harte-Hanks (HHS:NYSE)<\/title>\n<meta name=\"description\" content=\"Harte Hanks (NYSE:HHS), has recently sold its crown jewel, for $112m in cash, which is more than the company\u2019s current market cap...\" \/>\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.cityfalcon.com\/blog\/fr\/investments\/harte-hanks-a-value-stock\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Harte-Hanks (HHS:NYSE)\" \/>\n<meta property=\"og:description\" content=\"Harte Hanks (NYSE:HHS), has recently sold its crown jewel, for $112m in cash, which is more than the company\u2019s current market cap...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/harte-hanks-a-value-stock\/\" \/>\n<meta property=\"og:site_name\" content=\"CityFALCON Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cityfalconfollow\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-21T12:46:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-10-05T11:01:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cityfalcon.com\/blog\/wp-content\/uploads\/2017\/01\/macbook-336704_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michael Wiggins De Oliveira\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cityfalcon\" \/>\n<meta name=\"twitter:site\" content=\"@cityfalcon\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Wiggins De Oliveira\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/harte-hanks-a-value-stock\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cityfalcon.com\/blog\/fr\/investments\/harte-hanks-a-value-stock\/\"},\"author\":{\"name\":\"Michael Wiggins De Oliveira\",\"@id\":\"https:\/\/www.cityfalcon.ai\/blog\/#\/schema\/person\/780d39cc0ad8c9d83e2edc7a23454e2b\"},\"headline\":\"Harte-Hanks &#8211; 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