{"id":2021,"date":"2017-03-21T12:20:31","date_gmt":"2017-03-21T12:20:31","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=2021"},"modified":"2017-10-05T10:26:56","modified_gmt":"2017-10-05T10:26:56","slug":"resolute-forest-product-rfp-its-cyclical-its-out-of-favour-and-34-owned-by-prem-watsa","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/resolute-forest-product-rfp-its-cyclical-its-out-of-favour-and-34-owned-by-prem-watsa\/","title":{"rendered":"Produit forestier r\u00e9solu (RFP): cyclique, hors de faveur mais 34% d\u00e9tenu par Prem Watsa"},"content":{"rendered":"<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>Produit forestier r\u00e9solu (RFP)<br \/>\nDate: 03\/10\/2017<br \/>\nCapitalisation boursi\u00e8re: ~ $400m<br \/>\nPrix par action: $4.50<br \/>\nDette nette: ~ $761m<br \/>\nEV: 1,1b<\/h4>\n<h2><strong>R\u00e9sum\u00e9 de l&#039;id\u00e9e:<\/strong><\/h2>\n<p>Resolute est une entreprise diversifi\u00e9e qui vend des produits forestiers. Il y a beaucoup de pessimisme, mais aucun espoir. Apr\u00e8s des ann\u00e9es de sous-performance, les actionnaires sont fatigu\u00e9s et vendent sans aucune consid\u00e9ration pour le prix. Alors que la soci\u00e9t\u00e9 commence \u00e0 sortir de ce ralentissement des mati\u00e8res premi\u00e8res affectant les produits du bois, je crois qu&#039;un revirement sera \u00e9vident au cours des 24 prochains mois et que le cours de son action s&#039;ajustera pour refl\u00e9ter ce \u00abnouvel\u00bb espoir. je vois\u00a0<strong>potentiel de hausse d&#039;environ 50%<\/strong>.<\/p>\n<div id=\"attachment_2022\" style=\"width: 1119px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute1.png\"><img fetchpriority=\"high\" decoding=\"async\" aria-describedby=\"caption-attachment-2022\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-2022 size-full\" title=\"Produit forestier r\u00e9solu\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute1.png\" alt=\"Produit forestier r\u00e9solu\" width=\"1109\" height=\"656\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1.png 1109w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-300x177.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-768x454.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-1024x606.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-945x559.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute1-600x355.png 600w\" sizes=\"(max-width: 1109px) 100vw, 1109px\" \/><\/a><p id=\"caption-attachment-2022\" class=\"wp-caption-text\">Source: google.com\/finance<\/p><\/div>\n<h3><strong>Aper\u00e7u<\/strong><\/h3>\n<p>R\u00e9solu compte 5 principaux segments op\u00e9rationnels:<\/p>\n<p>1) P\u00e2te de march\u00e9<br \/>\n2) Tissu<br \/>\n3) Produits du bois<br \/>\n4) papier journal<br \/>\n5) Papiers sp\u00e9cialis\u00e9s<\/p>\n<p>Je vais passer en revue chaque segment \u00e0 tour de r\u00f4le et inclure une \u00e9valuation tr\u00e8s prudente sur chaque segment.<\/p>\n<div id=\"attachment_2023\" style=\"width: 1057px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute2.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2023\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-2023 size-full\" title=\"Produit forestier r\u00e9solu (2)\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute2.png\" alt=\"Produit forestier r\u00e9solu (2)\" width=\"1047\" height=\"739\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2.png 1047w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-300x212.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-768x542.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-1024x723.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-945x667.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute2-600x423.png 600w\" sizes=\"(max-width: 1047px) 100vw, 1047px\" \/><\/a><p id=\"caption-attachment-2023\" class=\"wp-caption-text\">Source: calcul de l&#039;auteur<em>s<\/em><\/p><\/div>\n<h3><strong>P\u00e2te de march\u00e9<\/strong><\/h3>\n<p>- R\u00e9solu est le troisi\u00e8me producteur de p\u00e2te en Am\u00e9rique du Nord.<br \/>\n- Les produits sont utilis\u00e9s dans les emballages, les produits de papier de sp\u00e9cialit\u00e9, les couches et autres.<br \/>\n- Elle a acquis Fibrek en 2012 pour environ $126m.<br \/>\n- Valorisation: r\u00e9sultat op\u00e9rationnel (EBIT); $43m (2016) avec un multiple de 5x parce que son chiffre d&#039;affaires semble en baisse arrive \u00e0 <strong>$215m<\/strong>.<\/p>\n<h3><strong>Tissu<\/strong><\/h3>\n<p>- Il s&#039;agit d&#039;un nouveau segment pour Resolute. Une fois que la soci\u00e9t\u00e9 a r\u00e9solu ses probl\u00e8mes op\u00e9rationnels au cours des deux derniers trimestres de 2016, cela a en fait commenc\u00e9 \u00e0 \u00eatre relutif pour le r\u00e9sultat net (voir ci-dessous la ventilation d&#039;un trimestre \u00e0 l&#039;autre). La direction a cibl\u00e9 un EBITDA pour 2017 compris entre $8m-$12m.<br \/>\n- Resolute a acquis Atlas il y a quelques ann\u00e9es \u00e0 peine pour $150m<br \/>\n- valoris\u00e9 au moins <strong>$50m.<\/strong><\/p>\n<h3><strong>Produits en bois<\/strong><\/h3>\n<p>- Dans l&#039;ensemble, un revenu d&#039;exploitation constant.<br \/>\n- Vendu sur le march\u00e9 immobilier am\u00e9ricain en am\u00e9lioration.<br \/>\n- Il devrait poursuivre sa reprise graduelle en 2017, puis se d\u00e9velopper. Mais m\u00eame sans aucune capacit\u00e9 de croissance, permettez-moi de mettre un multiple de 6x sur le b\u00e9n\u00e9fice d&#039;exploitation, ce qui en vaut environ <strong>$415m<\/strong>.<\/p>\n<h3><strong>Papier journal<\/strong><\/h3>\n<p>- \u00c9diteurs de journaux Resolute Services dans le monde entier<br \/>\n- Ce segment a \u00e9t\u00e9 un vent contraire persistant pendant plusieurs ann\u00e9es, car beaucoup de contenu a \u00e9t\u00e9 mis en ligne et de nombreux concurrents ont augment\u00e9 l&#039;offre de papier journal sur le march\u00e9.<br \/>\n- R\u00e9solu a produit un petit montant de b\u00e9n\u00e9fice d&#039;exploitation au dernier trimestre. Dites $4m et mettez un petit multiple pour tenir compte des vents contraires de cette entreprise et de son EBIT en baisse probable. Par cons\u00e9quent, 4x multiple qui revient \u00e0 environ <strong>$15m<\/strong>.<\/p>\n<h3><strong>Papier de sp\u00e9cialit\u00e9<\/strong><\/h3>\n<p>- Un des plus grands producteurs de papiers m\u00e9caniques couch\u00e9s et non couch\u00e9s. Utilis\u00e9 dans les livres, les coupons, etc.<br \/>\n- Il est difficile de dire comment il va se comporter \u00e0 l&#039;avenir, mais pour \u00eatre prudent, mettons un 5x sur le b\u00e9n\u00e9fice d&#039;exploitation moyen $11,6m, vient \u00e0 <strong>$55m<\/strong>.<\/p>\n<p>Au total, ces segments valent <strong>$750m. <\/strong><\/p>\n<p>Enfin, j&#039;ai laiss\u00e9 de c\u00f4t\u00e9 <strong>frais g\u00e9n\u00e9raux de l&#039;entreprise<\/strong>. Il est difficile de dire \u00e0 quel point la direction peut r\u00e9duire son exc\u00e8s de graisse et am\u00e9liorer les marges de l&#039;entreprise, mais permettez-moi de continuer de la m\u00eame mani\u00e8re conservatrice et de souligner dans le tableau ci-dessous qu&#039;il semble que la direction ait d\u00e9j\u00e0 apport\u00e9 une am\u00e9lioration significative \u00e0 son les frais g\u00e9n\u00e9raux et au cours des deux derniers trimestres, il a en fait g\u00e9n\u00e9r\u00e9 un r\u00e9sultat op\u00e9rationnel ajust\u00e9 positif (<em>comprenant<\/em> a\u00e9rien). Je dois \u00e9galement souligner que R\u00e9solu, bien que cyclique, n&#039;est pas particuli\u00e8rement saisonnier. Et s&#039;il parvient \u00e0 augmenter un peu son r\u00e9sultat op\u00e9rationnel, il n&#039;est pas d\u00e9raisonnable que la juste valeur soit au moins <strong>$700m<\/strong> ou $7,8 par action.<\/p>\n<div class=\"mceTemp\"><\/div>\n<div id=\"attachment_2024\" style=\"width: 935px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute3.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-2024\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-2024 size-full\" title=\"Produit forestier r\u00e9solu (3)\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute3.png\" alt=\"Produit forestier r\u00e9solu (3)\" width=\"925\" height=\"722\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3.png 925w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3-300x234.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3-768x599.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute3-600x468.png 600w\" sizes=\"(max-width: 925px) 100vw, 925px\" \/><\/a><p id=\"caption-attachment-2024\" class=\"wp-caption-text\">Source: calcul de l&#039;auteur<\/p><\/div>\n<h2><strong>Les plus grands actionnaires<\/strong><\/h2>\n<div id=\"attachment_2025\" style=\"width: 1186px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute4.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-2025\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-2025\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2017\/03\/resolute4.png\" alt=\"\" width=\"1176\" height=\"474\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4.png 1176w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-300x121.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-768x310.png 768w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-1024x413.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-945x381.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2017\/03\/resolute4-600x242.png 600w\" sizes=\"(max-width: 1176px) 100vw, 1176px\" \/><\/a><p id=\"caption-attachment-2025\" class=\"wp-caption-text\">Source: D\u00e9claration de procuration 2016<\/p><\/div>\n<p>Si je n&#039;ai pas \u00e9t\u00e9 en mesure de vous persuader qu&#039;il y a de la valeur \u00e0 apporter \u00e0 Resolute, je vais maintenant souligner le fait que Prem Watsa poss\u00e8de environ 34% de l&#039;action en circulation (insidercow.com), l\u00e9g\u00e8rement en hausse par rapport \u00e0 la derni\u00e8re publication du proxy. , ce qui signifie qu&#039;il a achet\u00e9 au cours des 12 derniers mois.<\/p>\n<p>De plus, un autre investisseur de valeur superbe, Francis Chou d\u00e9tient un montant important, le stock en circulation est maintenant \u00e0 8% du stock en circulation. Chou a achet\u00e9 Resolute alors que la soci\u00e9t\u00e9 se n\u00e9gociait pour environ $1B.<\/p>\n<p>Donc, si c&#039;est assez bon pour eux au nord de $1B, c&#039;est assez bon pour moi \u00e0 $400m.<\/p>\n<h2><strong>Conclusion<\/strong><\/h2>\n<p>Il y a \u00e9videmment beaucoup d&#039;aversion et de d\u00e9go\u00fbt lorsqu&#039;il s&#039;agit d&#039;investir dans une soci\u00e9t\u00e9 cyclique de type mati\u00e8res premi\u00e8res. De nombreux facteurs \u00e9chappent totalement au contr\u00f4le de la direction, surtout pas le prix de ses produits et les interactions entre l&#039;offre et la demande sur le march\u00e9. Cependant, malgr\u00e9 cela, j&#039;estime que l&#039;entreprise est bon march\u00e9 par rapport \u00e0 son potentiel lorsque le redressement commence \u00e0 se mat\u00e9rialiser le potentiel de hausse du 50%.<\/p>\n<p><em>N&#039;oubliez pas que cet article ne constitue pas une recommandation d&#039;achat d&#039;actions de l&#039;un des titres mentionn\u00e9s. Investir dans des titres d\u00e9favoris\u00e9s comporte des risques qui peuvent ne pas vous convenir.<\/em>\u00a0<em>Veuillez faire votre propre diligence raisonnable pour parvenir \u00e0 vos propres conclusions. Merci d&#039;avoir lu.<\/em><\/p>\n<p>Si vous souhaitez suivre en temps r\u00e9el les actualit\u00e9s financi\u00e8res pertinentes de Resolute Forest Products, consultez-le <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=Resolute%20Forest%20Products%20Inc\" 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 Wiggins De Oliveira, et ne refl\u00e8te pas les points de vue de CityFALCON et de ses parties prenantes. Produit forestier r\u00e9solu (RFP) Date: 03\/10\/2017 Capitalisation boursi\u00e8re: ~ $400m Prix par action: $4,50 Dette nette: ~ $761m EV:\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/resolute-forest-product-rfp-its-cyclical-its-out-of-favour-and-34-owned-by-prem-watsa\/\">Continuer la lecture \u2192<\/a><\/p>","protected":false},"author":9,"featured_media":2028,"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":[121,30,81],"class_list":["post-2021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-analysis","tag-investing","tag-stocks"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Resolute Forest Product (RFP) - CityFALCON Blog<\/title>\n<meta name=\"description\" content=\"Resolute Forest Product is a diversified company that sells forest products. 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