{"id":1457,"date":"2013-05-13T08:58:32","date_gmt":"2013-05-13T06:58:32","guid":{"rendered":"http:\/\/www.blue-bears.com\/blog\/?p=1457"},"modified":"2013-06-11T08:59:21","modified_gmt":"2013-06-11T06:59:21","slug":"caa-13052013","status":"publish","type":"post","link":"http:\/\/www.blue-bears.com\/blog\/?p=1457","title":{"rendered":"CAA 13\/05\/2013"},"content":{"rendered":"<h1>13\/05\/2013<\/h1>\n<p>VFPENFA\u00a0;VFSALYV\u00a0;VFPREST\u00a0;VFBARFI\u00a0;VFBATAL\u00a0;VFJEARO\u00a0;VFCOREV<\/p>\n<p><b>Eco Conjoncture (VFBATAL)<\/b><\/p>\n<ul>\n<li>BCE r\u00e9alis\u00e9e -25bp comme attendu.<\/li>\n<li>ECRI WLI toujours haussier \u00e0 130 pts<\/li>\n<li>March\u00e9s Actions UE\u00a0: Hausse, semble anticiper une reprise Eco hypoth\u00e9tique.<\/li>\n<li>On observe un glissement des hausse vers des valeurs de qualit\u00e9 moindre et plus cycliques (Auto, Banques\u2026.)<\/li>\n<li>Si pas de signes tangible \u00e0 la rentr\u00e9e on repartira alors fortement \u00e0 la baisse (Publication T3 et\/ou RN S1)<\/li>\n<li>On est en dehors du march\u00e9, nos valeurs de sont pas trop tir\u00e9es par la hausse.<!--more--><\/li>\n<li>On est au niveau de perf des indices alors que nous avions 3 \u00e0 4 % pleins d\u2019avance il y a 1 mois.<\/li>\n<li><b>D\u00e9cisions\u00a0: On reste sur la qualit\u00e9 en rechargeant sur les Recovery (CA, EADS, SAN), les comptes sont de toute fa\u00e7on peu liquides.<\/b>\n<ul>\n<li><b>CA\u00a0: Plassat.<\/b><\/li>\n<li><b>EADS\u00a0: Carnet commande.<\/b><\/li>\n<li><b>SAN\u00a0: Fin du Patent Cliff.<\/b><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><b>valeurs\u00a0:<\/b><\/p>\n<ul>\n<li><b>Oblig LOXAM (VFJEARO \/ VFBARFI)<\/b>\u00a0Primaire : Nom 1K\u20ac mais Qt\u00e9 Mini 100K\u20ac TRA 7.37% Ech Janv 2020 pas not\u00e9e\u00a0;\u00a0 TRA actuel 6.5% . Loxam toujours en b\u00e9n\u00e9fice depuis 1967 m\u00eame pdt la crise. Forte rotation mat\u00e9riel, client multiples, bonne rentabilit\u00e9. Endettement limit\u00e9 \u00e0 2.8X EBITDA<\/li>\n<li><b>TESSI\u00a0<\/b>: Parcours d\u00e9cevant et risque de concurrence. CA et marge en d\u00e9clin depuis plus de 2 ans. Perspectives m\u00e9diocres. Franco\/Fran\u00e7ais + client\u00e8le de\u00a0 banques\u00a0: crises. Vente malgr\u00e9 sous-valorisation (d\u00e9cote 30%)<\/li>\n<li><b>Bank Of America (VFPREST)\u00a0<\/b>: Une recovery. Bilan nettoy\u00e9, b\u00e9n\u00e9ficie de la reprise des credit et de l\u2019immobilier au US, plut\u00f4t bon march\u00e9. Un investissement Buffetien.<\/li>\n<\/ul>\n<p><b>Actions\u00a0:<\/b><\/p>\n<table width=\"569\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\" width=\"64\"><b>POL<\/b><\/td>\n<td valign=\"top\" width=\"102\"><b>Sens<\/b><\/td>\n<td valign=\"top\" width=\"55\"><b>Qt\u00e9<\/b><\/td>\n<td valign=\"top\" width=\"177\"><b>Valeur<\/b><\/td>\n<td valign=\"top\" width=\"86\"><b>En charge<\/b><\/td>\n<td valign=\"top\" width=\"86\"><b>ANNUL<\/b><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">STP<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">3%<\/td>\n<td valign=\"top\" width=\"177\">CARREFOUR<\/td>\n<td valign=\"top\" width=\"86\">VFBARFI<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">STP<\/td>\n<td valign=\"top\" width=\"102\">VENTE<\/td>\n<td valign=\"top\" width=\"55\">\u00a0<\/td>\n<td valign=\"top\" width=\"177\">TESSI<\/td>\n<td valign=\"top\" width=\"86\">VFJEARO<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">DIC<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">\u00a0<\/td>\n<td valign=\"top\" width=\"177\">HENKEL<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<td valign=\"top\" width=\"86\">YES<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">DIC<\/td>\n<td valign=\"top\" width=\"102\">REDUIRE A<\/td>\n<td valign=\"top\" width=\"55\">3%<\/td>\n<td valign=\"top\" width=\"177\">EBAY<\/td>\n<td valign=\"top\" width=\"86\">VFJEARO<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">DIC<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">3%<\/td>\n<td valign=\"top\" width=\"177\">EADS<\/td>\n<td valign=\"top\" width=\"86\">VFBATAL<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">DIR<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">3%<\/td>\n<td valign=\"top\" width=\"177\">HENKEL<\/td>\n<td valign=\"top\" width=\"86\">VFPREST<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">DYN<\/td>\n<td valign=\"top\" width=\"102\">VENTE<\/td>\n<td valign=\"top\" width=\"55\">\u00a0<\/td>\n<td valign=\"top\" width=\"177\">TESSI<\/td>\n<td valign=\"top\" width=\"86\">VFJEARO<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">DYN<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">3%<\/td>\n<td valign=\"top\" width=\"177\">CARREFOUR<\/td>\n<td valign=\"top\" width=\"86\">VFBARFI<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">OBR<\/td>\n<td valign=\"top\" width=\"102\">VENTE<\/td>\n<td valign=\"top\" width=\"55\">\u00a0<\/td>\n<td valign=\"top\" width=\"177\">RALLY 2016 CLN BNP<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">OBR<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">\u00a0<\/td>\n<td valign=\"top\" width=\"177\">RALLY 2019 CLN BNP<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">PEA<\/td>\n<td valign=\"top\" width=\"102\">RENFOR A<\/td>\n<td valign=\"top\" width=\"55\">8%<\/td>\n<td valign=\"top\" width=\"177\">SANOFI<\/td>\n<td valign=\"top\" width=\"86\">VFSALYV<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">PER<\/td>\n<td valign=\"top\" width=\"102\">ACHAT<\/td>\n<td valign=\"top\" width=\"55\">3%<\/td>\n<td valign=\"top\" width=\"177\">CARREFOUR<\/td>\n<td valign=\"top\" width=\"86\">VFPREST<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">PER<\/td>\n<td valign=\"top\" width=\"102\">RENFOR A<\/td>\n<td valign=\"top\" width=\"55\">8%<\/td>\n<td valign=\"top\" width=\"177\">SANOFI<\/td>\n<td valign=\"top\" width=\"86\">VFSALYV<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"64\">\u00a0<\/td>\n<td valign=\"top\" width=\"102\">\u00a0<\/td>\n<td valign=\"top\" width=\"55\">\u00a0<\/td>\n<td valign=\"top\" width=\"177\">\u00a0<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<td valign=\"top\" width=\"86\">\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>13\/05\/2013 VFPENFA\u00a0;VFSALYV\u00a0;VFPREST\u00a0;VFBARFI\u00a0;VFBATAL\u00a0;VFJEARO\u00a0;VFCOREV Eco Conjoncture (VFBATAL) BCE r\u00e9alis\u00e9e -25bp comme attendu. ECRI WLI toujours haussier \u00e0 130 pts March\u00e9s Actions UE\u00a0: Hausse, semble [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-1457","post","type-post","status-publish","format-standard","hentry","category-caa"],"_links":{"self":[{"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1457"}],"version-history":[{"count":5,"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1457\/revisions"}],"predecessor-version":[{"id":1462,"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/1457\/revisions\/1462"}],"wp:attachment":[{"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1457"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.blue-bears.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}